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3 years ago

Problem 10-3A On January 1, 2017, Evers Company purchased the following two machines for use in its production process.

Business

1 answer:

timofeeve [1]3 years ago

7 0

Answer:

Please see the solution below:

Explanation:

Machine A:

(i) Total Machine A Cost 

Purchase Price = $37,500

Sales Tax = $3,600

Shipping Cost = $100

Insurance during shipping = $50

Installation and Testing Cost = $120

Total Machine A cost = $41,370

(ii) Depreciation

Recorded Cost = $41,370

Less: Salvage Value = $5,950

Useful Life = 5 years

Straight Line Method is used to find depreciation per yer will be:

Depreciation = $7,084

(1) The Journal Entry to record purchase of equipment (Machine A)

January 1, 2017

Dr. Equipment $41,370

Cr. Cash $41,370

(2) The Journal Entry to record annual depreciation (Machine A)

December 3, 2017

Dr. Depreciation $7,084

Cr. Accumulated Depreciation - Equipment $7,084

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1 year ago

When the consumer price index falls, the typical family has to spend fewer dollars to maintain the same standard of living.

mel-nik [20]

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3 years ago

A stock had returns of 18.58%, -5.58%, and 20.81% for the past three years. What is the variance of returns?

NemiM [27]

Answer:

Variance = 0.02141851

Explanation:

We first calculate the mean for the stocks

Mean = (0.1858 - 0.0558 + 0.2081) / 3

Mean = 0.3381 / 3

Mean = 0.1127

Variance = [(0.1858 - 0.1127)^2 + (- 0.0558 - 0.1127)^2 + (0.2081 - 0.1127)^2] / 3 -1

Variance = [0.0731^2 + (-0.1685^2) + 0.0954^2] / 2

Variance = 0.00534361 + 0.02839225 + 0.00910116 / 2

Variance = 0.04283702 / 2

Variance = 0.02141851

The variance of returns is 0.02141851

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3 years ago