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Sever21 [200]
3 years ago
14

At the preston company, purchases are recorded at net amounts. on august 5, $40,000 worth of merchandise was purchased on accoun

t for terms of 2/10, n/30 and recorded for $40,000. $3,000 of this merchandise was returned, and the account was credited for $3,000. to reflect the net amount, accounts payable should be adjusted by
Business
1 answer:
Julli [10]3 years ago
8 0
Nekaozizb. A69291984 towiJb f f 18835!5. Wooziness r8289192 01948 02845
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During its first month of operations in March, Volz Cleaning, Inc., completed six transactions with the dollar effects indicated
Alekssandra [29.7K]

Answer and Explanation:

The Preparation of classified balance sheet for Volz Cleaning, Inc., at the end of March is shown below:-

Assets

Current Assets:

Cash                                          $27,000

($45,000 - $8,000 - $2,000 - $7,000 + $3,000 - $4,000)

Investment (short term)             $4,000

($7,000 - $3,000)

Notes receivables                     $2,000

Total Current Assets                 $33,000

Long Term Non Current Assets:

Computer equipment                  $4,000

Delivery Truck                              $35,000

Total long term                            $39,000

Total assets                                   $72,000

Liabilities

Liabilities

Notes payable                           $27,000

Total liabilities                            $27,000

Stockholder equity

Common Stock                        $6,000

Additional Paid in Capital $39,000

Total Stockholder's equity  $45,000

Total Liabilities & Stockholder's

equity                                         $72,000

6 0
3 years ago
Iverson Company purchased a delivery truck for $45,000 on January 1, 2018. The truck was assigned an estimated useful life of 10
Gnom [1K]

Answer:

Depreciation expense for 2018 is $6,300.

Depreciation expense for 2019 is $7,700.

Explanation:

The unit-of-production method also known as units-of-activity method is used when the asset value closely relates to the units of output it is able to produce. It is expressed with the formula below:

(Original Cost - Salvage value) / Estimated production capacity x Units/year

At Year 2018, depreciation expense (DE) is: ($45,000 - $10,000) / 100,000 miles x  18,000 miles = $6,300/year

At Year 2019, depreciation expense (DE) is: ($45,000 - $10,000) / 100,000 miles x  22,000 miles = $7,700/year

Accumulated depreciation for 2 years is $6,300 + $7,700 = $14,000.

Note that this depreciation method results in higher depreciation charge when the asset is heavily used, at this time, it was in Year 2019.

The NBV under this method is: $45,000 - $14,000 = $31,000.

7 0
2 years ago
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3 years ago
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Which of the following refers to how hard it is to get accepted or get into a 4 year college?
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A=<span>is an expression of the ease with which alternating current flows through a complex circuit or system.
B=</span><span>Student–teacher ratio or student–faculty ratio is the number of students who attend a school or university divided by the number of teachers in the institution
so the answer will be B
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2 years ago
Cheryl is taking classes at an institution that offers face-to-face time with her instructor and classmates and also online time
SashulF [63]
The answer is B. Blended Learning. Blended learning combines traditional classroom education with the ability to learn from and utilize an online platform.
5 0
3 years ago
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