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2 years ago

Mideast Airlines purchased a 777 aircraft on January 1, 2020 at a cost of

Business

1 answer:

iren [92.7K]2 years ago

8 0

Answer:

3,400,000 accumulated depreciation, 36,600,000 book value

Explanation:

Cost - salvage = amount to be depreciated

40,000,000-6,000,000=34,000,000 amount to be deprecated

34,000,000/20 years =1,700,000 depreciation per year

1,700,000x2-3,400,000 accumulated depreciation after 2 years

40,000,000-3,400,000=36,600,000 book value

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Rachel's Recordings reported net income of $270,000. Beginning balances in Accounts Receivable and Accounts Payable were $17,000

Cloud [144]

Answer:

Cash flow from operating activities 284,500

Explanation:

net income 270,000

change in AR

17,000- 9,500 = 7,500(A)

change in AP

28,000 - 21,000 = 7.,000(B)

total change in working capital 14,500

Cash flow from operating activities 284,500

(A)

The account receivable decrease over time this means the account were collected, whch increase cash

(B)

The account payable increase, which means the company receive cash or delay the payment of cash for this period of time. Therefore, the cash increase.

3 0

2 years ago

Which of these increases the price of certain foreign-made goods?

nexus9112 [7]

An import tariff would increase the price of certain foreign-made goods.

7 0

3 years ago

Read 2 more answers

Later movers do not face: entrenched competitors. reduced uncertainty over technologies. high growth markets. lower market uncer

Maksim231197 [3]

Later movers do not face high growth markets. Later movers are also referred to late followrs or later market entrants. These businesses enter the market after the market has been established. By joining the market later, they have an advantage because they can see what kinks have been worked out by other companies, what has worked and was hasn't worked.

5 0

3 years ago

Which are types of income tax that people pay? Check all that apply.

astraxan [27]

Answer;

-Federal

-Local

-State tax

Explanation;

-A federal income tax is a tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities.

-All businesses must pay state income taxes. Some businesses, such as corporations, are taxed as separate entities for income purposes, while the income of other businesses is not taxed separately from the incomes of their principal owners.

-A local tax is usually collected in the form of property taxes, and is used to fund a wide range of civic services from garbage collection to sewer maintenance. The local taxes include:

Property tax
Operating tax, which is used by some cities in lieu of a business license
Sales tax, if your business is engaged in retail sales
Income tax, which is rare but may be imposed on businesses operating in larger cities

8 0

2 years ago

Read 2 more answers

Identifying Accounts to be Closed From the list that follows, identify the accounts that should be closed to the owner’s capital

kari74 [83]

Answer:

See explanation section

Explanation:

When we need to close accounts, we close the income and expenses accounts. The reason to close those accounts is that those are temporary accounts. Drawings and dividends are also temporary as those accounts have to be settled through capital and retained earnings balance. Therefore,

We will close the entries to income summary are -

D. Depreciation Expense

E. Fees Earned

J. Supplies Expense

L. Wages expense.

The entry to close against a capital account is Drawings. Therefore, Jackie Lindsay, Drawing should be closed.

4 0

3 years ago