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2 years ago

If you spend $250,000 on a new car and it

Business

1 answer:

Rasek [7]2 years ago

3 0

It will be worth $105468.75.

If it depreciates 25% each year, that means 75% of the value remains.

The value of the third year is $140,625.

$140,625(.75) = $105,468.75.

You could also find 25% of $140,625 and subtract it.

$140,624(.25) = $35,156.25
$140625 - $35,156.25 = $105,468.75.

Either way the car would be worth $105,468.75 in year four!

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During the year, Cheng Company paid salaries of $24,000. In addition, $8,000 in salaries has accrued by the end of the year but

Burka [1]

Answer:

Correct answer is D. Credit to Salaries Payable for $8,000

Explanation:

Based on the basic underlying guideliness in accounting, specifically matching principle. All income and expenses should be reported during the period it incurred. Thus, all expenses incurred during the period even though it wasn't paid yet shoud be recorded to the book and that's the moment that the year-end adjusting entry is necessary.

On the above given problem, the salaries paid of $24,000 is presumed to have been recorded in the book already. Because it incurred and paid within the calendar period. In addition, the salaries accrued by the year end needs year-end adjustment<em> to recognize the salaries expense applicable for the period</em>. Journal entry of it is to debit salaries expense and credit salaries payable in the amount of $8,000.

6 0

3 years ago

The owners of Old School Brand Authentic Antique Foods researched Civil War records to come up with recipes used for the old-fas

andreyandreev [35.5K]

Answer:

Product

Explanation:

Marketing mix involves four elements

a. product

b. price

c. place

d. promotion

The statement given indicates that the recipe of cookies focuses on the product element of marketing mix.

6 0

3 years ago

Marco Manager supervises three employees at a bank. Several times over the last three months, money has been missing from a spec

kykrilka [37]

Answer:

The ethical dilemma that Marco Manager is facing having to choose between trying to keep an existing friendship (at least he believes that they are friends) or doing the right thing as a manager, which would involve investigating why the money is missing and most certainly firing the employee.

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2 years ago

Percy Company purchased 80% of the outstanding voting shares of Song Company at the beginning of 2014 for $406,000. At the time

Gnom [1K]

Answer:

since Percy Company's owns 80% of Song Company's stocks, we must use the equity method to record its investment in Song Company

Beginning 2014, investment in Song Company

Dr Investment in Song Company 406,000

Cr Cash 406,000

2014, to record Song's net income

Dr Investment in Song Company 48,480

Cr Investment revenue 48,480

2015, to record Song's net income

Dr Investment in Song Company 43,120

Cr Investment revenue 43,120

2016, to record Song's net loss

Dr Loss on investment 45,760

Cr Investment in Song Company 45,760

2014, to record Song's dividends

Dr Cash 19,040

Cr Investment in Song Company 19,040

2015, to record Song's dividends

Dr Cash 40,480

Cr Investment in Song Company 40,480

2016, to record Song's dividends

Dr Cash 29,040

Cr Investment in Song Company 29,040

5 0

3 years ago

Johnny filed for Chapter 7 bankruptcy when he was 45 years old. How old will

mafiozo [28]

For chapter 7 bankruptcy it takes 10 years for it to be removed from the credit report.

Doing simple math here-
45 + 10 = 55

Johnny will be 55 years old when the bankruptcy is removed from his credit report.

7 0

3 years ago

Read 2 more answers