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3 years ago

The following selected transactions were completed by Capers Company during October of the current year:

Business

1 answer:

Zarrin [17]3 years ago

7 0

Answer:

Date Accounts title and explanations Debit$ Credit$

1-Oct Merchandise inventory 15458

Accounts payable - Sabol imports 15458

3-Oct Merchandise Inventory 9850

Accounts payable- Saxon Co. 9650

Cash account 200

4-Oct Merchandise Inventory 13550

Accounts payable- Schnee Co. 13550

6-Oct Accounts payable -Schnee Co 4350

Merchandise inventory 4350

13-Oct Accounts payable-Saxon Co 9650

Cash account 9457

Merchandise inventory 193

(9650*2%)

14-Oct Accounts payable-Schnee Co 9200

Cash account 9016

Merchandise inventory 184

(9200*2%)

19-Oct Merchandise inventory 27270

Accounts payable - Southmont Co 27270

19-Oct Merchandise inventory 375

Cash account 375

20-Oct Merchandise inventory 21400

Accounts payable -Stevens 21400

30-Oct Accounts payable-Stevens 21400

Cash account 21186

Merchandise inventory 214

(21400*1%)

31-Oct Accounts payable-Sabol imports 15458

Cash account 15458

31-Oct Accounts payable -Southmont Co 27270

Cash account 27270

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The company should reduced output to around 499 units or less

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3 years ago

Suppose that policymakers are considering placing a tax on either of two markets. In Market A, the tax will have a significant e

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The answer is: B) Market B

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Market inefficiencies occur when supply and demand are not in equilibrium. In market A, the tax will barely affect the equilibrium quantity, so the deadweight loss will not be as large as in market B where the equilibrium quantity will be severely affected.

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3 years ago

On January 1, 2021, the Excel Delivery Company purchased a delivery van for $46,000. At the end of its five-year service life, i

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Answer:

Given

Cost $46000

Life= 5 years

Salvage Value= $ 4000

Total miles = 165,000

Formula

Depreciation Straight Line Method= Cost - Salvage Value/ Useful Life

Straight Line Rate= 100%/ useful Life= 100%/5 = 20%

Double Declining Method = 2 * Straight Line Rate

Double Declining Method = 2 * Straight Line Rate= 2*20%= 40%

1. Depreciation Straight Line Method= Cost - Salvage Value/ Useful Life

Depreciation Straight Line Method= $ 46000- $4000/ 5= $ 8,400

The depreciation expense using the straight line method does not change unless the salvage value is reached

Years Depreciation Accumulated Dep Book Value

(Cost - Accu. Dep)

a. 2021 $ 8,4000 8400 37600

b. 2022 $ 8,4000 16,800 29,200

c. 2023 $ 8,4000 25200 20,800

d. 2024 $ 8,4000 33,600 12,400

e. 2025 $ 8,4000 42000 4000

2. Straight Line Rate= 100%/ useful Life= 100%/5 = 20%

Double Declining Method = 2 * Straight Line Rate

Double Declining Method = 2 * Straight Line Rate= 2*20%= 40%

In double declining method the rate is multiplied to the cost to get the depreciation expense. 40 % of $ 46000= $ 18400

Each year the rate is multiplied with the remaining book value after deducting the depreciation expense from the cost as $ 46000- $ 18400= $ 27600

Next years depreciation will be $ 27600 * 40%= $ 11040.

This will be added in the original depreciation expense $ 18400 + $ 11040 = $ 29440 and deducted from cost to get the book value. $ 46,000- $ 29440 = $ 16560.

Again rate will be multiplied and each years depreciation will be calculated similarly.

It has been summarized in the table below.

Years Dep Rate Dep Expense Accu. Dep. Book Value

a. 2021 40% 18400 18400 27600

b. 2022 40% 11040 29440 16560

c. 2023 40% 6624 36064 9936

d. 2024 40% 3974.4 40,038.4 5961.6

e. 2025 40% 2384.64 42,0423.4 3576.96

3. Depreciation per unit= (Cost -Salvage value) / Total units of production* Units of Production

Years Mileage Depreciation Depreciation

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b. 2022 37,000 ($ 42000/165000)*37000 9418.18

c. 2023 28,000 ($ 42000/165000)*28000 7127.27

d. 2024 33,000 ($ 42000/165000)*33000 8400

e. 2025 34,000 ($ 42000/165000)*34000 8654.54

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Answer:

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