Answer:
Depreciation expense-Year 2 = $8840
Explanation:
It is important to note that the depreciation is based on the units-of-production method and in case of the truck, we take 100000 miles as its useful life or total units of production.
The depreciable value of the truck is Cost - salvage value,
Depreciable Value = 33000 - 7000 = 26000
The depreciation for year 2 based on units-of-production is,
Depreciation expense for year 2 = 26000 * 34000/100000 = $8840
Answer: $5550
Explanation:
The amount that the company will record the dishwasher will be the amount the dishwasher was bought plus the transportation cost incurred on the dishwasher plus the installation fees. This will be:
= $4900 + $390 + $260
= $5550
Therefore, the amount that the company will record for the dishwasher is $5550
Answer:
D
Explanation:
An economic model is a simplified abstraction of reality. An economic model aims to present economic reality in a simplified form. it also aims to make accurate prediction consistent with reality.
for example, the law of demand is an example of an economic model.
According to the law of demand, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.
this economic model is true because rational human beings tend to purchase more of normal goods when the price is lower than when the price is higher.
If Z best, inc. issued $1,000,000 of common stock for cash. by accident, z best recorded the transaction by increasing cash and decreasing stockholders' equity. as a result of this entry,
- Common stock is understated
- Stockholders' equity is understated
- The accounting equation is out of balance
<h3>
Common stock for cash</h3>
Since the company issued the amount of $`1,000,000 of common stock for cash.
The journal entry will be
Debit Cash $1,000,000
Credit Common stock $1,000,000
Hence, if the company recorded the transaction by increasing cash and decreasing stockholders' equity this means that Common stock is understated, Stockholders' equity is understated and the accounting equation is out of balance.
Learn more about Common stock for cash here:brainly.com/question/25765493
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Answer: Reconciled ending balance of cash=$7,925
Explanation:
Bank reconciliation is used by companies to reconcile thier ledger balances and that of their bank's balance and to make necessary adjustments where necessary.
BanK Reconcillation on August 31, 2021
Bank cash balance $6,012
add
Deposit outstanding +$3,308
deduct :
Checks outstanding -$1,395
Bank balance reconciliation $7,925
Company's book balance $7,914.
add:
interest earned + $43
deduct:
service fees - $32
Company balance reconciliation $7,925