Business, 24.04.2020 16:56 youtubeviewer109

ABC Moving and Storage acquired a new truck for $100,000, paying $20,000 cash and signing a promissory note for the balance. According to the bill of sale, ABC also paid cash for sales tax of 8%, plus registration, tags and delivery fees of $400. The new truck is estimated to have a 5-year economic life and a residual (salvage) value of $8,400. ABC uses straight-line depreciation. Due to delays, the truck was not placed in service until April 1, 2020. ABC has a December 31 fiscal year.
Prepare journal entries to record the purchase of the truck and related depreciation for 2020.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 12:50

Explain whether each of the following events increases or decreases the money supply. a. the fed buys bonds in open-market operations. b. the fed reduces the reserve requirement. c. the fed increases the interest rate it pays on reserves. d. citibank repays a loan it had previously taken from the fed. e. after a rash of pickpocketing, people decide to hold less currency. f. fearful of bank runs, bankers decide to hold more excess reserves. g. the fomc increases its target for the federal funds rate.

Answers: 3

Answer

Business, 22.06.2019 18:30

What historical context does wiesel convey using the allusion of a fiery sky? he compares the sky to hell. the fires from air raids during world war ii the cremation of jews in the concentration camps the outbreak of forest fires from bombs in world war ii

Answers: 1

Answer

Business, 22.06.2019 18:30

Afarmer is an example of what kind of producer?

Answers: 2

Answer

Business, 23.06.2019 00:30

Emerson has an associate degree based on the chart below how will his employment opportunities change from 2008 to 2018

Answers: 3

Answer

You know the right answer?

ABC Moving and Storage acquired a new truck for $100,000, paying $20,000 cash and signing a promisso...