Answer:
$10,000 credited
Explanation:
DATA
Machine cost = 510,000
Salvage value = $60,000
Useful life = 6 years
Depreciation = $60,000/6years
Depreciation = $10,000
It means that we have overstated depreciation expense for the year with the amount of $10,000.
Retained earnings will be credited by $10,000 As the depreciation expense was overstated mistakenly by $10,000
The statement the price of radio programming should fall is false.
<h3>What is Complements-in-consumption </h3>
Complements in consumption can be defined as the way in which two or more product complement each other when use of consume together or when use jointly.
Hence, Based on the scenario the statement is false because assuming the both music radio ,and concert are complements in consumption the price of radio programming will not fall.
Learn more about Complements in consumption here:brainly.com/question/12194202
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The question is incomplete. The complete question is as follows,
At December 31, 2011 the accounting records of Gordon, Inc. contain the following items:
Accounts Payable 2500
Land 30000
Building 31250
Notes Payable ?
Retained earnings 125000
Accounts Receivable 18750
Cash ?
Equipment 40000
Capital Stock 12500
If the Notes Payable is $10,000, the December 31, 2011 cash balance is:
Answer:
Cash = $30000
Explanation:
The accounting equation states that the sum of total assets is always equal to the sum of total liabilities plus total equity. We can state the equation as follows,
Total Assets = Total Liabilities + Total Equity
So,
(30000 + 31250 + 18750 + 40000 + Cash) = (2500 + 10000) + (125000 + 12500)
120000 + Cash = 12500 + 137500
Cash = 150000 - 120000
Cash = $30000
Answer:
Current issues in the framework by regarding fabricating costs as a period cost
Assembling overhead is evaluated bu increasing direct work with 300%. This estimation isn't exact and doesn't speak to how the genuine variable sub-costs that form the manufacturing overhead act for example machine related costs, arrangement work, getting and creation control, designing, bundling and sending. In spite of the fact that there could be a connection between the measure of direct work cost and the all out manufacturing overhead, this present strategy for estimation is dubious and ignores the real segments of manufacturing overhead.
Advantage of Product Cost
Increasingly exact impression of the inconstancy of the sources for example on the off chance that there are five factors, it is more precise than one.
Advantage of Period Cost
Treating manufacturing overhead as a period cost implies that it stays simpler to contrast Wilkerson's and a rival, given that contender likewise treats manufacturing overhead as a period cost for example it is simpler to analyze like-for-like
