Answer: $58,223.60
Explanation:
The Modified Accelerated Cost Recovery System (MACRS) is the depreciation method being used currently in the United States to depreciate assets for tax purposes. The asset is depreciated over a certain period of time depending on the Assets class.
The equipment in this scenario is a 7-year property and is subject to the rates listed. The fifth year depreciation therefore is;
= 652,000 * 8.93%
= $58,223.60
Answer:
Sarah Elizabeth Butler is a well known American actress. She is probably best known for her role as Jennifer Hills in the Popular film series: I Spit on Your Grave. Sarah was very interested in the Arts when she was growing up singing in choirs, entering in singing completions, and performed in high school and community theater. She dropped out of college, and decided to focus on finding a talent agent, and began to audition for work in television and film. She found out that she really enjoyed acting and the rest is history!
Answer:
1. Exclude
2. Add
3. Reconciled
Explanation:
QuickBooks Online supports Bank feeds features, which in turn allows a user to perform ADDITION or EXCLUSION of transactions online, which results in such transaction are marked RECONCILED.
Hence, one of the major benefits of using the Bank Feeds feature in QuickBooks Online is that as you EXCLUDE or ADD transactions in QuickBooks Online from the downloaded transactions from the bank, they are marked RECONCILED. This makes the end-of-period bank reconciliation more efficient.
Answer:
$6,000
Explanation:
When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.
To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.
Since the Allowance for Doubtful Accounts has a credit balance of $1,200 before adjustment at December 31, 2016, the additional amount to be allowed
= $7200 - $1200
= $6000
This will be posted as
Debit Bad debt expense $6000
Credit Allowance for doubtful debt $6000
Answer:
Date General Journal Debit Credit
Debt investment 8850
Cash 8850
Dec 30 Cash 7000
Debt investment 6500
Gain on sale of investment 500
Explanation:
