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Anon25 [30]
3 years ago
7

Concord Company purchased equipment for $25200 on December 1. It is estimated that annual depreciation on the equipment will be

$6300. If financial statements are to be prepared on December 31, the company should make the following adjusting entry:
Debit Depreciation Expense, $6300;
Credit Accumulated Depreciation, $6300.
Debit Depreciation Expense, $525;
Credit Accumulated Depreciation, $525.
Debit Equipment, $25200;
Credit Accumulated Depreciation, $25200.
Debit Depreciation Expense, $18900;
Credit Accumulated Depreciation, $18900.
Business
1 answer:
Ray Of Light [21]3 years ago
7 0

Answer:

Debit Depreciation Expense, $525;

Credit Accumulated Depreciation, $525.

Explanation:

Based on the information given in a situation where the financial statements are to be prepared on December 31, which means that the company should make the following adjusting entry:

Debit Depreciation Expense, $525

Credit Accumulated Depreciation, $525

Calculated as:

Debit depreciation expense $6,300/12

Debit depreciation expense=$525

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Assume an after-tax savings interest rate of 7 percent and a tax rate of 28 percent. (a) Calculate the total rental cost and tot
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Complete Question

Annual rent $ 7,380

Insurance 145

Security deposit 650

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Property taxes 1,780

Insurance/maintenance 1,050

Down payment/closing costs 4,500 Growth in equity 225

Estimated annual appreciation 1,700

Assume an after-tax savings interest rate of 7 percent and a tax rate of 28 percent.

(a) Calculate the total rental cost and total buying cost.

Answer:

Explanation:

(a)Rental Costs

Buying Costs $7,380

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The following calculations were made:

Interest lost on security deposit

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Interest lost on down payment and closing cost

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Tax savings for mortgage interest =

Interest × 28%

$9,575 × 0.28 = $2,681

Tax savings for property taxes =

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Wholesome Cuisine, a frozen foods company, decides to create a new mail order meal division, focused on offering delicious food
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The final step in recognizing the completion of production requires a company to?
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Learn more about production brainly.com/question/16755022

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eating small amounts of sweet desserts can satisfy one's urge or craving for healthier food. true or false?​
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