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OLga [1]
3 years ago
8

Simmons LLC purchased an office building and land several years ago for $250,000. The purchase price was allocated as follows: $

200,000 to the building and $50,000 to the land. The property was placed in service on October 2. If the property is disposed of on February 27 during the 10th year, calculate Simmons's maximum depreciation in the 10th year.
Business
1 answer:
AysviL [449]3 years ago
4 0

Answer: $641

Explanation:

Based on the information that have already bee given in the question, if the property is disposed of on February 27 during the 10th year, then Simmons's maximum depreciation in the 10th year will be calculated as:

= 200000 × 2.564% × 1.5/12

= 200000 × 0.02564 × 0.125

= $641

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Answer:

c. $24,990

Explanation:

The Term 2/15 net 45 mean 2% cash discount is offered if the payment is made within 15 days otherwise the credit period is 45 days. There is no after 15 days of sale.

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Discount Rate = 2%

The Pound Co. paid the invoice within the discount period. They are eligible to receive the 2% discount on sale value.

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Net Sales amount in this transaction = $25,500 - $510

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8 0
3 years ago
N December 2, Coley Corp. acquired 1,700 shares of its $2 par value common stock for $21 each. On December 20, Coley Corp. resol
erma4kov [3.2K]

Answer:

Credit Treasury Stock $20,000

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6 0
3 years ago
yusef has just finished compiling a list of potential customers and evaluating their ability, willingness, and authority to buy.
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<h3>What is a marketing strategy?</h3>

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7 0
1 year ago
Why might a bank be willing to borrow funds from other banks at a higher rate than the rate at which it can borrow from the fed?
liberstina [14]
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3 0
3 years ago
Mercury Corporation issued 7,000 shares of no-par common stock for $15 per share. Mercury also issued 2,800 shares of $70 par, 6
inessss [21]

Answer:

Issue of  7,000 shares of no-par common stock for $15 per share

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Financing Activity (FA)

Explanation:

Issue of  7,000 shares of no-par common stock for $15 per share

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Issue of 2,800 shares of $70 par, 6 percent noncumulative preferred stock at $80 per share

This transaction also represents capital funding and is included in the Cash Flow Statement as Cash Flow from Financing Activity.

7 0
3 years ago
Read 2 more answers
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