1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
allochka39001 [22]
3 years ago
13

Machinery purchased for $63,000 by Concord Co. in 2016 was originally estimated to have a life of 8 years with a salvage value o

f $4,200 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $4,725 at the end of that time. Assume straight-line depreciation.
Required:
1. Prepare the entry to correct the prior years' depreciation, if necessary.
2. Prepare the entry to record depreciation for 2021.
Business
1 answer:
Inessa [10]3 years ago
7 0

Answer:

Correction entry.

1.Credit accumulated depreciation $7612.50

Debit Asset/machinery               $7612.50

2. Credit Asset / Machinery $5827.5

Debit Accumulated depreciation $5827.50

Explanation:

Cost of machine = $63000

Useful life = 8yrs

Salvage value = $ 4200

Depreciable amount on this basis $(63000-4200)=58800

Annual depreciation =58800/8 =7350

5yrs depreciation = 7350 *5=$36750.

Revised Useful life - 10yrs

Revised Salvage value = $4725

Revised depreciable amount = $58275

Annual depreciation = 58275/10 =$5,827.50

5yrs depreciation = $29,137.50

Difference in accumulated depreciation = $36750-$29137.5

$7612.50

You might be interested in
Required:
IgorC [24]

Answer:

Jenna Aracel, the owner, invested $205,000 cash, office equipment with a value of $8,200, and $70,000 of drafting equipment to launch the company in exchange for common stock.

Dr Cash 205,000

Dr Office equipment 8,200

Dr Drafting equipment 70,000

    Cr Common stock 283,200

The company purchased land worth $56,000 for an office by paying $9,800 cash and signing a long-term note payable for $46,200.

Dr Land 56,000

    Cr Cash 9,800

    Cr Notes payable 46,200

The company purchased a portable building with $58,000 cash and moved it onto the land acquired in b.

Dr Building 58,000

    Cr Cash 58,000

The company paid $4,200 cash for the premium on an 18-month insurance policy.

Dr Prepaid insurance 4,200

    Cr Cash 4,200

The company completed and delivered a set of plans for a client and collected $7,600 cash.

Dr Cash 7,600

    Cr Engineering fees 7,600

The company purchased $34,000 of additional drafting equipment by paying $10,400 cash and signing a long-term note payable for $23,600.

Dr Drafting equipment 34,000

    Cr Cash 10,400

    Cr Notes payable 23,600

The company completed $16,000 of engineering services for a client. This amount is to be received in 30 days.

Dr Accounts receivable 16,000

    Cr Engineering fees 16,000

The company purchased $1,950 of additional office equipment on credit.

Dr Office equipment 1,950

    Cr Accounts payable 1,950

The company completed engineering services for $27,000 on credit.

Dr Accounts receivable 27,000

    Cr Engineering fees 27,000

The company received a bill for rent of equipment that was used on a recently completed job. The $1,591 rent cost must be paid within 30 days.

Dr Equipment rental expense

    Cr Accounts payable 1,591

The company collected $9,000 cash in partial payment from the client described in transaction g.

Dr Cash 9,000

    Cr Accounts receivable 9,000

The company paid $1,100 cash for wages to a drafting assistant.

Dr Wages expense 1,100

    Cr Cash 1,100

The company paid $1,950 cash to settle the account payable created in transaction h.

Dr Accounts payable 1,950

    Cr Cash 1,950

The company paid $1,110 cash for minor maintenance of its drafting equipment.

Dr Repairs expense 1,110

    Cr Cash 1,110

The company paid $9,880 cash in dividends.

Dr Dividends 9,880

    Cr Cash 9,880

The company paid $2,000 cash for wages to a drafting assistant.

Dr Wages expense 2,000

    Cr Cash 2,000

The company paid $4,300 cash for advertisements on the Web during June.

Dr Advertising expense 4,300

    Cr Cash 4,300

8 0
3 years ago
Which of the following is the most important factor in successful new-product introduction? Group of answer choices ​The new pro
exis [7]

Answer:

The correct answer is letter "B": The new product should deliver a meaningful and perceivable benefit to a sizable number of people.

Explanation:

A new product is a good or service that is going to be introduced to the market to satisfy the need for a specific sector. <em>For the new product to be successful, the need that it satisfies should represent a benefit for the target audience great enough to make them pay for it</em>. Besides, the new good or service must bring a differential feature to consider it more attractive compared to competitors or similar products that might already exist.

6 0
3 years ago
Read 2 more answers
Many organizations are adapting to the environment by developing more of a(n) _____ relationship rather than a(n) _____ relation
Bingel [31]

The development of the last decades, population growth and concentration in cities, tensions and lack of resources, as well as the challenge posed by climate change, have contributed so that in recent years many organizations modify their lines of action and actions regarding its competitors, adopting less aggressive measures that contribute to the change and strengthening of healthy social relations.

Answer

b. partnership, adversarial

Many organizations are adapting to the environment by developing more of a <em>partnership</em> relationship rather than an adversarial relationship with competitors.

6 0
3 years ago
How do u win from the stocks.
dimaraw [331]
You can buy at a low price for a stock and sell it for a higher price.
4 0
3 years ago
Suppose the supply function for avocados is Q = 58 + 15p - 20p_f. where P_f is the price of fertilizer. If the price of fertiliz
Veseljchak [2.6K]

Answer:

-22.

There will be the decrease in price hence the supply curve shifts to the left.

Explanation:

So, it is given from the question above that the supply function for avocados is Q = 58 + 15p - 20p_f.

The p_f given in the question = $1.10 which is the price given for the fertilizer as it rises that is to say it rises at that amount.

If the price increases by $1.10, then we have a reduction of -( 20 × 1.10) = -22.

Kindly note that the negative sign denotes the reduction in supply. This reduction causes the supply curve to shift to the left.

The diagram for the supply curve Is given in the attached picture.

5 0
3 years ago
Other questions:
  • Waygate's residential internet modem works well but is sensitive to power-line fluctuations. On average, this product hangs up a
    6·1 answer
  • Burns Company reported $1,161.405 million in net income in 2021. On January 1, 2021, the company had 409 million shares of commo
    11·1 answer
  • The banking industry A) should have an efficiency advantage in gathering information that would eliminate the need for the money
    15·1 answer
  • If you were in charge of developing a tax system for a country, how would you structure taxes? For example, who should pay the g
    9·1 answer
  • Which of these statements about processes is not​ true?
    6·1 answer
  • Outline the​ five-step sequence in a decision​ process
    15·1 answer
  • Lamar has 20 Oranges and 15 Apples
    6·1 answer
  • caribbean coral reef communities have been strongly influenced by an unknown pathogen that causes white-band disease. how can th
    12·1 answer
  • What are the primary competitive forces impacting U.S. steel producers in general and the producers like Nucor that make new ste
    7·2 answers
  • Insurance test the possible risk of loss in business​
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!