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Nimfa-mama [501]
3 years ago
6

Presented below is information related to Novak Manufacturing Corporation.

Business
1 answer:
svet-max [94.6K]3 years ago
5 0

Answer:

A. Assets  Original   Salvage Depreciable  Depreciable   SL Depreciation

                   Cost        Value       value                  Life              Per Year

       A    $46,575      6,325       40,250                   10               $4,025

       B    $38,640      5,520       33,120                    9               $3,680

       C    $41,400      4,140         37,260                   9               $4,140

       D    $21,850      1,725         20,125                   7                $2,875

       E     <u>$27,025</u>     <u>2,875</u>        <u>24,150</u>                   6                 <u>$4,025</u>

   Total   <u>$175,490</u>   <u>20,585</u>     <u>154,905</u>                                   <u>$18,745</u>

Composite rate of Depreciation = Total Depreciation per year/Total Original Cost

Composite rate of Depreciation = 18745/175490

Composite rate of Depreciation = 0.106815

Composite rate of Depreciation = 10.68%

B.   Adjusting entry                                   Debit     Credit

Depreciation Expense-Plant Asset        $18,745

Accumulated Depreciation-Plant Asset                $18,745

c. Journal Entry                                           Debit       Credit

Cash                                                            $5,520

Accumulated Depreciation-Plant Assets  $16,330

Asset D                                                                         $21,850

(Record Sale of asset D)

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Answer:

The statement is True as well as correct

Explanation:

Allowance method is the financial term which is defined as the uncollectible accounts receivable procedure that reports the estimate of the bad debt expense in the same accounting or fiscal year as the sale.

Under this method, it is used to adjust the accounts receivable which appears on the balance sheet.

For example,

If the company has the credit sales of $800,000 in December and estimate that the 4% will be uncollectible. Then using this method, computing the uncollectible as:

Bad debt expense = Sales × Estimate uncollectible

= $800,000 × 4%

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So, this estimate the bad debt expense rather than wait to see which customer will not able to collect.

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3 years ago
The first term of an arithmetic sequence is 10 and its common difference is
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The first term of an arithmetic sequence is 10 and its common difference is

negative seven.  What is the fourth term of the sequence?

The fourth term is -11

Explanation:

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You are considering buying a stock with a beta of 3.05. If the risk-free rate of return is 8.0%, and the expected return for the
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Answer:

38.5%

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Rf = 8.0%

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6 0
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A bowling alley charges each person $2 to rent shoes and $3 per game. Which function represents The rate of change of the functi
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The function is, y = 2 + 3x

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Thus, the total charges for x games, ( say y ) = rent + additional cost for x games

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