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3 years ago

During 2019, Pepe Guardio purchases the following property for use in his calendar year-end manufacturing business:

Business

1 answer:

Sladkaya [172]3 years ago

8 0

Answer:

Depreciation Expense for 2019 using form 4562

Basis For depreciation; Recovery Period ; Convention ; Method ; Depreciation deduction

2,000 ; 5 years ; HY ; 200 DB ; 400

40,000 ; 7 years ; HY ; 200 DB ; 6,573

Explanation:

Accelerated method of depreciation is used by businesses for accounting and income tax purposes. The depreciation is calculated in such a way that the depreciation expense is higher in early years and lower in later years. Pepe is also using this method to account for his business assets. The depreciation expense for computer equipment and manufacturing equipment's totals $6,973.

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Echo Sound Company just began business and made the following four inventory purchases in June: June 1 150 units $ 780 June 10 2

blsea [12.9K]

Answer:

The correct answer is A.

Explanation:

Giving the following information:

June 1: $780/150 units= $5.2 per unit

June 10: $1,170/200 units= $5.85 per unit

June 15: $1,260/200= $6.3 per unit

June 28: $990/150= $6.6 per units

A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand.

Units sold= total units - ending inventory

Units sold= (150 + 200 + 200 + 150) - 210= 490 units

<u>The method with the lowest cost of goods sold will have the highest income:</u>

FIFO (first-in, first-out):

COGS= 150*5.2 + 200*5.85 + 140*6.3= $2,832

LIFO /last-in, first-out)

COGS= 150*6.6 + 200*6.3 + 140*5.85= $3,069

Weighted-average:

Weighted-average price= (5.2 + 5.85 + 6.3 + 6.6)/4= 5.99

COGS= 490*5.99= $2,935.1

The inventory method that will provide the highest gross profit is FIFO.

4 0

3 years ago

"The Carla Vista Boat Company's bank statement for the month of November showed a balance per bank of $8,500. The company's Cash

DaniilM [7]

Answer:

Explanation:

The Carla Boat Company

Bank Reconciliation Statement

as at 30th November

Balance as per bank balance $8,500

Add: Uncredited payment $6,480

Add: Bank Charges $50

Add: Returned Chq $700

Less: Outstanding Chqs ($6,260)

Less: Note received ($3,880)

Less: transposition error on payment ($54)

Balance as per cash book $5,536

Journal entries for transactions:

1. Debit : Bank Charges Expenses $50

Credit: Bank Account $50

Being bank charges expenses for the month of Nov

2. Debit: Cash in bank $54

Credit: Account Payable $54

Being transposition error on Check No 138

3. Debit: Account payable $700

Credit: Bank Account $700

Being NSF check returned

4. Debit: Bank Account $3,880

Credit: Notes Receivable $3,748

Credit: Interest on investment $132

Being note receivable and accrued int

4 0

3 years ago

Which of the following is an owner of a fee simple absolute NOT able to do...? Lease the property to another Pledge the property

xxTIMURxx [149]

Answer:

Correct Answer:

4. Build beyond the property line of the land

Explanation:

Fee simple absolute is an estate in land, which is a form of freehold ownership. It is a way that real estate and land may be owned in common-law countries. And, also is the highest possible ownership interest that can be held in real property.

7 0

4 years ago

Some economists advocate a ____________ on the consumption of such products as gasoline, liquor, cigarettes, and even soda pop,

Eduardwww [97]

Answer:

The correct answer is Sin tax.

Explanation:

A sin tax is a state-sponsored tax that is added to products or services that are considered vices, such as alcohol, tobacco and gambling. These types of taxes are collected by governments to deter individuals from participating in such activities without making the use of the products illegal. These taxes also constitute a source of revenue for the government.

4 0

3 years ago

How are technology and technical profession related ? use example to write answer<br>

dlinn [17]

Answer:

Technician and technologist are two different terms. However, these two terms are interrelated. ... A technician has a good knowledge of the general principles of the field he is in, whereas, a technologist is a person who is completely aware of various technologies. A technician works under a technologist.

8 0

3 years ago

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