Business, 31.03.2020 02:07 babymiche829

At the beginning of the year, Plummer’s Sports Center bought three used fitness machines from Advantage, Inc. The machines immediately were overhauled, installed, and started operating. The machines were different; therefore, each had to be recorded separately in the accounts.

Machine A Machine B Machine C

Amount paid for asset $ 22,900 $ 32,100 $ 19,550

Installation costs 1,900 2,400 900

Renovation costs prior to use 4,200 3,000 1,600

By the end of the first year, each machine had been operating 5,000 hours.

1. Prepare the entry to record depreciation expense at the end of year 1. assuming the following. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

ESTIMATES

Machine Life Residual Value Depreciation Method

A 8 years $1,800 Straight-line

B 69,000 hours 3,000 Units-of-production

C 7 years 1,700 Double-declining-balance

Transaction General Journal Debit Credit

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 06:30

If the findings and the results are not presented properly, the research completed was a waste of time and money. true false

Answers: 1

Answer

Business, 22.06.2019 10:30

You meet that special person and get married. amazingly your spouse has exactly the same income you do 47,810. if your tax status is now married filing jointly what is your tax liability

Answers: 2

Answer

Business, 22.06.2019 12:30

Suppose a holiday inn hotel has annual fixed costs applicable to its rooms of $1.2 million for its 300-room hotel, average daily room rents of $50, and average variable costs of $10 for each room rented. it operates 365 days per year. the amount of operating income on rooms, assuming an occupancy* rate of 80% for the year, that will be generated for the entire year is *occupancy = % of rooms rented

Answers: 1

Answer

Business, 22.06.2019 15:30

University hero is considering expanding operations beyond its healthy sandwiches. jim axelrod, vice president of marketing, would like to add a line of smoothies with a similar health emphasis. each smoothie would include two free health supplements such as vitamins, antioxidants, and protein. jim believes smoothie sales should fill the slow mid-afternoon period. adding the line of smoothies would require purchasing additional freezer space, machinery, and equipment. jim provides the following projections of net sales, net income, and average total assets in support of his proposal. sandwichesonly sandwiches and smoothies net sales $ 750,000 $ 1,350,000 net income 120,000 210,000 average total assets 350,000 750,000 return on assetschoose numerator ÷ choose denominator = return on assets÷ = return on assets÷ = profit margin÷ = profit margin÷ = asset turnover÷ = asset turnover÷ = times

Answers: 2

Answer

You know the right answer?

At the beginning of the year, Plummer’s Sports Center bought three used fitness machines from Advant...

Questions