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laila [671]
3 years ago
6

Equipment is a(n)_________ (asset/liability/expense) account. It is reported on the___________ (left/right) side of the accounti

ng equation and is__________ (increased/decreased) when equipment is purchased.
Business
1 answer:
Neko [114]3 years ago
3 0

Answer: Asset: Left; Increased

Explanation:

<em>Equipment is an </em><u><em>asset </em></u><em>account. It is reported on the </em><em>l</em><u><em>eft</em></u><em> side of the accounting equation and is </em><em>i</em><u><em>ncreased</em></u><em> when equipment is purchased.</em>

Equipment is a fixed asset because it lasts more than a year in the service of a company. As an asset, it will be reported on the left side of the accounting equation which means that when it increases it is to be debited.

It increases when more equipment is acquired.

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If I'm correct-- by outdoor advertising do you mean commercials and ads encouraging people to go outside?
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Sound Company reported the following amounts for May, 2008: Direct materials purchased $254,000 Beginning raw materials inventor
Yakvenalex [24]

Answer:

$254,100

Explanation:

The computation of the  cost of direct materials used in production is shown below:

=  Direct materials purchased + Beginning raw materials inventory  - Ending raw materials inventory - Indirect materials requisitioned and used

= $254,000 + $12,000 - $7,900 - $4,000

= $254,100

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6 0
3 years ago
During December, Far West Services makes a $3,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.
Dima020 [189]

Answer:

Dr Accounts receivable 3,472

Cr Sales 3,20

Cr Sales tax payable 272

Explanation:

Since $3,200 is the credit sale and the state sales tax rate is 6% while the local sales tax rate is 2.5% which means we have to calculate for 6% of 3,200 as well as 2.5% of 3,200 which is: Sales tax payable

6%×3,200=192

2.5%×3,200=80

192+80= 272

The last step is to Debit Accounts receivable with 3,472 (3,200+272) , Credit Sales 3,200 and Credit Sales tax payable with 272

Far West Services Journal entry

Dr Accounts receivable 3,472

(3,200+272)

Cr Sales 3,200

Cr Sales tax payable 272

8 0
3 years ago
Which of the following statements is true about utility?a. Everyone receives the same level of satisfaction from the same good o
Annette [7]

Answer:

The correct answer to the following question is option D) everyone receives different level of satisfaction from from the same good or services.

Explanation:

Utility can be defined as a measurement of satisfaction levels that a consumer experiences from the consumption of goods and services. From the above given options only D is correct as every one experiences different level of satisfaction from same good or services. Economists measures utility with a unit they refer to as util. All products doesn't produce same level of satisfaction .

6 0
3 years ago
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