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
swat32
3 years ago
5

At the beginning of 2023, the Mackinac Company purchased a machine for $510,000 (salvage value of $60,000) that had a useful lif

e of 6 years. The bookkeeper used straight-line depreciation, but failed to deduct the salvage value in computing the depreciation base. Depreciation has been recorded through 2025. The errors were discovered on 1/10/26; the 2025 books are still open. Correcting journal entries would include what entry to 1/1/25 Retained Earnings?
Business
1 answer:
Ratling [72]3 years ago
4 0

Answer:

$10,000 credited

Explanation:

DATA

Machine cost = 510,000

Salvage value = $60,000

Useful life = 6 years

Depreciation = $60,000/6years

Depreciation = $10,000

It means that we have overstated depreciation expense for the year with the amount of $10,000.

Retained earnings will be credited by $10,000 As the depreciation expense was overstated mistakenly by $10,000

You might be interested in
A parents' group in a small town formed an unincorporated association to run a little league soccer team. Alex was elected presi
Keith_Richards [23]

Answer:

The only person liable for the goods purchased is Alex because he was the person that made the purchases.

Explanation:

Alex is to be held liable because he was authorized to make the purchase. A single member of an unincorporated association is liable for the debts of the organization if they are given authorization to execute a specific act which is seen in this case here.

6 0
3 years ago
On July 15, 2016, you convert 650,000 U.S. dollars to Japanese yen in the spot foreign exchange market and purchase a six-month
Mice21 [21]

Answer:

The question is not complete:

On July 15, 2016, you convert 650,000 U.S. dollars to Japanese yen in the spot foreign exchange market (¥104.91/$) and purchase a six-month forward contract ($0.0095320/¥1) to convert yen into dollars. How much will you receive in U.S. dollars at the end of six months? (Round your answer to 2 decimal places. (e.g., 32.16))

The sum of $650,001.38  would be received in six months

Explanation:

In the first place by buying the yen in the spot market on July 15 ,2016, the amount of yen is computed thus:

$650,000 was at (¥104.91/$) ,which implies that each $ was exchanged for ¥104.91

yen received =$650,000*104.91/1

                       = ¥ 68,191,500.00  

The six month forward contract outcome is as follows:

($0.0095320/¥1)

each Yen was exchanged $0.0095320

dollars received= ¥ 68,191,500.00 *0.0095320/1

                          =$650,001.38  

3 0
3 years ago
Small businesses are important to the U.S. economy because
horsena [70]

Answer:

D) They create about 65% of new jobs each year and generate over 50% of the U.S. GDP.

Explanation:

Small businesses employ over 99 percent of all the private-sector employees in the US. In figures, they hire over 130 million people. Besides that, 60 to 80 percent of all new jobs created every year come from small businesses.

In revenue generation, Small business makes 54 percent of US sales. They contribute over six trillion-dollars to the economy or 50 percent of the country's GDP

6 0
3 years ago
____ institutions accept and manage customer deposits in checking and savings accounts.
gtnhenbr [62]

Answer:

The correct answer is depository institutions.

Explanation:

We denominate Depository institution to financial entities that can legally receive and manage monetary deposits from costumers.

This institution serves as a way to keep a person's money securely, and thus achieve the physical security of the person who owns the money, since having a certain amount of money with himself can be dangerous.

A client will give his money to a depository institution, which also have several types of bank accounts, and when the client wishes, that money will be returned.

The depository Institution, while saving your money, can use it to make investments or to lend to other costumers.

6 0
3 years ago
Padco averages $15 million worth of inventory in all of its worldwide locations. they operate 51 weeks a year and each week aver
Zepler [3.9K]

Padco averages $15 million worth of inventory in all of its worldwide locations. they operate 51 weeks a year and each week averages $3 million in sales (at cost). their inventory turnover is 10.2 turns.

Inventory turnover is a financial ratio that demonstrates how frequently a company sells and replaces inventory over a specific time frame. The days it takes to sell the company's inventory on hand can then be determined by multiplying the number of days in the period by the inventory turnover formula.

Businesses can improve their decisions about pricing, production, marketing, and the acquisition of new inventory by calculating inventory turnover.

Inventory turnover quantifies how frequently a business can replenish the stocks it has sold during a specific time period. A slower ratio suggests either strong sales or insufficient inventory, while a quicker ratio suggests either weak sales or high sales.

The industries with the largest inventory turnover rates tend to be those with low margins and high volumes, like supermarkets and merchants.

Learn more about inventory turnover here:

brainly.com/question/1492106

#SPJ4

7 0
1 year ago
Other questions:
  • Two individuals at a retail store work the same cash register. You evaluate this situation as which of the following?
    12·1 answer
  • Opal asks Paolo, who does not understand English, to sign what Opal says is an application to open a bank account. In fact, the
    8·1 answer
  • DiskSan has to order flash transistors ($5 each) to create USB flash memory drives. Their monthly demand is 10,000 units, their
    14·1 answer
  • "tom is employed by acme industries and is covered by its group long-term disability plan. the company pays 80 percent of the pr
    8·1 answer
  • List three things you can do to improve job satisfaction
    8·2 answers
  • How can i make an assessment about tourism <br><br><br>​
    10·1 answer
  • KidsCause, a metropolitan outreach organization that collects and donates toys for needy children, buys airtime onWXXY (a local
    14·1 answer
  • Ken and Joe are out at a bar drinking. During the evening, Ken writes a note on a cocktail napkin agreeing to sell his car to Jo
    11·1 answer
  • Determine what type of model best fits the given situation: the value of a classic car is presently $50,000 and is increasing in
    7·1 answer
  • A loan processor who is not required to perform her duties at the direction of or subject to the supervision and instruction of
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!