Should be easy, answer questions and give a short explanation I give 1 star if y
ID: 2374257 • Letter: S
Question
Should be easy, answer questions and give a short explanation
I give 1 star if you just guess
A company purchased a tract of land for its natural resources at a cost of $1,570,000. It expects to mine 2,800,000 tons of ore from this land. The salvage value of the land is expected to be $270,000. The depletion expense per ton of ore is:
Plopper Cola bought $5,500 worth of merchandise from VisCom and signed a 75-day, 9% promissory note for the $5,500. VisCom's journal entry to record the sales portion of the transaction is:
$.464 $.561 $1.78 $10.37 $.10A company's balance sheet shows: cash $21,000, accounts receivable $17,000, office equipment $53,000, and accounts payable $14,000. What is the amount of equity? $14,000. $105,000. $24,000. $77,000. $60,000.
A company had net sales of $32,000 and ending accounts receivable of $2,800 for the current period. Its days' sales uncollected equals (rounded): 8 days 88 days 33 days 1 days 32 days
MOP Co. leased a portion of its store to another company for eight months beginning on October 1, 2009 at a monthly rate of $1,000. This other company paid the entire $8,000 cash on October 1, which MOP Co. recorded as unearned revenue. The journal entry made by MOP Co. at year- end on December 31, 2009 would include: A credit to Rent Earned for $3,000. A debit to Rent Earned for $3,000. A debit to Unearned Rent for $5,000. A credit to Unearned Rent for $3,000. A debit to Cash for $8,000.
Assume Sambazon.com sold an acai processing machine for $172,000 cash. If accumulated depreciation on the sale date was $59,500 and a gain of $6,850 was recognized on the sale. What was the original cost of the asset? $66,350 $224,650 $165,150 $112,500 $217,800
Explanation / Answer
A company purchased a tract of land for its natural resources at a cost of $1,570,000. It expects to mine 2,800,000 tons of ore from this land. The salvage value of the land is expected to be $270,000. The depletion expense per ton of ore is:
= (1570000-270000)/2800,000 = 0.464
$.464
Top of Form
A company's balance sheet shows: cash $21,000, accounts receivable $17,000, office equipment $53,000, and accounts payable $14,000. What is the amount of equity?
= 21000+17000+53000-14000 = 77000
$77,000.
Bottom of Form
A company had net sales of $32,000 and ending accounts receivable of $2,800 for the current period. Its days' sales uncollected equals (rounded):
=2800/32000*365 = 31.9375 = 32 days
32 days
MOP Co. leased a portion of its store to another company for eight months beginning on October 1, 2009 at a monthly rate of $1,000. This other company paid the entire $8,000 cash on October 1, which MOP Co. recorded as unearned revenue. The journal entry made by MOP Co. at year- end on December 31, 2009 would include:
A credit to Rent Earned for $3,000.
Assume Sambazon.com sold an acai processing machine for $172,000 cash. If accumulated depreciation on the sale date was $59,500 and a gain of $6,850 was recognized on the sale. What was the original cost of the asset?
= 172000-6850+ 59500 = $224650
$224,650
Plopper Cola bought $5,500 worth of merchandise from VisCom and signed a 75-day, 9% promissory note for the $5,500. VisCom's journal entry to record the sales portion of the transaction is:
Notes Receivable
5,500
Sales
5,500
At the end of the day, the cash register's record shows $935 but the count of cash in the register is $1,050. The proper entry to record this excess includes a:
Debit to Cash for $115
$.464
Top of Form
A company's balance sheet shows: cash $21,000, accounts receivable $17,000, office equipment $53,000, and accounts payable $14,000. What is the amount of equity?
= 21000+17000+53000-14000 = 77000
$77,000.
Bottom of Form
A company had net sales of $32,000 and ending accounts receivable of $2,800 for the current period. Its days' sales uncollected equals (rounded):
=2800/32000*365 = 31.9375 = 32 days
32 days
MOP Co. leased a portion of its store to another company for eight months beginning on October 1, 2009 at a monthly rate of $1,000. This other company paid the entire $8,000 cash on October 1, which MOP Co. recorded as unearned revenue. The journal entry made by MOP Co. at year- end on December 31, 2009 would include:
A credit to Rent Earned for $3,000.
Assume Sambazon.com sold an acai processing machine for $172,000 cash. If accumulated depreciation on the sale date was $59,500 and a gain of $6,850 was recognized on the sale. What was the original cost of the asset?
= 172000-6850+ 59500 = $224650
$224,650