1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
sertanlavr [38]
3 years ago
12

Onslow Co. purchases a used machine for $178,000 cash on January 2 and readies it for use the next day at a $2,840 cost. On Janu

ary 3, it is installed on a required operating platform costing $1,160, and it is further readied for operations. The company predicts the machine will be used for six years and have a $14,000 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of.
Record the first year year-end adjusting entry for the depreciation expense of the used machine.
Business
1 answer:
Natasha2012 [34]3 years ago
8 0

Answer:

$28,000

Explanation:

<em>First determine the cost of the Asset.</em>

Purchase Price                        $178,000

January 2 Readiness Costs       $2,840

January 3 Operating Platform    $1,160

Total                                         $182,000

<em>Then, Determine the Depreciation</em>

Depreciation = (Cost - Salvage Value) / Number of Useful Life

                      = ($182,000 - $14,000) / 6

                      = $28,000

The Charge will be constant over the years.

You might be interested in
Elaine is very good at what she does, but she is constantly stressed by internal deadlines assigned to co-workers, obligatory me
mamaluj [8]

Answer:

The correct answer is A

Explanation:

Job redesign is a procedure or a process in which the elements of the job is restructured such as responsibilities, tasks and duties. It is done or performed to make the job to be more interesting, inspiring, exciting and encouraging for the employees of the company.

So, the boss on seeing that the employees are stressed by the internal deadlines, therefore, the boss uses the job redesign strategy in order to reduce the stress of the employees.

.

4 0
3 years ago
The interest rate the federal reserve charges on loans it makes to commercial banks is called the:
Aleksandr-060686 [28]
<span>The discount rate is the interest rate charged to commercial banks and other depository institutions on loans they receive from their regional Federal Reserve Bank's lending facility--the discount window. :)</span>
7 0
3 years ago
During January, 7,000 direct labor hours were worked at a standard cost of $20 per hour. If the direct labor rate variance for J
igor_vitrenko [27]

Answer:

$17.50

Explanation:

Given that,

Direct labor hours = 7,000

Standard cost = $20 per hour

Direct Labor Rate Variance = $17,500 Favorable

(Standard Rate - Actual Rate) × Actual Hours = $17,500 Favorable

(20 - Actual Rate) × 7,000 = $17,500 Favorable

140,000 - 7,000 Actual Rate = $17,500 Favorable

Therefore,

7,000 Actual rate = (140,000 - $17,500)

Actual rate = 122,500 ÷ 7,000

                  = $17.50

8 0
3 years ago
Crane Enterprises reported cost of goods sold for 2020 of $1,290,700 and retained earnings of $4,708,100 at December 31, 2020. C
Grace [21]

Answer:

  • Adjusted Cost of Goods sold = $1,206,860
  • Adjusted Retained Earnings = $4,675,190

Explanation:

An overstated opening inventory would overstate Cost of Goods sold. The overstatement should therefore be removed from the Cost of goods sold.

An overstated closing inventory would understate Cost of Goods sold. The overstatement should therefore be added to the Cost of Goods sold.

Adjusted Cost of Goods sold 2020 = Cost of Goods sold + 2020 ending inventory - 2019 opening inventory

= 1,290,700 + 32,910 - 116,750

= $1,206,860

Adjusted Retained earnings

The retained earnings would have to be adjusted for the overstatement of the current inventory by $32,910 because this understated Cost of Goods sold.

= Retained earnings - Overstatement of inventory

= 4,708,100 - 32,910

= $4,675,190

8 0
2 years ago
A local restaurant has prepared a new recipe for it's lunch menu which form of nonprice competition is this?
s344n2d4d5 [400]
Non price competition is competing against others when price isn't the driving force of differentiation. If a local restaurant repairs a new recipe for it's lunch menu it is using the physical characteristic form of non price competition. The restaurant is hoping to differentiate based on the quality and taste of their new lunch item compared with another restaurants. 
7 0
3 years ago
Read 2 more answers
Other questions:
  • Cathy has three exams and two papers coming up, and she needs to decide how much time to spend on each project to maximize her c
    8·2 answers
  • The corporate charter of Alpaca Co. authorized the issuance of 10 million, $1 par common shares. During 2018, its first year of
    6·1 answer
  • If Andre has a child and adds another dependent to his tax form for withholding, the company will withhold a lower amount of inc
    6·1 answer
  • Laura and Martin obtain a 20​-year, ​$150 comma 000 conventional mortgage at 10.0​% on a house selling for ​$170 comma 000. Thei
    12·1 answer
  • The following transactions for the month of March have been journalized and posted to the proper accounts. Mar. 1 The business r
    5·1 answer
  • You can distinguish the various types of bonds by their terms of contract, pledge of collateral, and so on. Identify the type of
    14·1 answer
  • Bucknum Boys, Inc., produces hunting gear for buck hunting. The company’s main production departments are Molding and Finishing.
    13·1 answer
  • On April 1st, Bob the Builder entered into a contract of one-month duration to build a barn for Nolan. Bob is guaranteed to rece
    11·1 answer
  • What is not a service business?
    13·1 answer
  • A planned unit development (PUD) is an example of A) multiple-use zoning. B) aesthetic zoning. C) directive zoning. D) bulk zoni
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!