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Which of the following accounts is an asset? Cash Notes payable Drawing Expenses
Cash is an asset.
Expert answered|cdeane|Points 0|
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Asked 2/24/2013 6:00:06 PM
Updated 298 days ago|9/25/2023 10:19:59 AM
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Edited by Masamune [9/25/2023 10:19:56 AM]
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Sales revenue for a sporting goods store amounted to $215,000 for the current period. All sales are on account and are subject to a sales tax of 7%. Which of the following would be included in the journal entry to record these sales? (Points : 3) A debit to Sales revenue for $215,000 A credit to Accounts receivable for $215,000 A debit to Sales tax payable for $15,050 A debit to Accounts receivable for $230,050
Weegy: The following would be included in the journal entry: A debit to accounts receivable for $230,050. User: A company purchased equipment for $100,000 in 2012. The machine will be used for 10,000 hours and will have a residual value of $20,000. The equipment was used for 2,400 hours in 2012. How much depreciation will be recorded in 2012 if the company elects the units-of-production method? (Points : 3) $19,200 $20,000 $10,000 $24,000 Weegy: (100,000-20,000)/10,000 = $8 depreciation per hour of use. 2,400 * 8 = 19,200. Therefore the depreciation to be recorded in 2012 is $19,200. (More)
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Asked 2/24/2013 4:35:15 PM
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Weegy: Adjusting entries NEVER involve liabilities. User: On January 1, 2013, Zane Manufacturing Company purchased a machine for $40,000. The company expects to use the machine a total of 24,000 hours over the next 6 years. The estimated sales price of the machine at the end of 6 years is $4,000. The company used the machine 8,000 hours in 2013 and 12,000 in 2014. What is depreciation expense for 2013 if the company uses double-declining-balance depreciation? $ 6,667 $ 6,000 $13,333 $12,000 (More)
Question
Expert Answered
Updated 5/31/2023 11:57:39 PM
1 Answer/Comment
To calculate the depreciation expense for 2013 using the double-declining-balance method, we need to determine the machine's depreciation rate.

First, we calculate the machine's useful life in hours:
Useful life = Total hours expected to be used - Hours already used
Useful life = 24,000 hours - (8,000 hours + 12,000 hours)
Useful life = 4,000 hours

Next, we calculate the machine's depreciation rate:
Depreciation rate = (100% / Useful life) * 2
Depreciation rate = (100% / 4,000 hours) * 2
Depreciation rate = 0.05 or 5%

Finally, we calculate the depreciation expense for 2013:
Depreciation expense = Depreciation rate * Machine's cost
Depreciation expense = 5% * $40,000
Depreciation expense = $2,000

Therefore, the depreciation expense for 2013 using the double-declining-balance method is $2,000.
Added 5/31/2023 11:57:39 PM
This answer has been confirmed as correct and helpful.
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