Quilt and Dye Fabrics is an example of a company that <u>Imports</u>.
<u>Option: E</u>
<u>Explanation:</u>
An import-export business is that facilitates exchange between domestic and foreign corporations in goods and services. In other terms, it is a business that globally buys products and sends them in for domestic sales and vise the other way around.
An import is commodities carried from an external source into a jurisdiction, particularly across a national border. The faction that has put in the success is considered an importer. An import into the destination country is a send country export.
Answer:
$81,750
Explanation:
The computation of the amount of total insurance is shown below:
= (Home mortgage loan + car loans + personal debts + credit card loans) ÷ 2 + estimated funeral cost
= ($120,000 + $10,000 + $14,000 + $7,500) ÷ 2 + $6,000
= $75,750 + $6,000
= $81,750
Under the DINK method, we simply half of the items except funeral cost
Answer:
Debit: Depreciation Equipment Expense: 4.400
Credit: Accumulated Depreciation Equipent: 4.400
Explanation:
As were never register any entry for Drepreciaton during the year, we must register the total ammount of the year.
The normal balance for the expense account is an expense and for the accumulated depreciation is a credit.
Lets go to see the T accounts:
<u>EQUIPMENT</u>
DEBIT CREDIT
532 900,00
Accumulated Depreciation
DEBIT CREDIT
4.400
Expense Depreciacion
DEBIT CREDIT
4.400
BALANCE SHEET PRESENTATION:
ASSETS
FIXED ASSETS
EQUIPMENT 532.000
Accumulated Depreciation -4.400
NET FIXED ASSETS 528.500
Answer:
The machine will be recorded at 38,500
Explanation:
First we work the old machine numbers
<u>traded-out </u>
purchased 30,000
depreciation (22,500)
book value 7, 500
fair value 5,500 (A)
loss on disposal 2, 000 (diference between book value and fair value)
(A) the invoice has a cost 38,500 we paid 33,000 cash so the value of the old machine on this trasaction was 5,500
The transaction has commercial substance so we recognize the new machine at his fair value and recognize the loss on dispossal
<u>This would be the journal entry :</u>
machine 38,500 the machine enter the accounting at fair value
acc dep 22,500
loss on disposal 2,000 we recognize the loss on disposal
machine 30,000
cash 33,000
