Answer:
Explanation:
The correct journal entry is shown below:
Equipment A/c Dr 700,000
To Accumulated depreciation A/c $420,000
To Retained earnings A/c $280,000
(Being the error is recorded and the remaining balance is credited to the retained earning account)
The depreciation expense would be
= (Original cost - residual value) ÷ (useful life)
= ($700,000 - $0) ÷ (5 years)
= ($700,000) ÷ (5 years)
= $140,000
For three years, the depreciation would be
= $140,000 × 3 years
= $420,000
The Answer is
"<span>family homes "
</span>
<span>“Family homes” would not be found on the plaza principal. However the
other two types i.e. municipal building as well as cathedrals will be
found on plaza principal. The common events or activities
found at the plaza principal are fiestas or festivals and meeting with friends.</span>
Answer:
arc price elasticity = -1.64
Explanation:
arc price elasticity = (change in quantity x average price) / (change in price x average quantity)
- change in quantity = 7,400 - 10,000 = -2,600 units
- average price = ($2.50 + $3) / 2 = $2.75
- change in price = $3 - $2.50 = $0.50
- average quantity = (10,000 + 7,400) / 2 = 8,700 units
arc price elasticity = (-2,600 x $2.75) / ($0.50 x 8,700) = -7,150 / 4,350 = -1.64
Answer:
Debit Accounts Receivable for $104,700; and Credit Sales Revenue for $104,700.
Debit Cash for $85,400; and Credit Accounts Receivable for $85,400.
Explanation:
The (summary) journal entries to record the items noted will look as follows:
<u>Particulars Debit ($) Credit ($) </u>
Accounts Receivable 104,700
Sales Revenue 104,700
<u><em>(To record net sales (all on account) for the year.) </em></u>
Cash 85,400
Accounts Receivable 85,400
<u>(Collections on accounts receivable during the year.) </u>
Answer:
B) $23,000.
Explanation:
ABC's accumulated net income (or retained earnings) over the past four years = $8,000 + $5,000 + $12,000 + $10,000 = $35,000
ABC's accumulated dividends paid over the past four years = $3,000 x 4 = $12,000
Since dividends are paid using money that proceeds from retained earnings, the balance of the retained earnings account = accumulated retained earnings - accumulated dividends = $35,000 - $12,000 = $23,000
