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4 years ago

15

Concord Company made a purchase of merchandise on credit from Pharoah Company on August 8, for $8300, terms 3/10, n/30. On Augus

t 17, Concord makes the appropriate payment to Pharoah. The entry on August 17 for Concord Company is:________

1 answer:

Lostsunrise [7]4 years ago

3 0

Answer: Debit accounts payable for 8, 300

Credit cash for 8,300

Explanation:

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Nash Company purchases equipment on January 1, Year 1, at a cost of $480,000. The asset is expected to have a service life of 12

kati45 [8]

Explanation:

The computation is shown below:

1. Under the straight line method

= (Purchase value of an equipment - salvage value) ÷ (service life)

= ($480,000 - $43,200) ÷ (12 years)

= ($436,800) ÷ (12 years)

= $36,400

In this method, the depreciation is same for all the remaining useful life

So

Year 1 = $36,400

Year 2 = $36,400

Year 3 = $36,400

2. Under the sum of the years digit method

Depreciation factor is

= n × (n + 1) ÷ 2

= 12 × (12 + 1) ÷ 2

= 78

Now the depreciation expense is

Year 1

= ($480,000 - $43,200) × (12 years) ÷ (78 years)

= $67,200

Year 2

= ($480,000 - $43,200) × (11 years) ÷ (78 years)

= $61,600

Year 3

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3 years ago

The sentences in the following paragraph have been purposely placed in the wrong order. Examine key terms and transitional devic

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Answer:

Rearrangement of the sentences so that the paragraph moves smoothly and logically from one sentence to the next:

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Answer:

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