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AlekseyPX
3 years ago
15

Buffalo Corporation purchased warehouse shelving for $96,000, terms 1/10, n/30. At the purchase date, Buffalo intended to take t

he discount. Therefore, it made no entry until it paid for the acquisition. The entry was:
Business
1 answer:
Murrr4er [49]3 years ago
4 0

Answer:

Office Equipment (Debit)                  96,000

Accounts Payable (Credit)                96,000

Explanation:

Buffalo Corporation should have made the above stated entry. As the equipment is supposed to start depreciation from the date of purchase (when the asset is available for use as intended by management). Since the corporation intended to take the discount by paying early within the number of days allowed so upon payment the following entry should be made.

Accounts Payable (Debit)                             96,000

Purchase Discount Income (Credit)                9,600

Cash (Credit)                                                  86,400

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3 years ago
Sheridan Company has several outdated computers that cost a total of $18200 and could be sold as scrap for $6200. They could be
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$18200

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What type of planning is conducted by the organization to prepare for, react to, and recover from events that threaten the secur
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Contingency plan.

Explanation:

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3 0
3 years ago
The Lead City factory makes car batteries. The factory opened in 2014, and by the end of the year, they had made 30,000 batterie
dmitriy555 [2]

Answer:

2017:

Total variable cost= $600,000

Total fixed cost=  $1,900,000

2018:

Total variable cost= $800,000

Total fixed cost= $1,900,000

Explanation:

Giving the following information:

The factory opened in 2014, and by the end of the year, they had made 30,000 batteries for a total cost of $2,500,000. In 2015, they made 40,000 batteries for an additional cost of $200,000.

I will assume that the fixed costs remain constant in both years.

We can calculate the variable cost per unit using the incremental cost.

Variable cost per unit= incremental cost/incremental units

Variable cost per unit= 200,000/10,000= $20

Now, we can calculate the fixed costs:

2017:

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2018:

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Total fixed cost= $1,900,000

6 0
3 years ago
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