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fiasKO [112]
3 years ago
6

The Ryan Corporation uses the composite method and its composite rate is 7.5% per year. The entry that should be made when plant

assets that originally cost $80,000 and have been used for 10 years are sold for $24,000, is
Business
1 answer:
zhenek [66]3 years ago
7 0

Answer:

Under composite method, the accumulated depreciation account is debited or credited for the difference between the cost of the asset and the cash received from the retirement of the asset.

The journal entry to record the transaction is as below

Date   Account and Explanation                    Debit          Credit

          Cash                                                     $24,000

         <em> Accumulated depreciation - Plant      $56,000</em>

                   Plant assets                                                     $80,000

          (To record sale of plant assets)

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Answer:

True

Explanation:

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Answer:

Trial Income Statement:

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Rent expense            ($3,500)

Insurance expense      ($350)

<u>Wages expense       ($10,500)</u>

Net income                $2,650

*We need to adjust other expenses like supplies or utilities. I assumed the salaries paid were for a 10 days period since no one pays salaries in advance.

Trial Balance Sheet

Assets:

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Total Liabilities and Equity $77,050

Explanation:

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<u>Rent expense 3,500</u>

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Adjusting entry July 31

Dr Insurance expense 350

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Dr Accounts payable 500

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July 31

Dr Cash 9,000

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6 0
3 years ago
How many inches are there in a football field (100 yards)? 1 yard = 3 feet; 1 foot = 12 inches
crimeas [40]

4320 .  this prob would have been answered faster under the mathmatics topic


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Over the years, Janjigian Corporation's stockholders have provided $18,000 of capital, part when they purchased new issues of st
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Answer:

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Explanation:

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statuscvo [17]
In my own words, i’d say conformance means people following and complying with rules, standards, and laws.

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