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7. On January 1, 2005 Daugherty Company purchased a truck that cost $34,000. The truck had an expected useful life of 5 years and a $4,000 salvage value. Based on this information alone: a.The amount of depreciation expense recognized in 2008 would be greater if Daugherty depreciates the asset under the straight-line method than if the double declining balance method is used. b.The total amount of depreciation expense recognized over the five year useful life will be greater under the double declining balance method than the straight-line method. c.At the end of 2008, the amount in accumulated depreciation account will be less if the double declining balance method is used than it would be if the straight-line method is used. d.None of the above statements is true.
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im currently have problems with it this is the problem: The following data regarding its common stock were reported by a corporation: Authorized shares 20,000 issued shares 12,000 outstanding shares 2,400
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Hi everyone I can't answer a few questions on my accounting homework/study guide if you could help me it would be very helpful! Thanks in advance! On December 31, 2012, Larry's Used Cars had balances in Accounts Receivable and Allowance for Uncollectible Accounts of $53,600 and $1,325, respectively. During 2013, Larry's wrote off $1,465 in accounts receivable and determined that there should be an allowance for uncollectible accounts of $1,280 at December 31, 2013. Bad debt expense for 2013 would be: a) $1,280 b) $1,465 c) $1,420 d) $1,140 The following amounts are reported in the ledger of Mariah Company: Assets $80,000 Liabilities $36,000 Retained earnings $12,000 What is the balance in the Common Stock account? a) $44,000 b) 32,000 c) 48,000 d) 42,00 Thanks!
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Please help me with my accounting homework, Journalize the following transactions for Fort Corp for manufacturing cost accumulated during the month of May – use 5/31 as the transaction date: a. Purchased raw materials on account, $85,000. b. Factory labor costs incurred were $150,000 of which $120,000 pertained to factory wages payable and $30,000 pertained to employer payroll taxes payable. c. Overhead costs incurred on account were $168,000. Thank you SO much!!!
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Please help!!!!!!! These last 3 questions are hanging me up... any insight... Which of the accounts below would appear in the balance sheet columns of the worksheet? Rent Revenue Bill Jones, Drawing Unearned Revenue Both b and c At the end of the month, the total of the amount column of the revenue journal is posted as a debit to Accounts Receivable and a credit to Cash debit to Accounts Receivable and a credit to Fees Earned debit to Cash and a credit to Fees Earned debit to Cash and a credit to Accounts Payable Which journal would adjusting entries be found? Cash Receipts Journal Cash Payments Journal General Journal General Ledger
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I really need help can someone please help me and tell me if i done this right. Excluding the McNamer advance, equipment rental fees earned during the first 15 days of December amounted to 18,000 of which 12,000 was received in cash. I have Salaries Expense 12,000 debit Cash 6000 debit and rental fees earned 12000 credit for that account, can someone please tell me if I done it right, I would greatly appreciate it.
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1) Expected useful life is b. estimated at the time that the asset is placed in service. ----------- 2.) Which of the following is the most desirable “quick ratio?” a. 1.20 [The higher, the better for the quick ratio.] ----------- 3) The Sneed Corporation issues 10,000 shares of $50 par value preferred stock for cash at $70 per share. The entry to record the transaction will consist of a debit to Cash for $700,000 and a credit or credits to b. Preferred stock for $500,000 and Paid-in Capital in Excess of Par Value—Preferred Stock for $200,000. ------------------ 4) A single employee with TWO withholding allowances on her Form W-4 earns a weekly salary of $1,600. Assuming the text’s guideline of $70 for each withholding allowance applies, then using Exhibit 3 on page 495 of your text, her Federal Income Tax withheld from her pay would be: [I do not have the textbook and hence cannot see the table on page 495.] ------------------- 5) If Net Credit Sales for a year are $135,000, Accounts Receivable at the start of that year are $18,000, and Accounts Receivable at the end of the year are $22,000, then “Accounts Receivable Turnover” for that year is: A/R Turnover = ( Net Sales / Average A/R ) = ( 135,000 / 20,000) = 6.75 b. 6.75 ----------------- 6) Assume a Gross Payroll is $50,000, all subject to Social Security and Medicare; also assume that $12,000 of it is subject to Federal and State Unemployment Taxes. Rates are 6% for Social Security, 1.5% for Medicare, 4.2% for SUTA, and .8% for FUTA. The total amount of Employer’s Payroll Taxes that the employer would owe for this payroll would be: Soc. Sec. . . . ($50,000 x 0.06) = $ 3,000 Medicare . . . .($50,000 x 0.015) = $ 750 SUTA . . . . . . ($12,000 x 0.042) = $ 504 FUTA . . . . . . ($12,000 x 0.008) = $ 96 - - - - - - - - Total $ 4,350 c. $4,350
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