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hichkok12 [17]
3 years ago
10

For each separate case, record an adjusting entry (if necessary). Barga Company purchases $20,000 of equipment on January 1. The

equipment is expected to last five years and be worth $2,000 at the end of that time. Welch Company purchases $10,000 of land on January 1. The land is expected to last forever. Prepare the entries to record one year’s depreciation expense of $3,600 for the equipment and what depreciation adjustment, if any, should be made with respect to the Land account as of December 31?
Business
1 answer:
seraphim [82]3 years ago
6 0

Answer:

Explanation:

Depreciation: It is a reduction value in the assets due to tear and wear, usage of fixed assets, obsolesce. The depreciation expense is shown in the income statement whereas the accumulated depreciation is shown in the balance sheet under the assets and this amount is deducted from the value of the fixed assets

The adjusting entries are shown below:

For equipment:

Depreciation expense A/c - Equipment Dr $3,600

        To Accumulated depreciation - Equipment $3,600

(Being depreciation expense adjusted)

For land:

No journal entry is required as land is not depreciated.

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A corporation issues for cash $9,000,000 of 8%, 30-year bonds, interest payable semiannually. The amount received for the bonds
Sloan [31]

Answer:

B

Explanation:

- The Semiannually total interest  Payable will be calculate as

30*2 = 60 Semiannual Times Payments

- Interest Payments

$9,000,000*8%/2=$360,000

- So the Total payments will be paid semiannually 60 times $360,000 with the principle amount $9,000,000

6 0
3 years ago
1. Select two categories of records that are exempt from public disclosure under the Freedom of Information Act.
alexandr1967 [171]

Answer:

1)  b. National security documents

   c. Documents with confidential information

2)   i - requires

    ii - open

   iii - accused of a crime

   iv - future

   v - future

  vi - closed

3) c. Regulatory Flexibility Act

4) True

5) True, 60days

Explanation:

1) Two categories of records that are exempt from public disclosure under the Freedom of Information Act are; "National security documents  & Documents with confidential information".

2) The Government in the Sunshine Act requires all agency meetings to be open to the public unless they meet certain criteria. If a person is going to be accused of a crime, if future agency action would be frustrated, or if the meeting involves future litigation or rule making, then the meeting may be closed.

3) The law which requires the government to reassess the impact on business and continue to look for less burdensome means of achieving a governmental goal is Regulatory Flexibility Act.

4)  It is true that the Regulatory Flexibility Act relieved small businesses of certain record-keeping requirements under agency rules and federal statutes.

5) The Small Business Regulatory Enforcement Fairness Act gives Congress 60 days to review new federal regulations to be sure that they do not unduly burden small businesses.

5 0
3 years ago
Read 2 more answers
During the Great Depression, a. the pineapple industry finally became highly profitable as world demand for fruits rose. b. Lati
Sergeeva-Olga [200]

Answer:

e. domestic instability led to the creation of dictatorships.

Explanation:

The Great Depression was a period of severe economic meltdown or downturn (crisis) of the industrialized world and it started from the United States of America, typically lasting for about ten years (1929-139).

Basically, the Great Depression started in America on the 4th of September, 1929 as a result of a major fall in the prices of stocks and consequently, leading to a stock market crash on the 29th of October, 1929.

Hence, the negative effects of the Great Depression includes a decline in investments, tax revenues, market price, personal income level, consumer spending, profits and a general rise in unemployment rate.

During the Great Depression, domestic instability led to the creation of dictatorships and autocratic leaderships (government) across many countries.

Generally, dictatorship is characterized by a single leader (dictator) having absolute power and as such he or she makes all the rules, policies and decisions without consulting or taking suggestions from anyone else.

4 0
3 years ago
Suppose that some country had an adult population of about 47 million, a labor-force participation rate of 123.4 percent, and an
anzhelika [568]

Answer:

18 million

Explanation:

hope this helps!

5 0
3 years ago
Wheeler LLC purchased two assets during the current year (a full 12-month tax year). On November 16 Wheeler placed in service co
Leni [432]

Answer:

The maximum depreciation expense is $2,792

Explanation:

In order to calculate the maximum depreciation expense we would have to calculate the depreciation of service computer equipment and the service furniture as follows:

depreciation of service computer equipment=$15,500*5%

depreciation of service computer equipment=$775

depreciation of service furniture=$11,300*17.85%

depreciation of service furniture=$2,017

Therefore, maximum depreciation expense=depreciation of service computer equipment+depreciation of service furniture

maximum depreciation expense=$775+$2,017

maximum depreciation expense=$2,792

5 0
3 years ago
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