Homework Answers
| Answer 8 | ||||
| SLM rate = 1/5 = 20% | ||||
| DDB rate = 20 * 2 = 40 % | ||||
| Dep. = 200000 * 40 % = | 80000 | |||
| Book value = 200000 - 80000 = | 120000 | |||
| Statement 4 is correct. | ||||
| Answer 9 | ||||
| Average days to sell inventory = | ||||
| 365 days / 8 = | ||||
| 45.625 | ||||
| Option 4 is correct. | ||||
| Answer 14 | ||||
| Option 4 is correct. | ||||
| Answer 15 | ||||
| At the maturity | ||||
| Notes payable | Debit | |||
| Interest exp. | Debit | |||
| Cash | Credit | |||
| Option 4 is correct. | ||||
| Note :- An expert answerer is suppose to answer 4 MCQs in a single post. | ||||
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Assume that Gonzalez Company purchased an equipment on January 1, 2014, for $78,000. The equipment had...
Assume that Gonzalez Company purchased an equipment on January
1, 2014, for $78,000. The equipment had an estimated life of six
years and an estimated residual value of $6,000. The company used
the straight-line method to depreciate the equipment.
Assume that Gonzalez Company sold the equipment on July 1, 2016,
and received $21,000 cash and a note for an additional $21,000.
Required:
1.
Make the journal entry to record depreciation on the equipment
through July 1, 2016. Record the sale...
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Assume that Gonzalez Company purchased an equipment on January
1, 2014, for $78,000. The equipment had an estimated life of six
years and an estimated residual value of $6,000. The company used
the straight-line method to depreciate the equipment.
Assume that Gonzalez Company sold the equipment on July 1, 2016,
and received $21,000 cash and a note for an additional $21,000.
Required:
1.
Make the journal entry to record depreciation on the equipment
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