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Dima020 [189]
3 years ago
5

Steve's Outdoor Company purchased a new delivery van on January 1 for $47,000 plus $4,000 in sales tax. The company paid $13,000

cash on the van (including the sales tax), with the $38,000 balance on credit at 8 percent interest due in nine months (on September 30). On January 2, the company paid cash of $900 to have the company name and logo painted on the van. On September 30, the company paid the balance due on the van plus the interest. On December 31 (the end of the accounting period), Steve's Outdoor recorded depreciation on the van using the straight-line method with an estimated useful life of 5 years and an estimated residual value of $4,700.
Business
1 answer:
djverab [1.8K]3 years ago
6 0

Answer:

Steve's Outdoor Company purchased a new delivery van on January 1 for $47,000 plus $4,000 in sales tax. The company paid $13,000 cash on the van (including the sales tax), with the $38,000 balance on credit at 8 percent interest due in nine months (on September 30).

January 1, 202x, delivery van purchased

Dr Vehicles 51,000

    Cr Cash 13,000

    Cr Notes payable 38,000

The sales tax increases the asset's historical cost

On January 2, the company paid cash of $900 to have the company name and logo painted on the van.

January 2, 202x, company's logo was painted on the delivery van

Dr Vehicles 900

    Cr Cash 900

On September 30, the company paid the balance due on the van plus the interest.

September 30, 202x, notes payable cancelled

Dr Notes payable 38,000

Dr Interest expense 2,280

    Cr Cash 40,280

On December 31 (the end of the accounting period), Steve's Outdoor recorded depreciation on the van using the straight-line method with an estimated useful life of 5 years and an estimated residual value of $4,700.

December 31, 202x, depreciation expense

Dr Depreciation expense 9,400

    Cr Accumulated depreciation, vehicles 9,400

Depreciable value = $51,700 - $4,700 = $47,000

Depreciation expense per year = $47,000 / 5 = $9,400

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Legislates and enforces regulations that
Nikolay [14]

Answer:

Environmental Protection Agency

Explanation:

Out of all of the choices, the Environmental Protection Agency is the only administration that focuses on the protection of the environment, which would include the reduction of pollution, through protecting the air, water, and land.

OSHA and the FDA work to protect consumers and people in the workforce.

The SEC works with small businesses and investors.

8 0
3 years ago
In a traditional economy, which group is most responsible for producing the goods people in society need?
romanna [79]

Answer:

B. Family members

Explanation:

A traditional economy is based upon the customs, beliefs, and history of the community. Age-old traditions and beliefs guide economic decisions of production and distribution. The traditional economy is motivated by the social well being of its members and not by profits.

The main economic activities under the traditional economy revolves are subsistence farming, fishing, and hunting. These activities are carried out in family settings. In other words, family members provide labor for economic activities.

6 0
3 years ago
Read 2 more answers
The cost, in dollars, to produce x designer dog leashes is C ( x ) = 8 x + 3 , and the price-demand function, in dollars per lea
Rzqust [24]

Answer:

Profit maximising price = 48

Explanation:

Total Cost : C (x) = 8x + 3

Demand Curve : p (x) = 88 − 2x

Total Revenue = p (x). x  =  x (88 - 2x) = 88x - 2x^2

Profit maximisation is where Marginal Cost (MC) = Marginal Revenue (MR)

MC = d TC / d Q  =   d (8x + 3) / d x = 8

MR = d TR / d Q = d (88x - 2x^2) / d x = 88 - 4x

Equating MR & MC ,

88 - 4x = 8  , 88 - 8 = 4x

x = 80 / 4 , x = 20

Putting value in demand curve,

p = 88 - 2x = 88 - 2 (20) = 88 - 40

p = 48

3 0
3 years ago
Multiple Choice Question Mahan Corporation expects total sales to increase by 20% over the next year. The corporation has no spa
AlekseyPX

Answer:

$48,000

Explanation:

The computation of the corporation debt is shown below:

Since the asset is increased by 20%

The present asset is $100,000

ANd, the increased assets is

= $100,000 + $100,000 × 0.20

= $100,000 + $20,000

= $120,000

Now the debt is

= $120,000 × 0.4

= $48,000

hence, the last option is correct

3 0
2 years ago
The ______ requires that if a new employee had group health insurance at a previous employer and the new employer has healthcare
IRINA_888 [86]

Answer:

The correct answer is C. Consolidated Omnibus Budget Reconciliation Act.

Explanation:

COBRA stands for the Consolidated Omnibus Budget Reconciliation Act. This law guarantees employees the right to make payments for group medical insurance in order to maintain the insurance they would otherwise lose after:

- The reduction of your work hours.

- Leave the job.

- Job loss

Most people can keep insurance for up to 18 months. Some people may be able to keep it for a few months longer than that.

4 0
3 years ago
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