1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Talja [164]
3 years ago
8

On March 1, fixtures and equipment were purchased for $5,000 with a downpayment of $2,000 and a $3,000 note, payable in one year

. Interest of 6.5% per year was due when the note was repaid. The estimated life of the fixtures and equipment is 10 years with no expected salvage value. [Note: Record the complete March 1 entry for the equipment purchase first, the complete March 31 depreciation adjusting entry second, and the complete March 31 interest adjusting entry third.]
Business
1 answer:
Alinara [238K]3 years ago
5 0

Answer:

March 1: Entry for the equipment purchase                            

Cash                                  -$2,000

Fixtures and equipment    $5,000

Notes payable                    $3,000

March 31: Depreciation adjusting entry

                                            Debit        Credit

Fixtures and equipment    -$42

(5000/10/12)

Retained earnings                               -$42

March 31: Interest adjusting entry

                                            Debit        Credit

Interest payable                 $16.25

(3000*6.5%/12)

Retained earnings                              -$16.25

You might be interested in
Although generous disability insurance can help those who have been permanently injured, it can also increase the likelihood tha
emmasim [6.3K]

Answer:

B, Indirect incentive

Explanation:

An incentive is anything that motivates an individual to behave in a certain way. An incentive could range from money to many other things and it is the reason why an individual acts in a certain way.

For example, salary and bonuses are incentives for workers. This makes the worker work better and harder and more efficiently because he/she knows that there is something to encourage him for doing his/her work diligently.

Incentive can be direct or indirect as in the case of the above question.

In the case of the above question, a generous disability insurance can motivate workers to falsely claim to be disabled. This means that the financial implication of the insurance package for disability is most likely the only reason for workers to claim false disability.

Cheers.

4 0
3 years ago
Approximately ________ percent of the federal budget is in the mandatory spending category
Goshia [24]

The answer is 9%. According to the CBO, defense expenditure grew 9% yearly on average from fiscal year 2000-2009. Much of the costs for the conflicts in Iraq and Afghanistan have not been subsidized through regular arrogations bills, but over emergency supplemental appropriations bills.

6 0
3 years ago
You just inherited a trust that will pay you $100,000 per year in perpetuity. However, the first payment will not occur for exac
allsm [11]

Answer:

PV= $620,921.32

Explanation:

Giving the following information:

Cash flow (Cf)= $100,000

Interest rate (i)= 7.25%

<u>First, we need to calculate the value of the investment at the moment of the first payment (five years from now). </u>To calculate the present value we need to use the following formula:

PV= Cf / i

PV= 100,000 / 0.1

PV= $1,000,000

<u>Now, the value today:</u>

PV= FV / (1 + i)^n

PV= 1,000,000 / (1.1^5)

PV= $620,921.32

8 0
3 years ago
Accompanying the bank statement was a debit memorandum for an NSF check received from a customer. This item would require an adj
tamaranim1 [39]

Answer:

The correct answer is debit accounts receivable, credit cash.

Explanation:

Note debit is a receipt that a company sends to its client, in which it is notified that it has charged or debited a certain sum or value in its account, for the concept indicated in the same note. This document increases the value of the debt or account balance, whether due to an error in billing, interest for late payment, or any other circumstance that means an increase in the balance of an account.

6 0
3 years ago
Which of these examples is not a good way to generate a unique response to a job advertisement?
zvonat [6]
<span>Include generalized statements the say, in effect, "take my word for it, I have what you are seeking."
People generally respond to advertisement that specifically address their personal needs/issue. Those type of sentences which ask others to trust you without solid reason will only make you seem too untrustworthy to be approached.

</span>
6 0
3 years ago
Other questions:
  • QUICKEST AND BEST ANSWER GETS A FOLLOW AND BRAINLIEST
    15·1 answer
  • Efficiency-wage theory suggests that paying: a) high wages might be profitable because they lower the efficiency of a firm’s wor
    15·1 answer
  • Ginger is a United States citizen who paid the following foreign income taxes: $10,000 tax paid to England on consulting fee inc
    9·1 answer
  • Business analytics uses _____ to support decision-making activities.
    13·1 answer
  • Heath's company is currently producing 50 units of output. the price of the good is $5 per unit. total fixed costs are $30 and t
    7·1 answer
  • Executives at Raytron Industries want to let middle managers know that the company is going to be acquired by its largest compet
    6·1 answer
  • What are the three main parts to a slide presentations structure? A) thesis statement, supporting evidence, and concluding quote
    5·1 answer
  • In light of persistent ____________, growing ____________ and the tendency by some firms and industries to seek legislative redr
    5·1 answer
  • Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $2,700 of dir
    8·1 answer
  • The Department of Labor’s Occupational Outlook Handbook is relatively expensive and not available for use by the general public.
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!