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Brums [2.3K]
2 years ago
8

Enterprises buys a warehouse for $ 570 comma 000$570,000 to use for its East Coast distribution operations. On the date of theâp

urchase, a professional appraisal shows a value of $ 640 comma 000$640,000 for the warehouse. The seller had originally purchased the building for $ 505 comma 000$505,000. Dill has a similar warehouse on the West Coast that has a book value of $ 584 comma 000$584,000. Under the historical costâ principle, Dill should record the building for
Business
1 answer:
Nitella [24]2 years ago
7 0

Answer:

$570,000

Explanation:

At the time of recording of the fixed assets, the fixed assets should be reported at purchase cost or historical price  or originally cost or acquiring cost, whether all other values are given i.e appraisal value, the seller purchased value, similar warehouse book value, etc

So, in the given case, it would be recorded at $570,000 as the buyer purchase the building at this cost only.  

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Hercules Company purchased a computer for $4,800 on December 1. It is estimated that annual
julsineya [31]

Answer:

Debit Depreciation Expense, $960; Credit Accumulated Depreciation, $960.

Explanation:

Depreciation is an expense recorded in the income statement. An expense account is created to record annual depreciation in a given year. Since depreciation is an expense,  an increase is captured by debiting the account. The depreciation amount will be credited to the accumulated depreciation account as per the rules of double-entry accounting.

Accumulated depreciation is the natural contra entry account for the depreciation account. The account is used to recorded accumulated depreciation up to the current period. Accumulated depreciation account is because it reduces the book value of the asset.

5 0
3 years ago
Ryan orders 16 dozen fishing lures from Strike Right for $375. When he gets the invoice, he is furious that $25 in freight charg
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Answer:F.O.B. destination

Explanation:

3 0
2 years ago
An electrical contractor's records during the last five weeks indicate the number of job requests: Week 1 2 3 4 5 Requests 20 22
White raven [17]

Answer:

Please see attachment

Explanation:

Please see attachment

4 0
3 years ago
What are the different systems of management in buisnesas.
Komok [63]

Answer:

Different types of management systems ranging from the point-of-sale systems, accounting systems, lead management, e-commerce, communication systems, and project management solutions are available to small businesses for the smooth running of operations.

Explanation:

7 0
2 years ago
On July 1 the Fisher Shoe Store paid $24,000 to Acme Realty for 6 months rent beginning $24,000 to Acme Realty for 6 months rent
pochemuha

Answer:

C) debit Rent Expense, $4,000; credit Prepaid Rent, $4,000.

Explanation:

July 1, prepaid rent fro 6 months

Dr Prepaid rent 24,000

    Cr Cash

July 31, adjusting entry to record rent expense

Dr Rent expense 4,000

    Cr Prepaid rent 4,000

total prepaid rent = 24,000 for six months

after one month, 24,000 / 6 = 4,000 must be recorded as rent expense and prepaid rent must be credited.

3 0
3 years ago
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