Answer:
Depreciation expense= $7,612.5
Explanation:
Giving the following information:
Purchase price= $66,000
Salvage value= $5,100
Useful life= 8 years
<u>First, we need to determine the depreciation expense for the whole year. We will use the following formula:</u>
<u></u>
Annual depreciation= 2*[(book value)/estimated life (years)]
Annual depreciation= 2*[(66,000 - 5,100) / 8]
Annual depreciation= $15,225
<u>For 2020:</u>
Depreciation expense= (15,225/12)*6= $7,612.5
Explanation:
The journal entries are shown below:
1. Salaries expense A/c Dr $1,200 ($400 × 3 days)
To Salary payable A/c Dr $1,200
(Being the accrued salary is recorded)
The 3 days are calculated from December 28 to December 31
2. Salaries expense A/c Dr $4,400 ($400 × 11 days)
Salary payable A/c Dr $1,200
To Cash A/c $5,600
(Being the payment is recorded)
3. Now the adjusted balance of Salaries Payable is
= Salaries Payable before adjustment in 2015 + Adjusted balance
= $0 + $1,200
= $1,200
[preparing trial balance] I am suppose to be preparing a trial balance but base on the accounts and information I have, I have the cost amounts for two years. How would I do that?
Basically, the rule of sales contract recognizes that sales is done when the product is negotiated on and <u>paid for</u>, and thus, the the buyer can cancel prior to that.
In the contract on sales, a sale formally becomes a sale when a party gives something to another in exchange for money.
- The consideration (Premium/Sales cost) is the main factor that makes a sales contract valid and legal.
Hence, the rule of sales contract recognizes that sales is done when the product is negotiated on and <u>paid for</u>, and thus, the the buyer can cancel prior to that.
Read more about sales contract:
<em>brainly.com/question/17179342</em>
Answer:
6.0
Explanation:
Market to book ratio is calculated as ; Market capitalization / Net book value.
Where,
Market capitalization = Price per share × Total shares outstanding
= $24 × 25,000,000 shares
= $600,000,000
Then,
Net book value = Total assets - Total liabilities
= $200,000,000 - $100,000,000
= $100,000,000
Therefore,
Market to book ratio = $600,000,000 / $100,000,000
= 6.0
