Business, 04.07.2020 01:01, kbkbkbkb7611
For each separate case below, follow the three-step process for adjusting the Accumulated Depreciation account at December 31.
Step 1: Determine what the current account balance equals.
Step 2: Determine what the current account balance should equal.
Step 3: Record the December 31 adjusting entry to get from step 1 to step 2.
Assume no other adjusting entries are made during the year.
Case 1: The Krug Company's Accumulated Depreciation account has a $1 7,500 balance to start the year. A review Of depreciation schedules reveals that $19,400 Of depreciation expense must be recorded for the year.
Case 2: The company has only one fixed asset (truck) that it purchased at the start of this year. That asset had cost $52,000, had an estimated life of 5 years, and is expected to have zero value at the end of the 5 years.
Case 3: The company has only one fixed asset (equipment) that it purchased at the start of this year. That asset had cost S48,000, had an estimated life of 7 years, and is expected to be valued at $8,800 at the end of the 7 years.
Answers: 2
Business, 22.06.2019 18:00, lovecats12
Rosie and her brother michael decided recently to purchase an rv together. they both want to use the rv to take their families camping. the price of the rv was $10,000. since michael expects to use the rv 60% of the time and rosie 40% of the time, michael contributed $6,000 and rosie contributed $4,000. their ownership percentage equals their contribution percentage. which type of property titling should they use to reflect their ownership interest?
Answers: 1
Business, 22.06.2019 19:50, lucky1940
The common stock and debt of northern sludge are valued at $65 million and $35 million, respectively. investors currently require a return of 15.9% on the common stock and a return of 7.8% on the debt. if northern sludge issues an additional $14 million of common stock and uses this money to retire debt, what happens to the expected return on the stock? assume that the change in capital structure does not affect the interest rate on northern’s debt and that there are no taxes.
Answers: 2
For each separate case below, follow the three-step process for adjusting the Accumulated Depreciati...
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