Business, 22.04.2020 00:05 kumoichie

On January 1, 2018, Shehata Coffee Shop (SCS) acquired kitchen equipment for $31,800 cash. SCS estimated a $1,200 residual value and an estimated useful life of 4 years. SCS uses straight-line depreciation computed monthly. On July 1, 2021, the company sold the equipment for $5,700 cash.

Required:

a. Calculate the annual Depreciation Expense; show your work, 1.5 points
b. Provide the journal entry to record the sale, show your work, 6 points

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 11:20

Lusk corporation produces and sells 14,300 units of product x each month. the selling price of product x is $25 per unit, and variable expenses are $19 per unit. a study has been made concerning whether product x should be discontinued. the study shows that $72,000 of the $102,000 in monthly fixed expenses charged to product x would not be avoidable even if the product was discontinued. if product x is discontinued, the annual financial advantage (disadvantage) for the company of eliminating this product should be:

Answers: 1

Answer

Business, 22.06.2019 19:40

The following cost and inventory data are taken from the accounting records of mason company for the year just completed: costs incurred: direct labor cost $ 90,000 purchases of raw materials $ 134,000 manufacturing overhead $ 205,000 advertising expense $ 45,000 sales salaries $ 101,000 depreciation, office equipment $ 225,000 beginning of the year end of the year inventories: raw materials $ 8,100 $ 10,300 work in process $ 5,900 $ 21,000 finished goods $ 77,000 $ 25,800 required: 1. prepare a schedule of cost of goods manufactured. 2. prepare the cost of goods sold section of mason company’s income statement for the year.

Answers: 3

Answer

Business, 22.06.2019 21:10

Which statement or statements are implied by equilibrium conditions of the loanable funds market? a firm borrowing in the loanable funds market invests those funds with a higher expected return than any firm that is not borrowing. investment projects which use borrowed funds are guaranteed to be profitable even after paying interest expenses. the quantity of savings is maximized, thus the quantity of investment is maximized. a loan is made at the minimum interest rate of all current borrowing.

Answers: 3

Answer

Business, 23.06.2019 02:00

Upper a fish farm raises salmon and trout.a fish farm raises salmon and trout. the marginal cost of producing each of these products increases as more is produced. draw the firm's ppf. label it ppf1. the fish farmfish farm adopts a new technology that allows it to use fewer resources to feed the salmonfeed the salmon. draw a ppf that shows the impact of the new technology. label it ppf2.

Answers: 2

Answer

You know the right answer?

On January 1, 2018, Shehata Coffee Shop (SCS) acquired kitchen equipment for $31,800 cash. SCS estim...

Questions