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 14:20
For the year ended december 31, a company has revenues of $323,000 and expenses of $199,000. the company paid $52,400 in dividends during the year. the balance in the retained earnings account before closing is $87,000. which of the following entries would be used to close the dividends account?
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Business, 22.06.2019 19:20
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Business, 23.06.2019 00:00
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Business, 23.06.2019 00:00
What is a sales lead? a. an employee on the customer service team who deals with existing customers b. a sales person who works on a residual commission structure c. an expert in maslow's hierarchy of needs d. a potential customer who has shown interest in the company's product
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For each separate case below, follow the three-step process for adjusting the Accumulated Depreciati...
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