a1. Lobo Company purchased equipment for $40,000 with a useful life of five years and no expected salvage value. Prepare the adjusting entry for the first year using the straight-line depreciation method. Omit explanations. If an amount box does not require, leave it blank. Page: 1 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 a1. fill in the blank 1de76e004042078_2 fill in the blank 1de76e004042078_3 1 2 fill in the blank 1de76e004042078_5 fill in the blank 1de76e004042078_6 2 a2. Lobo Company purchased equipment for $40,000 with a useful life of five years and no expected salvage value. Compute the book value at the end of the second year of the equipment's life. Book Value $fill in the blank b486c302c064055_1 b. Zip Company pays its employees every Friday. On January 4, 20--, the Company paid $2,200 for the 5 days beginning the previous Monday, December 31. Prepare the adjusting entry on December 31. Omit explanations. If an amount box does not require, leave it blank.
Solved
Show answers
More tips
- D Dating, Love, Relationships Does a Person s Character Depend on the Color of Their Eyes?...
- O Other Childhood Fears: What Many of Us Experienced...
- H Health and Medicine Simple and Effective: How to Get Rid of Cracked Heels...
- L Leisure and Entertainment What to Bring on a Hike? Essential Items to Pack for a Safe and Enjoyable Adventure...
- L Leisure and Entertainment Couchsurfing: A New Way to Travel...
- S Style and Beauty Autotanning: Harmful or Safe?...
- F Food and Cooking 10 Ideas for a Wedding Anniversary Gift...
- H Health and Medicine How to Reduce Sweating in the Heat and Beyond: Say Goodbye to Excessive Sweat...
- F Food and Cooking Do Aphrodisiacs Really Work? Separating Fact from Fiction...
- H Health and Medicine What to Eat to Lose Weight?...
Answers on questions: Business
- B Business 5. The percentage of the budget that is mandatory spending is %, which only leaves % for discretionary spending. NEED HELP ASAP...
- B Business In the third step of rational decision making (evaluating alternatives and selecting a solution), a manager needs to evaluate each alternative not only according to cost...
- B Business Items such as cookies, crackers, and potato chips have separate schemas. However, these can be clustered into one category because they are all snack foods and share the...
- B Business Listen to the NPR news piece about Rachel Carson, the author of A Fable for Tomorrow. You will note that the radio article mentions a few attacks against Carson. What are...
- B Business Look at Exercise 19.2. Compute the opportunity costs of producing sweaters and wine in both France and Tunisia. Who has the lowest opportunity cost of producing sweaters...
- B Business Marketing teams must be vigilant in looking for ways to improve the analysis and results in order to learn lessons that might apply to future marketing research efforts....
- B Business Lee inherited a partnership interest from Dale. The adjusted basis of Dale s partnership interest was $50,000, and its fair market value on the date of Dale s death (the...
- B Business When faced with a business problem, Lauren, a young shoe store owner, discusses business problems with Kurt, the assistant manager and an employee for over 30 years. Lauren...
- B Business Kodak s film business didn t lose out to direct competitor Fujifilm; it lost out to Sony, Canon, and other digital camera makers, along with a host of digital image developers...
- B Business Which option justifies Henry s decision in the following scenario? Henry has just received his tax return. He is planning to reinvest this money in something that can save...
Ответ:
a1. Dr Depreciation Expense $8,000
Cr Accumulated Depreciation $8,000
a2. $24,000
b2. December 31
Dr Wages Expenses $440
Cr Wages payable $440
Explanation:
a1. Preparation of the adjusting entry for the first year using the straight-line depreciation method.
Dr Depreciation Expense $8,000
Cr Accumulated Depreciation $8,000
($40,000/5 years)
a2. Computation of the book value at the end of the second year of the equipment's life.
First step is to calculate the First year Book value
First year Book value=$40,000/5 years
First year Book value=$8,000
Second step is to calculate the Second year Book value
Second year Book value=($40,000+$40,000)/5 years
Second year Book value=$80,000/5 years
Second year Book value=$16,000
Now let compute the book value at the end of the second year of the equipment's life.
Book value at the end of the second year=$8,000+$16,000
Book value at the end of the second year=$24,000
Therefore the Book value at the end of the second year will be $24,000
b1. Preparation of the adjusting entry on December 31
December 31
Dr Wages Expenses $440
Cr Wages payable $440
($2,200/5 years)
Ответ:
Here are some tips for writing financial need scholarship essays:
Maintain a positive tone throughout the essay. ...
Do not diminish other people's suffering. ...
Frame your essay around a specific event. ...
Avoid controversial statements and opinions. ...
Tell our story with honesty. ...
Don't try to sound philosophical.