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2 years ago

During 2019, William purchases the following capital assets for use in his catering business:

Business

1 answer:

Assoli18 [71]2 years ago

6 0

Answer:

The baking equipment will be expensed, not depreciated, for the full amount of $15,780.

Since the car was purchased during September, William can use the half year convention. Using a MACRS 5 year class property, half year convention table, the maximum William can depreciate is 20% of the car's value = $52,600 x 20% = $10,520

Explanation:

New passenger automobile (September 30) $52,600

Baking equipment (June 30) 15,780

MACRS 5 year class property , half year convention:

Year Depreciation % Depreciation amount

1 20% $10,520

2 32% $16,832

3 19.2% $10,099.20

4 11.52% $6,059.52

5 11.52% $6,059.52

6 5.76% $3,029.76

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Creative Images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been a

Marysya12 [62]

Answer and Explanation:

The journal entries are shown below:

Fees Earned 694,400

To Wages Expense 471,000

To Rent Expense 69,500

To Supplies Expense 11,100

To Miscellaneous Expense 14,900

To Violet Lozano, Capital 127,900

Violet Lozano, Capital 12,000

To Violet Lozano, Drawing 12,000

Now the post trail balance is

Cash 12,700

Accounts Receivable 28,190

Supplies 1,780

Equipment 125,600

Accumulated Depreciation 41,910

Accounts Payable 15,240

Salaries Payable 1,400

Unearned Rent 5,720

Sonya Flynn, Capital 104,000

Totals 168,270 168,270

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2 years ago

A bridge design firm is performing an economic analysis of two mutually exclusive designs for a highway overpass. The steel gird

Anettt [7]

Answer:

Please find attached solution

Explanation:

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2 years ago

Bonds that may be exchanged for common stock at the option of the bondholders are called

Sedaia [141]

Answer: CONVERTIBLE BONDS

Explanation: In simple words, convertible bonds refers to those fixed assets securities that could be converted into common stock on the discretion of the bondholders.

Such kind of securities is usually used by companies who are new to the market and wants to attract investors with maximum security of bonds as initial investment and maximum potential benefit as an option of converting bonds into common stock.

These types of bonds offer lower interest rates due to the embedded option of conversion.

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2 years ago

In a tiny village, on the coast of South America, early inhabitants used sea shells, as money. Some of these shells were very be

RUDIKE [14]

Answer:

Option (B) is correct.

Explanation:

Unit of account:

There are some functions of money or we can say that characterstics of money:

(a) Medium of exchange

(b) Store of value

(d) Standard of deferred payments

Sea shells are precious items but one cannot properly split divide those sea shells into small denominations like money does. Money is easily storable, people use as a medium of exchange and unit of account.

By unit of account we mean that we can easily measure the value of goods and service and many things in monetary terms but we cannot measure in terms of sea shells.

That's why sea shells unfit to act as money today.

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2 years ago

With careful attention to controlling costs and quality, businesses can successfully satisfy consumers with a standardized produ

11111nata11111 [884]

Answer:

True (A)

Explanation:

Business can ensure product standardization for different markets with careful attention to controlling cost and quality. Costs are inevitably in a business, however, they can be managed to the barest minimum.

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2 years ago