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A newly created design business called Smart Art is just finishing up its first year of operations. During the year, there were credit sales of $40,000 and collections of $36,000. One account for $650 was written off. Smart Art uses the aging - of - accounts method to account for uncollectible account expense, and has calculated an amount of $200 as their estimate of uncollectible amounts at year - end. At the end of the year, what is the ending balance in Accounts ...
Weegy: The answer is A) $36,000. User: On January 1, 2012, Portwell Company purchased a patent for $200,000. They estimate a useful life of 4 years. What entry is needed at the end of the first year? 76) A) Loss on patents 50,000 Patents 50,000 B) Amortization expense - patents 50,000 Accumulated amortization 50,000 C) Amortization expense - patents 50,000 Patents 50,000 D) Patents 50,000 Amortization expense - patents 50,000 Weegy: The ... (More)
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Asked 4/17/2013 6:16:47 PM
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The bank recorded a $2,000 deposit as $200. How would this information be included on the bank reconciliation? A) An addition on the bank side B) An addition on the book side C) A deduction on the bank side D) A deduction on the book side
Weegy: The bank recorded a $2,000 deposit as $200. How would this information be included on the bank reconciliation? A) An addition on the bank side User: A newly created design business called Smart Art is just finishing up its first year of operations. During the year, there were credit sales of $40,000 and collections of $36,000. One account for $650 was written off. Smart Art uses the aging - of - accounts method to account for ... (More)
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Asked 4/17/2013 6:04:30 PM
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74) Albatross Services scrapped a van. The van originally cost $40,000, had an estimated salvage value of zero, and an estimated life of 10 years. At the time it was scrapped, it had accumulated depreciation of $40,000. What was the effect of scrapping the van? A) Gain of $2,000 B) Loss of $1,000 C) No gain or loss D) Loss of $2,000
Weegy: The answer is C) No gain or loss. The facts showed that the van's salvaged value is zero and the life span of the van is 10 years. With that, it means that the van was able to function within properly within its functional years. (More)
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Asked 4/17/2013 6:28:44 PM
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On September 1, 2012, Algernon Company sold a truck for $15,000 cash. The truck was originally purchased for $40,000, had an estimated salvage value of $4,000 and an estimated life of 6 years. Algernon had recorded depreciation of $30,000 through the end of 2011 using the straight - line method. Algernon had to update the depreciation prior to sale. After updating the depreciation, how much was the total accumulated depreciation on the truck? A) $36,000 B) $34,250 C) $34,000 D) $34,440
Weegy: hello. please rephrase your question in a more understandable manner. thanks. User: 71) Kelly Petroleum Products owns fully depreciated furniture that was purchased for $26,500. The furniture had an estimated useful life of 8 years and an estimated residual value of $2,500. The furniture was sold for $2,700. Which of the following is the correct entry to record the transaction? 71) A) Furniture 2,000 Cash 2,700 Loss on ... (More)
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Asked 4/17/2013 6:38:49 PM
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