Costs of goods sold?

Mideast Airlines purchased a 777 aircraft on January 1, 2020 at a cost of

iren [92.7K]

Answer:

3,400,000 accumulated depreciation, 36,600,000 book value

Explanation:

Cost - salvage = amount to be depreciated

40,000,000-6,000,000=34,000,000 amount to be deprecated

34,000,000/20 years =1,700,000 depreciation per year

1,700,000x2-3,400,000 accumulated depreciation after 2 years

40,000,000-3,400,000=36,600,000 book value

8 0

3 years ago

You observe the following information regarding Companies X and Y: ∙ Company X has a higher expected return than Company Y. ∙ Co

irina1246 [14]

Answer:

Option D is correct one.

Company X has a lower coefficient of variation than Company Y.

Explanation:

This is because company X has a lower standard deviation of returns than Company Y. Coefficient of variation = standard deviation/mean*100. Also mean of X will be higher as its expected return is higher than Y. So, the numerator (standard deviation) is lower and denominator (mean) is higher in case of X. This will lower its coefficient of variation than Company Y.

4 0

3 years ago

Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records for the November 1–14 pay pe

Alexeev081 [22]

Answer:

Journal entries for the following will be shown below:

Explanation:

1.

Journal entries for the wages expense is as follows:

Wages expense A/c.........................Dr $50,000

Income Tax Payable A/c................Cr $7,000

FICA taxes payable A/c...................Cr $2,625

Cash A/c...............................................Cr $40,375

Working Note:

Cash = Wage expense - Income tax payable - FICA taxes payable

= $50,000 - $7,000 - $2,625

= $40,375

2.

Journal entry for the payroll expenses is as follows:

Payroll tax expense A/c............................Dr $2,875

FICA taxes payable A/c............................Cr $2,625

Unemployment taxes payable A/c.........Cr $250

4 0

3 years ago

Which of the following is a likely reason that a company would move its facility from one location to another?

Finger [1]

A likely reason that a company would move its facility from one location to another is that they would like to access various modes of transportation, such as boats and/or railroad.

7 0

3 years ago

QUESTION 13 of 20: You own a dance studio. You have assets of $512,667 and equity of $268,964. What is your liabilities total?

VLD [36.1K]

Answer:

243,703

Explanation:

5 0

3 years ago