Reference no: EM132420997
1) On January? 2, 2019, Kaiman Corporation acquired equipment for $300,000. The estimated life of the equipment is 5 years or 60,000 hours. The estimated residual value is $30,000. What is the balance in Accumulated Depreciation on December? 31, 2020, if Kaiman Corporation uses the straight-line method of? depreciation?
2) On January? 2, 2019, Kornis Corporation acquired equipment for $300,000. The estimated life of the equipment is 5 years or 80,000 hours. The estimated residual value is $30,000. What is the balance in Accumulated Depreciation on December? 31, 2019, if Kornis Corporation uses the double-declining-balance method of depreciation?
3) Wisconsin Bank lends Local Furniture Company $160,000 on November 1. Local Furniture Company signs a $ 160,000 $160,000?, 6?%, -month note. The fiscal year end of Local Furniture Company is December 31. The journal entry made by Local Furniture Company on December 31? is:
4) Illinois Bank lends Lisle Furniture Company $90,000 on December 1. Lisle Furniture Company signs a $ 90,000 9?%, 4 -month note. The total cash paid at maturity of the note? is: (Round your final answer to the nearest? dollar.)
5) ?Kathy's Corner Store has total cash sales for the month of $ $33,000 excluding sales taxes. If the sales tax rate is 8?%, which journal entry is? needed? (Ignore Cost of Goods? Sold.)
6) Montana Company sold merchandise with a retail price of $31,000 for cash. Montana Company is required to collect 4?% state sales tax. The total cash received from customers? was:
7) On January? 1, 2018, bonds with a face value of $101,000 were sold. The bonds mature on January? 1, 2028. The face interest rate is 10?%. The bonds pay interest semiannually on July 1 and January 1. The market rate of interest is 12?%. What is the market price of the bonds on January? 1, 2018? The present value of? $1 for 20 periods at 6?% is 0.312. The present value of an ordinary annuity of? $1 for 20 periods at 6 6?% is 11.47.The present value of? $1 for 20 periods at 5 5?% is 0.377. The present value of an ordinary annuity of? $1 for 20 periods at 5 5?% is 12.462 ?(Round your final answer to the nearest? dollar.)
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