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
Gnom [1K]
3 years ago
10

Beaver Construction purchases new equipment for $50,400 cash on April 1, 2015. At the time of purchase, the equipment is expecte

d to be used in operations for seven years (84 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 84 months ($600/month). (1) Record the purchase of equipment on April 1. (2) Record the adjusting entry for depreciation on December 31, 2015. (3) Calculate the year-end adjusted balances of Accumulated Depreciation and Depreciation Expense (assuming the balance of Accumulated Depreciation at the beginning of 2015 is $0).
Business
1 answer:
mariarad [96]3 years ago
7 0

Answer:

Beaver Construction

1. Journal Entry:

April 1, 2015:

Debit Equipment $50,400

Credit Cash Account $50,400

To record the purchase of new equipment for cash.

2. December 31, 2015:

Debit Depreciation Expense-Equipment $5,400

Credit Accumulated Depreciation - Equipment $5,400

To record the depreciation expense for the period.

3. Adjusted balances of Accumulated Depreciation and Depreciation Expense at December 31, 2015:

a) Accumulated Depreciation - Equipment

Beginning balance       $0

Depreciation Expense $5,400

Ending balance            $5,400

b) Depreciation Expense-Equipment $5,400

Explanation:

The depreciation expense for equipment is $5,400 ($600 x 9) since the depreciation charge for each month is $600.  The equipment was used from 9 months from April 1 to December 31 in 2015.  This implies that only $5,400 will be charged to Income Statement for the period.

You might be interested in
A company is experiencing continual delays in the shipment of its products to its customers. a pareto analysis reveals that ther
pshichka [43]
According to vifredo pareto, these three factors would be referred to as 80/20 rule. 80% of the problems come from 20% of the workers
6 0
3 years ago
Read 2 more answers
Determining if products made in-house will be produced in one or more facilities, and if these facilities should be located in o
vaieri [72.5K]

Answer:

The correct answer is "Location"

Explanation:

The location decisions are determinant of profitability in international business. The Company's selection on where to assemble and manufacture the product can determine the success of the business. Some countries are cheaper to produce for the workforce, exchange rate, taxes...

5 0
3 years ago
A seller tells a real estate professional "don’t show my house to anybody not born in the United States." In this circumstance,
Lady_Fox [76]

Answer: b. must decline to take the listing with this requirement

Explanation: A real estate professional must not take any listing with discriminatory requirement based on race such as the requirement made by the seller in the scenario above. This in accordance with the Fair Housing Act which prohibits acts of discrimination in housing based on color, religion, race, sex or nationality. A listing stating that an apartment or property shouldn't be offered to individuals who aren't nationals of the United States has discriminated on the basis of nationality which is illegal.

3 0
3 years ago
What must a dental assistant have in order to take dental X-rays
Zarrin [17]
They must have certification in radiology in order to take dental X-rays.
4 0
3 years ago
Read 2 more answers
Telfer, Inc. reported net income of $2.7 million in 2020. Depreciation for the year was $162,300, accounts receivable decreased
vovikov84 [41]

Answer:

See below

Explanation:

Computation of net cash provided by operating activities using the indirect method

Cash flow from operating activities

Net income

$2,700,000

Adjustments to reconcile net income

Add: Decrease in accounts receivable

$357,400

Less: Decrease in accounts payable

$296,500

Add: Depreciation expense for the year

$162,300

Net cash provided by operating activities

$2,923,200

5 0
2 years ago
Other questions:
  • Next-generation enterprise suites use ________ and soa to link to systems of customers and suppliers.
    12·1 answer
  • Suppose a company has $200 in fixed costs and $40 per unit in variable costs. The company sold 10 items for a total of $1,000. H
    10·1 answer
  • The retained earnings statement shows all of the following except the amount of dividends paid during the period. the changes in
    14·1 answer
  • When a lender charges interest, it is known as:
    13·2 answers
  • Rural grocery stores often stock products geared to the average customer in its market area. Management assumes there are neglig
    13·1 answer
  • Jipsom and Klark were partners with capital account balances of $80,000 and $100,000, respectively. Looney directly paid $32,000
    15·1 answer
  • One disadvantage of an environment of low interest rates is that<br><br><br>​
    15·2 answers
  • The interior angles of a hexegon are in the ratio 3:3:4:5:6:7. Find; (a) The size of the smallest angle. (b) The size of the lar
    12·1 answer
  • HELP PLEASE!
    6·1 answer
  • If the sales volumes in the east and west regions had been reversed, what would be the company’s overall break-even point in uni
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!