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3 years ago

7

Rocky industries received its telephone bill in the amount of $300 and immediately paid it. rocky's journal entry to record this

transaction will include a:

1 answer:

loris [4]3 years ago

8 0

Hi there

The journal entry would be

debit to telephone expense for $300
Credit to cash for $300

Good luck!

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A company purchased factory equipment on June 1, 2021, for $173000. It is estimated that the equipment will have a $8600 salvage

Mandarinka [93]

The amount to be recorded as depreciation expense on December 31, 2021, is (B) $9,590.

<h3>What is depreciation expense?</h3>

Depreciation expense is the cost of a depreciated asset for a specific period, and it reveals how much of the asset's value was used up in that year.
Accumulated depreciation is the entire amount of depreciation expense given to an asset since it was placed in service.
A business spends $84,000 on new display racks with a useful life of 7 years (84 months) and no residual value.
The corporation would most likely choose a straight-line depreciation technique, which would result in a $1,000 monthly depreciation expenditure ($84,000/84 months = $1,000 per month).

The straight-line technique of calculating depreciation expense is given below:

= (Original cost - salvage value) ÷ (useful life)
= ($173,000 - $8,600) ÷ (10 years)
= ($164,400,000) ÷ (10 years)
= $16,440

In this method, the depreciation is the same for all the remaining useful life.

Now for the 7 months, the depreciation expense would be:

= $16,440 × 7 months÷ 12 months
= $9,590

Therefore, the amount to be recorded as depreciation expense on December 31, 2021, is (B) $9,590.

Know more about depreciation expenses here:

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The correct question is given below:

A company purchased factory equipment on June 1, 2021, for $173000. It is estimated that the equipment will have a $8600 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2021, is ______.

(A) $16440.

(B)$9590.

(C)$8220.

(D)$6850.

7 0

2 years ago

Name a car manufacture that are not included in this list

den301095 [7]

Answer:

KIA, Hyundai

Explanation:

3 0

2 years ago

Read 2 more answers

During the elaboration stage of an organization: Group of answer choices change management is the most important skill that huma

Leno4ka [110]

Answer:

change management is the most important skill that human resource personnel contribute.

Explanation:

Elaboration stage of an organisation is also called the maturity stage. It is characterised by different units being involved in making decisions.

This slows down speed of decision making.

At this stage there is a need for revitalisation and change in order to make the organisation more efficient.

Change management is the process by which employees in an organisation are prepared and supported when there are far reaching improvements to organisation structure.

It ensures a smooth transition by providing needed information and reducing the stress associated with organisational change.

This is a key skill needed by human resource personnel fusing the elaboration stage

7 0

3 years ago

Express Meals is a local bistro that has budgeted inventory purchases as follows: September: $ 300,000 October: $ 350,000 Novemb

ziro4ka [17]

Answer:

Express Meals

The budgeted accounts payable balance on November 30 is:

= $347,000.

Explanation:

a) Data and Calculations:

Budgeted inventory purchases:

September: $ 300,000

October: $ 350,000

November: $ 390,000

Payment to suppliers:

Month of purchase = 20%

Month following purchase = 70%

Two months after purchase = 10%

September October November Total

Purchase $300,000 $350,000 $390,000 $1,040,000

Payments:

Month of purchase (20%) 60,000 70,000 78,000 $208,000

Month following purchase (70%) 210,000 245,000 $455,000

Two months after purchase (10%) 30,000 $30,000

Total payments 60,000 280,000 353,000 $693,000

Outstanding balance ($1,040,000 - $693,000) = $347,000

6 0

3 years ago

The Akron Slugger Company produces various types of wooden baseball bats. It has calculated the average cost per unit of a produ

Naddika [18.5K]

Answer:

$\arge\boxed{\large\boxed{\$ 117,788}}$

Explanation:

Assume the <em>cost</em> equation to be:

$Cost(x)=Fixed\text{ }costs+Variable\text{ }costs\\\\Cost(x)=A+Bx$

Where $x$ is the number of units (wooden baseball bats) produced.

The <em>average cost per unit of production level</em> is the total cost divided by the number of units produced:

$Average\text{ }cost(x)=Cost(x)/x\\\\Average\text{ }cost(x)=(A+Bx)/x\\$

You are given that the <em>average cost per unit of a production level of 7,700 bats is $14</em>, then:

$14=(A+7,700B)/7,700$

You are also given that the <em>fixed costs</em> are <em>$22,500</em>, thus A = 22,500. Hence, you can substitute the value of A in the previous equation and find B:

$14=(22,500+7,700B)/7,700\\\\14\times 7,700=22,500+7,700B\\\\107,800-22,500=7,700B\\\\85,300/7,700=B\\\\B=11.08$

Now you can complete the cost equation:

$Cost(x)=\$ 22,500+11.08x$

And to predict the total costs for 8,600 bats you must subsitute x with 8,600 in the previous equation:

$Cost(8,600)=\$ 22,500+11.08(8,600)=\$ 117,788$

5 0

3 years ago