Question
In: Accounting
For this question equipment was the wrong label and the amounts of depreciation were wrong Tony...
For this question equipment was the wrong label and the amounts of depreciation were wrong
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $12,000. They expect to use the Suburban for five years and then sell the vehicle for $4,500. The following expenditures related to the vehicle were also made on July 1, 2022:
- The company pays $1,800 to GEICO for a one-year insurance policy.
- The company spends an extra $3,000 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides.
- An additional $2,000 is spent on a deluxe roof rack and a trailer hitch.
The painting, roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Adventures. In addition, on October 22, 2022, the company pays $400 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter.
- Record the closing entry for expense accounts.
Note: Enter debits before credits.
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Solutions
ekkarill92 answered 1 year agoRelated Solutions
For this question equipment was the wrong label and the amounts of depreciation were wrong Tony...
For this question equipment was the wrong label and the amounts
of depreciation were wrong
Tony and Suzie see the
need for a rugged all-terrain vehicle to transport participants and
supplies. They decide to purchase a used Suburban on July 1, 2022,
for $12,000. They expect to use the Suburban for five years and
then sell the vehicle for $4,500. The following expenditures
related to the vehicle were also made on July 1, 2022:
The company pays $1,800 to GEICO...
12.31.18 depreciation for the office equipment- 32,000 "double declining method" office equipment - asset were purchased...
12.31.18 depreciation for the office equipment- 32,000 "double
declining method" office equipment - asset were purchased may 1,
residual value = 5,000; service life is estimated to be 5
years.
12.31.18 depreciation for the office equipment- 32,000 "double declining method" office equipment - asset were purchased...
12.31.18 depreciation for the office equipment- 32,000 "double
declining method" office equipment - asset were purchased may 1,
residual value = 5,000; service life is estimated to be 5
years.
Listed below are amounts of bills for dinner and the amounts of the tips that were...
Listed below are amounts of bills for dinner and the amounts of
the tips that were left. Construct a scatterplot, find the value
of the linear correlation coefficient r, and find the P-value of
r. Determine whether there is sufficient evidence to support a
claim of linear correlation between the two variables. Use a
significance level of α = 0.01. If everyone were to tip with the
same percentage, what should be the value of r?
Bill (dollars) 31.62...
Listed below are amounts of bills for dinner and the amounts of the tips that were...
Listed below are amounts of bills for dinner and the amounts of
the tips that were left. Construct a scatterplot, find the value
of the linear correlation coefficient r, and find the P-value of
r. Determine whether there is sufficient evidence to support a
claim of linear correlation between the two variables. Use a
significance level of α = 0.01. If everyone were to tip with the
same percentage, what should be the value of r? Bill (dollars)
31.62 52.20...
Listed below are amounts of bills for dinner and the amounts of the tips that were...
Listed below are amounts of bills for dinner and the amounts of
the tips that were left. Construct a scatterplot, find the value
of the linear correlation coefficient r, and find the P-value of
r. Determine whether there is sufficient evidence to support a
claim of linear correlation between the two variables. Use a
significance level of α = 0.01. If everyone were to tip with the
same percentage, what should be the value of r?
Bill (dollars) 31.62...
Question text Computing Depreciation Expense. Equipment costing $580,000, with an expected scrap value of $60,000 and...
Question text
Computing
Depreciation Expense.
Equipment costing $580,000, with an expected scrap value of $60,000
and an estimated useful life of 5 years, was purchased on January
1, 2012.
Calculate the
depreciation expense for years 2012 to 2016 using: (a) the
straight-line method and (b) the double-declining-balance
method.
Round to the nearest
whole number.
2012
2013
2014
2015
2016
Straight-line
depreciation
$Answer
$Answer
$Answer
$Answer
$Answer
Double-declining balance
(a) without
straight-line switch-over
$Answer
$Answer
$Answer
$Answer
$Answer
(b) with
straight-line...
4 of these questions are wrong. I need to know which question I got wrong because...
4 of these questions are wrong. I need to know which question I
got wrong because I am not sure.
During the early and middle twentieth century, there
was
a sharp increase in human birth rate.
a sharp decrease in human death rate.
(both)
(neither)
True/False:
If you ask a population ecologist, all the individuals in a
population belong to the same species. : True
A single population might exist in multiple territories that do
not overlap, with no migration...
Equipment that cost $594000 and has accumulated depreciation of $270000 is exchanged for equipment with a...
Equipment that cost $594000 and has accumulated depreciation of
$270000 is exchanged for equipment with a fair value of $432000 and
$108000 cash is received. The exchange lacked commercial
substance.
The new equipment should be recorded at:
*Please show all work**
The answer is $259,200 but not sure how to get it
Equipment that cost $398,100 and has accumulated depreciation of $318,900 is exchanged for equipment with a...
Equipment that cost $398,100 and has accumulated depreciation of
$318,900 is exchanged for equipment with a fair value of $160,000
and $40,000 cash is received. The exchange lacked commercial
substance.
(a)
Calculate the gain to be recognized from the exchange.
Gain recognized
$
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