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vlada-n [284]
3 years ago
7

At the end of its first year, the trial balance of Ivanhoe Company shows Equipment $30,600 and zero balances in Accumulated Depr

eciation—Equipment and Depreciation Expense. Depreciation for the year is estimated to be $3,620. Prepare the adjusting entry for depreciation at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Business
1 answer:
Bas_tet [7]3 years ago
5 0

Answer:

Dr Depreciation Expense $3,620

Cr Accumulated Depreciation-Equipment $3,620

Explanation:

Based on the information given we were told that the company had zero balances in both Accumulated Depreciation -Equipment as well as the Depreciation Expense in which the Depreciation amount for the year is estimated to be $3,620 which means that the adjusting entry for depreciation at December 31 will be recorded as:

Preparation of Journal entry

Dec. 31

Dr Depreciation Expense $3,620

Cr Accumulated Depreciation-Equipment $3,620

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While the role of the state in a command economy is to be __________, in a market economy the state's role is to be __________?
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3 years ago
Corris Co. accumulates the following data concerning a mixed cost, using miles as the activity level. Miles Driven Total Cost Ja
Sedbober [7]

Answer:

Variable cost per unit= $1.5

Fixed costs= $2,000

Explanation:

Giving the following information:

Miles Driven Total Cost

January 10,000 $17,000

February 8,000 13,500

March 9,000 14,400

April 7,000 12,500

<u>To calculate the variable and fixed costs under the high-low method, we need to use the following formula:</u>

Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)

Variable cost per unit= (17,000 - 12,500) / (10,000 - 7,000)

Variable cost per unit= $1.5

Fixed costs= Highest activity cost - (Variable cost per unit * HAU)

Fixed costs= 17,000 - (1.5*10,000)

Fixed costs= $2,000

Fixed costs= LAC - (Variable cost per unit* LAU)

Fixed costs= 12,500 - (1.5*7,000)

Fixed costs= $2,000

5 0
3 years ago
Peter Billington Stereo, Inc. Supplies car radios to auto manufacturers and is going to open a new plant. The company is undecid
nevsk [136]

Answer:

Peter Billington Stereo, Inc.

A.  Based on the analysis of the volume after rounding the numbers to the nearest number, Dallas is best below and Detroit is best above 70,000 radios.

B.  With Dallas's fixed costs increased by 10%, Dallas is best below and Detroit is best above 56,000 radios.

Explanation:

Identify total costs at various volumes as follows:

Total costs, TC = Variable Cost, VC + Fixed Cost, FC

At 14,000 units:

a) Dallas' TC = VC = $28 x 14,000 + $560,000 = $952,000

b) Dallas' TC with 10% increase in FC = $28 x 14,000 + $616,000 = $1,008,000

c) Detroit's TC = $24 x 14,000 + $840,000 = $1,176,000

At 56,000 units:

a) Dallas' TC = $28 x 56,000 + $560,000 = $2,128,000

b) Dallas' TC with 10% increase in FC = $28 x 56,000 + $616,000 = $2,184,000

c) Detroit's TC = $24 x 56,000 + $840,000 = $2,184,000

At 67,200 units:

a) Dallas' TC = $28 x 67,200 + $560,000 = $2,441,600

b) Dallas' TC with 10% increase in FC = $28 x 67,200 + $616,000 = $2,497,600

c) Detroit's TC = $24 x 67,200 + $840,000 = $2,452,800

At 70,000 units:

a) Dallas' TC = $28 x 70,000 + $560,000 = $2,520,000

b) Dallas' TC with 10% increase in FC = $28 x 70,000 + $616,000 = $2,576,000

c) Detroit's TC = $24 x 70,000 + $840,000 = $2,520,000

At 153,993 units:

a)Dallas' TC = $28 x 153,993 + $560,000 = $4,871,804

b) Dallas' TC with 10% increase in FC = $28 x 153,933 + $616,000 = $4,927,804

c) Detroit's TC = $24 x 53,993 + $840,000 = $4,535,832

5 0
3 years ago
During the first year of Wilkinson Co.'s operations, all purchases were recorded as assets. Store supplies in the amount of $19,
kherson [118]

Answer:

b. increase expenses by $12,900

Explanation:

The final balance of Store Supplies were 19,350, but the actual year-end store supplies inventory were 6,450. That means that from all purchase 12,900 (19,350 – 6450) were used during the accountable year, therefore, those were expenses that should be recognized.

The adjusting entry is: Debit supplies expense for 12,900 and credit supplies for an equal amount.

5 0
3 years ago
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