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Setler79 [48]
3 years ago
9

Yoshi Company completed the following transactions and events involving its delivery trucks 2016 Jan. 1 Paid $20,515 cash plus $

1,485 in sales tax for a new delivery truck estimated to have a five Dec. 31 Recorded annual straight-line depreciation on the truck. 2017 Dec. 31 Due to new information obtained earlier in the year, the truck's estimated useful life was year life and a $2,000 salvage value. Delivery truck costs are recorded in the Trucks account. changed from five to four years, and the estimated salvage value was increased to $2,400. Re- corded annual straight-line depreciation on the truck. 2018 Recorded annual straight-line depreciation on the truck. Sold the truck for $5,300 cash. Dec. 31 31 Required Prepare journal entries to record these transactions and events
Business
1 answer:
frozen [14]3 years ago
6 0

Answer:

Depreciation for 2017

Account                             -             Dr             -         Cr

Depreciation expense                 $4900

Accumulated Depreciation                                     $4900

Depreciation for 2018

Account                             -             Dr             -         Cr

Depreciation expense                 $4900

Accumulated Depreciation                                     $4900

Sale of Truck:

Account                                -             Dr             -         Cr

 Cash                                               $5300

Equipment                                                                 $22,000

Accumulated Depreciation             $9800

  (4900*2)

Loss on Sale                                     $6,900        

                             

Explanation:

  • Depreciation = (Cost + Sales tax - Salvage value) / useful life

                              =(20515+1485-2400)/4

                              =$4900

  • Book value = Cost + Sales tax - Annual depreciation computed in (a) * 2 years

                              =20,515+1,485-4900*2

                              =$12,200

             Gain (loss) = Proceeds - Book value

                                =5,300 -12,200

                               =$6,900

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AnnZ [28]

Answer:

Explanation:

40% probability that bond will be priced at $950

60% probability that bond will be priced at $1050

Expected value of the bond in one year:

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8 0
3 years ago
Cooper’s Brakes, Inc., enters into a contract with Byron’s Service to fix Cooper’s hydraulic equipment. Byron delays the repair
Dennis_Churaev [7]

Answer:

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Explanation:

Compensatory damages refers to money awarded to a plaintiff in a civil case (in this case Cooper's Brakes) to compensate for incurred losses (or injuries, etc. in other cases). The plaintiff has to prove that the losses he suffered were caused by negligence or unlawful conduct of the defendant (Byron's Service). The plaintiff has to be able to quantify (in monetary terms) the damages it suffered.

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3 years ago
The Buck Store is considering a project that will require additional inventory of $216,000 and will increase accounts payable by
Anestetic [448]

Answer:

$607,250 outflow

Explanation:

Net Working Capital is the amount of money needed to maintain operations on a day to day basis.

Net Working Capital = Current Assets - Current Liabilities

where,

<u>Current Assets are calculated as :</u>

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Accounts Receivable ($525,000 x 1.09)   $575,250

Total                                                                $788,250

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5 0
2 years ago
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Inputting the values;

2000=100*((1+r)¹⁶-1)/r

Solving for r, gives r = 2.9%

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PV=PMT*(1-(1/1+r)/r)

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Hunter-Best [27]

Answer:

Option (b) is correct.

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4 0
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