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Assoli18 [71]
2 years ago
7

On January 1, 2016, ABC Corporation purchased Equipment C for $72,000. Equipment C is expected to have a useful life of 8 years,

and a salvage value of $2,400. Assume that ABC uses the straight-line method of depreciation for Equipment C. A Prepare the journal entry to record depreciation on the equipment for 2016. (5)
Business
1 answer:
Black_prince [1.1K]2 years ago
3 0

Answer:

Debit : Depreciation $8,700

Credit : Accumulated Depreciation $8,700

Explanation:

the journal entry to record depreciation on the equipment for 2016.

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2 years ago
On January 1, year 4, Purl Corp. purchased, as a long-term investment, $500,000 face value Shaw, Inc. 8% bonds for $456,200. The
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Answer:

$468,000

Explanation:

Since the bonds will be held to maturity and purchased at a discount, their value will increase as maturity approaches. On December 31, year 5, the bonds should be reported at $468,002 ≈ $468,000

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interest receivable 2004 = $500,000 x 8% = $40,000

interest revenue 2004 = $456,200 x 10% = $45,620

difference 2004 = $45,620 - $40,000 = $5,620

interest receivable 2005 = $500,000 x 8% = $40,000

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6 0
3 years ago
A sales tax is sent to the government by
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Answer:A sales tax is a consumption tax imposed by the government on the sale of goods and services. A conventional sales tax is levied at the point of sale, collected by the retailer, and passed on to the government. A business is liable for sales taxes in a given jurisdiction if it has a nexus there, which can be a brick-and-mortar location, an employee, an affiliate, or some other presence, depending on the laws in that

Explanation:

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Gordon Company sold 2,000 more units than budgeted of its only product. How will total fixed cost be affected
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Answer: b. Remain constant

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Fixed costs as the term implies, do not change depending on the units produced or sold but rather remain constant over the period. If the company sells 2,000 or 5,000 more units, the fixed costs will remain constant.

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3 years ago
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