Ask question

Ask question

All categories

Yakvenalex [24]

3 years ago

13

Use the following information to answer the question: Cost of car: $26,000 Residual value: $6,000 Life: 5 years Using the given

information, determine the depreciation expense for the first year straight-line method? A. $4,400 B. $5,200 C. $4,000 D. $6,000

1 answer:

juin [17]3 years ago

7 0

(26000-6000)/5=4000
................

You might be interested in

At December 31, Hawke Company reports the following results for its calendar year.

kodGreya [7K]

The adjusting entries for acknowledging the bad debts would be:

a). Bad Debts Expense $50 640

Allowance for Doubtful Accounts $50 640

b). Bad Debts Expense $48089.1

Allowance for Doubtful Accounts $48089.1

Bad debts:

Bad debts are described as debts that are unable to be recovered from their respective debtors.

The key reasons for this could be:

The debtor is bankrupt and cannot pay the amount.
The debtor flees away and thus, can't be compelled to pay.

The given amounts are obtained as follows:

a). Given that,

Bad debts is 1.5% of credit sales.

Credit Sales = $3,376,000

Bad debts = 1.5% of $3,376,000

∵ Bad debts = 1.5/100 * $3,376,000

= $50 640

b). Given that,

Bad debts = 1 % of total sales.

Total Sales = Credit sale + Cash sale

= $3,376,000 + $1,432,910

= $4808910

Bad debts = 1% of 4808910

∵ Bad debts = 1/100 * $4808910

= $48089.1

Learn more about 'Journal entries' here:

brainly.com/question/17439126

3 0

3 years ago

The following data were taken from the balance sheet accounts of Masefield Corporation on December 31, 2019.

viktelen [127]

Answer:

Please see below

Explanation:

a. A 5% stock dividend is declared and distributed when the market per share was $39.

Common stock par value($10) 500,000

Retained earning = 50,000 × 5% × 39

= $97,500

Common stock dividend distributed

50,000 × 5% × $10

= $25,000

See attached further explanations.

7 0

3 years ago

Wildhorse Corp. has total current assets of $12,152,000, current liabilities of $5,849,000, and a quick ratio of 0.94. How much

White raven [17]

Answer:

Wildhorse Corp. has inventory of $6,653,940

Explanation:

The quick ratio is a liquidity ratio that indicates a company's ability to pay its current liabilities when they come due without needing to sell its inventory or get additional financing. The quick ratio is calculated by the following formula:

Quick ratio = (Cash & equivalents + Short Term investments + Accounts receivable)/Current Liabilities

(Cash & equivalents + Short Term investments + Accounts receivable) = Quick ratio x Current Liabilities = 0.94 x $5,849,000 = $5,498,060

Inventory = Total current assets - (Cash & equivalents + Short Term investments + Accounts receivable) = $12,152,000 - $5,498,060 = $6,653,940

4 0

3 years ago

Think of a situation when you received a bad news with direct pattern (without any buffer). How did you react in that situation?

Dahasolnce [82]

Bajáis s and sjsisiejen ejejd

5 0

3 years ago

Read 2 more answers

Cheryl is watching the weather forecast for an outdoor senior picnic project that she planned to determine whether the picnic wi

ch4aika [34]

Answer:

Monitoring and Controlling

Explanation:

Note that, in Project management process stages there are typically five phases:

initiating,
planning,
executing,
controlling and
closing.

However, from this scenario in which Cheryl is watching the weather forecast for an outdoor senior picnic project, it shows that she is monitoring and trying to control all aspects of the planned picnic project against the risk of bad weather.

4 0

3 years ago