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sammy [17]
3 years ago
7

For each separate case below, follow the three-step process for adjusting the accumulated depreciation account at December 31. S

tep 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year.

Business
1 answer:
alexandr1967 [171]3 years ago
7 0

   

[c]   Accumulated Depreciation Equipment

Step 1 $0   $0

Step 2 $6,400 Credit [($56000 - 11200) / 7 years]  $6,400

$6,400

Step 3 Accounts title Debit Credit  

Depreciation expense $6,400  

  Accumulated Depreciation - Equipment  $6,400

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Kahle Company has two support departments: Purchasing and Payroll. The Purchasing Department expense is $500,000 to process 50,0
allsm [11]

Answer: $15600

Explanation:

To calculate the amount of the Payroll Department's cost that is allocated to the Assembly Department goes thus:

First we need to calculate the allocation rate which will be:

= $300,000/25,000

= $12.

Then, the departmental cost will be:

= Payroll checks × Allocation rate

= 1,300 × $12

= $15,600.

Therefore, the amount of the Payroll Department's cost that is allocated to the Assembly Department is $15600.

3 0
3 years ago
Bluestone Company had three intangible assets at the end of the current year:
adoni [48]

Answer and Explanation:

The computation is shown below:

1) Calculation of the acquisition cost is

Patent = $4,000

Trademark = $210,000 + $8,500 = $218,500

Licensing Rights = $80,000

2) Computation the amortization expense is  

Patent = $4,000 ÷ 10 = $400

Trademark = $218,500 ÷ 10 = $21,850

Here we assume the indefinite life of 10 years  

Licensing Rights = $80,000 ÷ 5 = $16,000

3)

Income statement:

Amortization expense  $38,250 ($400 + $21,850 + $16,000)

Balance sheet at year end december:

Fixed assets

Intangibles

Patent         $3600 ($4,000 - $400)

Trademark  $196,650 ($218,500 - $21,850)

Licensing Rights  $64,000 ($80,000 - $64,000)

8 0
3 years ago
Darius is considering buying new bedroom furniture. Naturally, he compares several types of beds, dressers, and bedside tables,
yaroslaw [1]

Answer: The correct answer is "b) the total product offering.".

Explanation: All of the components that Darius is evaluating make up the total product offering.

When evaluating the types of beds, dressers and bedside tables taking into account at the same time their reputation, guarantee and experience of each product according to the brand, it is clearly evaluating the total offer of products as a whole.

6 0
3 years ago
What term is used to describe spread-out or low-density development beyond the edge of services and employment
Zolol [24]

Answer:

Sprawl

Explanation:

Sprawl can be defined as the situation where an urban settlement expands into nearby country area at the edge of a city .

Factors that lead to sprawl are population and income growth, low cost of living , road network , unlimited use of auto, etc.

Urban sprawl is characterized by uncoordinated , haphazard,and poorly planned urban development. If not properly managed , these could lead to poor environmental conditions like air pollution ,ground level smog and car traffic.

4 0
3 years ago
In accounting for a contingent liability, if the likelihood of the obligation is probable but the amount cannot be estimated, a
Tems11 [23]

Answer: d. provide disclosure in the footnotes to the financial statements.

Explanation:

A contingent liability is an obligation that a company might owe in future depending on the outcome of an event such as a law suit.

To record a contingent liability in the books, two conditions must be satisfied;

  1. Loss must be probable
  2. Amount must be estimable

If these two conditions are not satisfied then the contingent liability may simply be disclosed as a footnote in the financial statement. The amount here is not estimable so can be disclosed as a footnote.

6 0
3 years ago
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