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34kurt
3 years ago
6

Crackling Fried Chicken bought equipment on January 2, 2016, for $21,000. The equipment was expected to remain in service for fo

ur years and to perform 3,600 fry jobs. At the end of the equipment's useful life, Crackling estimates that its residual value will be $3,000. The equipment performed 360 jobs the first year, 1,080 the second year, 1,440 the third year and 720 the fourth year.1. Prepare a schedule of depreciation expense, accumulated depreciation and book value per year for the equipment under the three depreciation methods. Show your computations. Note: Three depreciation scehduled must be prepared.

Business
1 answer:
rjkz [21]3 years ago
5 0

Answer:

Please see attachment

Explanation:

Please see attachment

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EarlKeen Co. sold $260,000 of equipment during January under a one-year warranty. The cost to repair defects under the warranty
igomit [66]

Answer:

warranty expense 10,400 (260,000 x 4%)

          warranty liablity  10,400

warranty liability   150

          wages payable  50

         inventory            100

Explanation:

we recognize the expected warranty expense at the moment of the sale.

Then expenses associate with the warranty will decrease the prevision "warranty liability"

The part used come from the company's inventory

and the wages for work on the product, will have to be paid.

<u>Note: </u>it could be cash directly instead of using wages payable account. But because there is no information about those wages being paid I assume are not.

3 0
3 years ago
Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,900 shares of its own common st
Nikitich [7]

Answer: See explanation

Explanation:

The journal entry to record the transaction for Sherman systems will be:

Oct-11

Debit Treasury Stock (5,900 × $34) =

$200,600

Credit Cash = $200,600

(To record repurchase of 5900 own shares)

Nov-01

Debit Cash (1,225 × $40) = $49,000

Credit Treasury stock (1,225 × $34) = $41,650

Credit Paid in capital-Treasury Stock = $7,350

(To record sale 1225 shares from treasury stock)

Nov-25

Debit Cash (5,900-1,225) × $29) = $135,575

Debit Paid in capital-Treasury Stock = $7,350

Debit Retained earnings = $16,025

Credit Treasury stock (5,900-1,225) × $34) = $158,950

(To record sale balance from treasury stock)

7 0
3 years ago
KPIs for social media are __________ traditional measures for advertising effectiveness.
Anna35 [415]

Answer:

D)Analogous to

Explanation:

7 0
3 years ago
If you have two insurance policies on the same property, the ____ clause explains how the two insurance companies will share the
pantera1 [17]

Answer:

e. other insurance clause.

Explanation:

The other insurance clause is found in both property and liability insurance. This clause determines how loss is divided up when multiple policies cover the same loss.

5 0
3 years ago
One Chicago has just introduced a new single stock futures contract on the stock of Brandex, a company that currently pays no di
bekas [8.4K]

Answer:

A: $127.2

B: $123.384, $3.816 per share and $3,816 per contract

C: 9.43%

Explanation:

A: Futures price

F° = S° (1 + rₙ) = $120 x 1.06

= $127.20

B: Change in Future Price and Investor Margin account:

New Spot = $120 (1 – 0.03)

= $120 x 0.97

= $116.40

New Futures = $116.40 (1.06)

= $123.384

The long investor loses = $127.20 - $123.384

= $3.816 per share

or $3.816 (1,000) = $3,816 per contract

C: Percentage return on the investor’s position:

Percentage return = $12,000 / $127,200

= 9.43%

5 0
3 years ago
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