Answer:
the insurance cost is $410
Explanation:
The computation of the insurance cost is shown below:
Given that
The exporter charged 5 by2% of the value of the goods for insured the goods
And, the goods are valued at $16,400
So the insurance cost is
= $16,400 × 5 ÷ 2%
= $16,400 × 2.5%
= $410
hence, the insurance cost is $410
Answer:
Computer; $ 3800
Printer; $3150
Desk; $4000
File Cabinet; $3200
Explanation:
First we need to determine how to determine the depreciable basis for the asset.
The basis of assets converted from personal use to business use in terms of depreciable amount is the lesser of (1) fair market value on date of conversion or (2) basis on the date of conversion (the cost price)
Now we apply this to the following assets
Computer: Depreciable base of $ 3800 ( FMV < Purchase price )
Printer: $3150 ( FMV < Purchase price )
Desk: $4000 ( FMV < Purchase price )
File Cabinet: $3200 ( FMV > Purchase price )
Answer:
The journal entry that is to be recorded on May 1 is shown below:
Explanation:
May 1
The first entry to be posted:
Accounts Receivable A/c...................Dr $5,800
Sales A/c............................................Cr $5,800
As the company made a sale, so the sale is credited and it made against the accounts receivable. Therefore, accounts receivable account is credited.
The second entry to be posted is as:
Costs of goods sold A/c....................Dr $4,000
Merchandise inventory A/c...................Cr $4,000
The cost of the goods sold amounts to $4,000. So, the account of COGS is debited and it is against the inventory. Therefore, the merchandise inventory is credited.
The world's first commencially chrismas card was prodused in 1843 by henry cole
A check drawn by a credit union on its account at a federally insured bank would be an example of a cashier check. It is a type of check that is being issued by the bank being withdrawn from the own funds of the bank and being signed by the cashier of the bank. These are classified as guaranteed as funds since it is the bank that is held responsible for the payment of the amount. These are usually used in real estate and transactions pertaining to brokerage. This type of check has the name of the bank that issued it in an obvious location and it has improved security features like color shifting ink, security thread and watermarks.
