Should be easy, answer question and give a short explanation I give 1 star if yo
ID: 2374259 • Letter: S
Question
Should be easy, answer question and give a short explanation
I give 1 star if you just guess
On January 1, Able Company purchased equipment costing $202,200 with an estimated salvage value of $15,800, and an estimated useful life of 8 years. What is the amount that should be recorded as depreciation on December 31?
$27,250 $186,400 $202,200 $23,700 $23,300A company had revenue of $740,000, rent expense of $119,000, utility expense of $11,900, salary expense of $144,500, depreciation expense of $40,900, advertising expense of $42,100, dividends in the amount of $202,000, and an ending balance in retained earnings of $421,300. What is the beginning retained earnings for the period? $520,700 $358,400 $241,700 $538,000 $381,600
A company reported total equity of $146,000 on its December 31, 2008, balance sheet. The following information is available for the year ended December 31, 2009:
2009 Revenues $210,000 2009 Expenses 179,000 Liabilities, at December 31, 2009 97,000
What are the total assets of the company at December 31, 2009? $389,000. $177,000. $128,000. $274,000. $80,000.
Remix Recording Studios purchased $7,500 in electronic components from VisCom. Remix Recording Studios signed a 90-day, 9% promissory note for $7,500. VisCom's journal entry to record the sales portion of the transaction is: Accounts Receivable 8,175 Sales 8,175 Notes Receivable 8,175 Sales 8,175 Notes Receivable 7,500 Interest Receivable 675 Sales 8,175 Accounts Receivable 7,500 Sales 7,500 Notes Receivable 7,500 Sales 7,500
A company had inventory of 8 units at a cost of $16 each on June 1. On June 2, they purchased 7 units at $17 each. On June 6 they purchased 7 units at $21 each. On June 8, they sold 18 units for $54 each. Using the LIFO perpetual inventory method, what was the cost of the 18 units sold?
rev: 05_29_2013_QC_31108
$378. $355. $330. $392. $251.
A company purchased merchandise inventory at a cost of $4,700 with credit terms 2/15, net 45. If the company elects to pay within the discount period, what would be the appropriate journal entry?
rev: 09_26_2011 Accounts payable 4,700 Merchandise inventory 4,700 Accounts payable 4,700 Merchandise inventory 94 Cash 4,606 Merchandise inventory 4,700 Accounts payable 4,700 Accounts payable 4,606 Cash 4,606 Purchase discount 4,606 Accounts payable 4,606
Explanation / Answer
On January 1, Able Company purchased equipment costing $202,200 with an estimated salvage value of $15,800, and an estimated useful life of 8 years. What is the amount that should be recorded as depreciation on December 31?
= (202200-15800)/8 = $23,300
$23,300
A company had revenue of $740,000, rent expense of $119,000, utility expense of $11,900, salary expense of $144,500, depreciation expense of $40,900, advertising expense of $42,100, dividends in the amount of $202,000, and an ending balance in retained earnings of $421,300. What is the beginning retained earnings for the period?
=421300-( 740000 %u2013 119000 -11900 -144500 -40900 %u2013 42100 %u2013 202000) = $241,700
$241,700
A company reported total equity of $146,000 on its December 31, 2008, balance sheet. The following information is available for the year ended December 31, 2009:
2009 Revenues
$210,000
2009 Expenses
179,000
Liabilities, at December 31, 2009
97,000
What are the total assets of the company at December 31, 2009?
= 146000 + 210000-179000 + 97000 = $274000
$274,000.
Remix Recording Studios purchased $7,500 in electronic components from VisCom. Remix Recording Studios signed a 90-day, 9% promissory note for $7,500. VisCom's journal entry to record the sales portion of the transaction is:
Notes Receivable
7,500
Sales
7,500
A company had inventory of 8 units at a cost of $16 each on June 1. On June 2, they purchased 7 units at $17 each. On June 6 they purchased 7 units at $21 each. On June 8, they sold 18 units for $54 each. Using the LIFO perpetual inventory method, what was the cost of the 18 units sold?
= 7*21 + 7*17 + 4*16 = 330
$330.
A company purchased merchandise inventory at a cost of $4,700 with credit terms 2/15, net 45. If the company elects to pay within the discount period, what would be the appropriate journal entry?
Accounts payable
4,700
Merchandise inventory
4,700
$23,300
A company had revenue of $740,000, rent expense of $119,000, utility expense of $11,900, salary expense of $144,500, depreciation expense of $40,900, advertising expense of $42,100, dividends in the amount of $202,000, and an ending balance in retained earnings of $421,300. What is the beginning retained earnings for the period?
=421300-( 740000 %u2013 119000 -11900 -144500 -40900 %u2013 42100 %u2013 202000) = $241,700
$241,700
A company reported total equity of $146,000 on its December 31, 2008, balance sheet. The following information is available for the year ended December 31, 2009:
2009 Revenues
$210,000
2009 Expenses
179,000
Liabilities, at December 31, 2009
97,000
What are the total assets of the company at December 31, 2009?
= 146000 + 210000-179000 + 97000 = $274000
$274,000.
Remix Recording Studios purchased $7,500 in electronic components from VisCom. Remix Recording Studios signed a 90-day, 9% promissory note for $7,500. VisCom's journal entry to record the sales portion of the transaction is:
Notes Receivable
7,500
Sales
7,500
A company had inventory of 8 units at a cost of $16 each on June 1. On June 2, they purchased 7 units at $17 each. On June 6 they purchased 7 units at $21 each. On June 8, they sold 18 units for $54 each. Using the LIFO perpetual inventory method, what was the cost of the 18 units sold?
= 7*21 + 7*17 + 4*16 = 330
$330.
A company purchased merchandise inventory at a cost of $4,700 with credit terms 2/15, net 45. If the company elects to pay within the discount period, what would be the appropriate journal entry?
Accounts payable
4,700
Merchandise inventory
4,700