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Zina [86]
3 years ago
5

Dr. Peabody paid $213 for repairs to his dental equipment. Which of the following statements is true?

Business
1 answer:
galina1969 [7]3 years ago
5 0

Answer:

D. Cash is credited $213; repairs and maintenance expense is debited $213.

Explanation:

In double-entry accounting, transactions that reduce assets such as cash are credited while those that increase assets are debited.

By paying for repairs services, the amount of cash at hand reduces by $213. Because cash is an asset, the cash account will be credited( reduced)  by $213.

Repairs and maintenance expense account is an expense account as the name suggest. As a rule, transactions that increase expenses are debited. In this case, Mr. Peabody will debit( increase) the repairs and maintenance account by $213.

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The depreciation tax shield based on the EBIT, the tax rate and the depreciation is $540.

<h3>How do you find the depreciation tax shield?</h3>

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If the marginal propensity to consume is 0.8, full-employment output is $14 trillion, and current output is $13.5 trillion, then
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