Answer:
Find below complete question:
Janus Coat Company purchased a delivery truck on June 1 for $30,000, paying $10,000 cash and signing a 6%, 2-month note for the remaining balance. The truck is expected to depreciate $6,000 each year. Janus Coat Company prepares monthly financial statements. Instructions:
(a) Prepare the general journal entry to record the acquisition of the delivery truck on June 1st. (b) Prepare any adjusting journal entries that should be made on June 30th. (c) Show how the delivery truck will be reflected on Janus Coat Company's balance sheet on June 30th.
Dr Truck $30,000
Cr Cash $10,000
Cr notes payable $20,000
Dr depreciation expense $500
Cr accumulated depreciation $500
Dr interest expense $100
Cr interest payable $100
Balance sheet extract on 30th June"
Delivery truck $30,000
Accumulated depreciation ($500)
Net book value $29,500
Explanation:
The journal entry to record the purchase of the truck would have $30,000 debited to truck account while cash and notes payable are credited with $10,000 and $20,000 respectively.
On 30 June depreciation expense =$6000/12=$500
Interest of one month on the note payable on 30th June=$20,000*6%*1/12=$100
Answer:
This is because of the ethics guiding the body. For example, ethically, it is wrong for the agent to put his email address in the application in LEAN where it should have been the customer's own. <em>There is a possibility of the identity theft or fraud being committed when such happens.</em>
Explanation:
Answer:
The increase in the monthly payment amount is $180
Explanation:
In order to calculate the increase in the monthly payment amount we would have to make the following calculation:
increase in the monthly payment amount=installment increase-installment
installment=(loan amount/1,000)*rate of interest
installment=($120,000/1,000)*4
installment=$480
installment increase=(loan amount/1,000)*rate of interest
installment increase=($120,000/1,000)*5.5
installment increase=$660
increase in the monthly payment amount=$660-$480
increase in the monthly payment amount=$180
The increase in the monthly payment amount is $180
Answer:
3N + 25M + P ≤ 45
Explanation:
Let the number of Newspaper Stories taken=N
Newspaper stories take 3 hours to write.
Total Hour spent on Newspaper Stories=3N
Let the number of Magazine Articles taken =M
Magazine articles take much longer to write 25 hours per article.
Total Hour spent in Magazine Articles=25M
Let the number of Proofreading jobs taken =P
Proofreading pays for every 1 hour
Total Hour spent in Proofreading jobs=P
Since both newspaper stories and magazine articles must be completed in the week they are started.
The writer doesn't want to work more than 45 hours per week. So his total hour in a week is less than or equal to 45.
The Constraint that limits the amount of time the writer will work in a week is given as:
3N + 25M + P ≤ 45
Answer:
Correct Statement is D
Explanation:
Provided information,
The Jewelry Store sells pair of earrings, where the discount is of 15% on the price of second pair.
This states that the consumer will always be willing to pay the cost of first pair in full, whenever the customer buys such pair, whether alone or with some additional pair.
Thus the willingness to pay for any pair after purchase of first pair of earrings will always be less than the cost of first pair, as the amount paid for first pair is $40 and that for second pair costing $40 but purchased for $34 as because there was discount on second pair.
In the given case John purchased the second pair because there was discount, else John has bought the same pair for $40.
Thus his willingness for second pair is always lower than the price of first pair.
Correct Statement is D
