1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
docker41 [41]
4 years ago
13

On January 1, 2017, Salt Creek Country Club purchased a new riding mower for $15,200. The mower is expected to have a 10-year li

fe with a $2,900 salvage value. What journal entry would Salt Creek make on December 31, 2017, if it uses straight-line depreciation?
Business
2 answers:
Lesechka [4]4 years ago
5 0

Answer:

Depreciation (debit) $1,230

Accumulated Depreciation - Riding Mower (credit) $1,230

Explanation:

Straight Line Method of Depreciation, charges the same amount of depreciation over the useful life of the asset.

Depreciation Charge = (Cost - Residual Value)/ Useful Life

<em><u>2017</u></em>

Depreciation Charge = ($15,200 - $2,900)/ 10-years

                                   = $1,230

<em>Recognize the depreciation expense to Profit and Loss and Accumulate the Depreciation Charge in Financial Statement through Accumulate Depreciation Account.</em>

Depreciation (debit) $1,230

Accumulated Depreciation - Riding Mower (credit) $1,230

mylen [45]4 years ago
5 0

Answer:

Debit depreciation expenses with $1,230, and credit accumulated depreciation also with $1,230.

Explanation:

Annual depreciation expenses = ($15,200 - $2,900) ÷ 10 = $12,300 ÷ 10 = $1,230

The journal entries that Salt Creek would make on December 31, 2017 are as follows:

Details                                      Dr ($)                  Cr ($)

Depreciation expenses          1,230

Accumulated depreciation                                1,230

<u><em>Being riding mower depreciation for the year                 </em></u>

You might be interested in
Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed pe
SOVA2 [1]

Answer:

Life income with certain period annuity

Explanation:

This type of policy guarantees a certain amount of money during the remaining life of the insured. It also guarantees that during a minimum specified time, the certain period, the payments will be carried out even if the insured dies. In this case the benefits will be paid to his/her beneficiary. The insured determines the certain period when choosing the life insurance plan, and the certain period can vary from 5 to 30 years.

8 0
3 years ago
Inventory turnover is calculated as _____. a) cost of merchandise sold divided by inventory b) cost of merchandise sold divided
Molodets [167]

Answer:

B) cost of merchandise sold divided by average inventory.

Explanation:

Inventory turnover: It is a liquidity ratio that measures the number of times on average a company sold or replaced its inventory during the period. Computed as the cost of goods sold / by the average inventory on hand during the period. Analysts compute average inventory from the beginning and ending inventory balances. The ideal inventory turnover ratio is about 4 to 6, it is a rate at which restock item is well balanced with the sold inventory.

7 0
3 years ago
Briefly explain whether each of the following is primarily a microeconomic issue or a macroeconomic issue.
BigorU [14]

Answer: Micro; Macro; Macro; Micro.

Explanation:

Economics is divided into two main segments which are microeconomics and macroeconomics. It should be noted that microeconomics deals with study of individuals and the firms while macroeconomics studies the while economy and looks at decisions that are made by governments and countries.

a. The effect of higher cigarette taxes on the quantity of cigarettes sold.

This is a microeconomic issue as one entity is being discussed which is cigarette and the issue is related to just one particular industry.

b. The effect of higher income taxes on the total amount of consumer spending.

This is a macroeconomic issue as taxes affects the whole economy. The whole nation is affected by this decision.

c. The reasons for the economies of East Asian countries growing faster than the economies of sub-Saharan African countries.

This is a macroeconomic issue as it relates to different countries.

d. The reasons for low rates of profit in the airline industry.

This is a microeconomic issue as the issue affects just the airline industry.

5 0
4 years ago
a customer sells short 100 shares of PDQ at $28 as the initial transaction in a new margin account. Subsequently, PDQ declines t
sergiy2304 [10]

Answer:$500

Explanation:

Sell short means ,borrowing shares of a company that the buyer speculates will fall in value at a later date

Change in equity 100(28-23)=100×5=$500

4 0
3 years ago
Elliott Corporation makes and sells a single product. Last period the company's labor rate variance was $14,400 U. During the pe
Art [367]

Answer:

B. $9

Explanation:

Based on the scenario being described within the question it can be said that the  standard labor rate for the product in dollars per hour is that of $9. This can be calculated using by subtracting the labor rate variance from the actual cost, and then dividing that amount by the actual-direct labor hours as so...

$338,400 - 14,400 = 324,000

AH X SR = 324,000/36,000 = $9

Making the total dollars per hour $9

6 0
4 years ago
Read 2 more answers
Other questions:
  • Describe ways in which an interpersonal learner prefers to learn.
    15·1 answer
  • The following accounts, in alphabetical order, were selected from recent financial statements of Krispy Kreme Doughnuts, Inc.
    8·1 answer
  • The actual mechanical advantage of a machine
    7·1 answer
  • ________________ are typically high in the growth stage of the product life cycle since costs per unit are declining but most bu
    9·1 answer
  • What impedes firms from achieving the optimal dispersion of their productive activities to locations around the globe? A) transp
    12·1 answer
  • When slick heating company switched to an activity based costing system, it realized that it was allocating a much lower percent
    7·1 answer
  • The company Lucy works for is made of cross-functional teams that focus on the project at hand. The projects they get are extrem
    11·1 answer
  • Rigatel Corp., an investment bank, was in the final stage of its selection process for a business analyst. Rob was one of the de
    8·1 answer
  • Which is the best general statement about the role of government in business in the United States?
    6·1 answer
  • The Charade Corporation is preparing its Manufacturing Overhead budget for the fourth quarter of the year. The budgeted variable
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!