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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 answer is B) Amortization expense - patents 50,000 Accumulated amortization 50,000. User: Which of the following is NOT considered a plant asset? A) Copyright B) Equipment C) Land D) Building Weegy: A) Copyright is NOT considered a plant asset. (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 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 receivable? A) $36,000 B) $3,350 C) $4,000 D) $39,350 (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 sale 19,300 Accumulated depreciation 24,000 B) Accumulated depreciation 24,000 Cash 2,700 Gain on sale 200 Furniture 26,500 C) Accumulated depreciation 26,500 Cash 2,70 0 Gain on sale 2,700 Furniture 26,500 D) Furniture 26,500 Gain on sale 200 Cash 2,700 Accumulated depreciation 24,000 Weegy: The answer for the question re: 71) Kelly Petroleum Products... is D. D) Furniture 26,500 Gain on sale 200 Cash 2,700 Accumulated depreciation 24,000. User: Kelly Petroleum Products owns furniture that was purchased for $19,600. Accumulated depreciation is $17,300. The furniture was sold for $3,800. Which of the following is the correct entry to record the transaction? 70) A) Furniture 19,600 Cash 2,700 Gain on sale 5,000 Accumulated depreciation 17,300 B) Accumulated depreciation 17,300 Cash 3,800 Furniture 31,100 C) Accumulated depreciation 17,300 Cash 3,800 Gain on sale 1,500 Furniture 19,600 D) Furniture 19,600 Gain on sale 3,800 Cash 2,700 Accumulated depreciation 17,300 Weegy: The answer is letter D. D) Furniture 26,500 Gain on sale 200 Cash 2,700 Accumulated depreciation 24,000 User: Kelly Petroleum Products owns furniture that was purchased for $19,600. Accumulated depreciation is $17,300. The furniture was sold for $3,800. Which of the following is the correct entry to record the transaction? 70) A) Furniture 19,600 Cash 2,700 Gain on sale 5,000 Accumulated depreciation 17,300 B) Accumulated depreciation 17,300 Cash 3,800 Furniture 31,100 C) Accumulated depreciation 17,300 Cash 3,800 Gain on ... (More)
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Asked 4/17/2013 6:38:49 PM
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