How indicate the accounts affected and the amount of effect

Assignment Help Financial Accounting
Reference no: EM132941232

The following transactions related to a machine purchased by Ashkar Company this year:

March 1 Purchased the machine at an invoice price of $10,200; paid $8,200 cash and signed a note for the balance, payable on October 1 of this year, with annual interest at a rate of 12 percent.

March 3 Paid freight of $350.March 5 Paid installation costs of $575.

October 1 Paid the balance due plus the related interest.

December 31 Recorded straight-line depreciation on the machine based on an estimated useful life of 10 years and an estimated residual value of $2,725.

Required:

Problem 1. Indicate the accounts affected and the amount of the effect of each transaction (March 1, 3, 5, and October 1) on the accounting equation.

Reference no: EM132941232

Questions Cloud

Analyze the potential management target : Analyze the potential management target. Define the NPV, IRR, PBP, and ARR processes, as well as their decision rules, and test them
Why is human resource management important to all managers : 1. Why is Human Resource Management (HRM) important to all managers? How does globalization affect HRM?
Find resources available for workplace relationships : Summarise any other relevant workplace documentation and resources available for workplace relationships (e.g. communications policy and procedure, performance
What are the three basic benefits firms can gain : What are the three basic benefits firms can gain by successfully implementing an international strategy? Why
How indicate the accounts affected and the amount of effect : Indicate the accounts affected and the amount of the effect of each transaction (March 1, 3, 5, and October 1) on the accounting equation.
Describe the required processes for workplace collaboration : Identify and describe the required processes for workplace collaboration from relevant policies and procedures.
Describe the key hr functions of the organization : Choose any small, medium, or large organization in the private or public sector.
What unit cost must be used : The addition on materials at the start of the process in Department II increases the quantity by 20%. What unit cost must be used
What skills will prepare for professional or personal life : What concepts and/or skills will prepare you for the impact of this variable in your professional or personal life? Please explain and provide specific examples

Reviews

Write a Review

Financial Accounting Questions & Answers

  How much of nygmas distribution will be taxed as dividend

Cobblepot and Nygma founded the Iceberg Lounge, Inc. as equal shareholders (Nygma is the lounge act). Two years ago, Iceberg sold air conditioning equipment to Mr. Freeze for $1,200,000 (basis of $400,000). Payment for one-half of the sale of the ass..

  Under which conditions will investor demand a larger return

Under which conditions will an investor demand a larger return (yield) on a bond? Interest rates decrease due to decline in inflation.

  Prepare the journal entry at year-end

Crane has a stock portfolio valued at $7,300. Its cost was $5,200. If the Fair Value Adjustment account has a debit balance of $420, prepare the journal entry

  Calculate the value of each investment

Assume Emerson electric's managers expect an earnings downturn and a resulting decrease in growth of 3%. How does this affect?

  What approximate level should a new order be placed

The lead time to receive inbound shipment order to resupply your store is 14 days. When the inventory falls to what approximate level should new order placed

  What will be the bad debt expense for the year

The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $390,000; allowance for uncollectible accounts at the beginning of the year, $28,000 (credit balance);  What will be the  ..

  Company in monopolistically competitive market

The market environment heavily influences corporate decision-making ability. Identify the differences in executive decisions concerning pricing, product design, and advertising between a company in a competitive market and a company in a monopolistic..

  What the decision maker should

Asset whose stand-alone risk is greater than the average risk of its existing portfolio of assets. In evaluating this asset, the decision maker should

  Identify correct financial statement for junior accountants

Identify the correct financial statement for your junior accountants that will provide the investor with the information it has requested.

  What other critical background information might you want

What other critical background information might you want to get before accepting this client, and what are probable sources of that information?

  How much is this investment worth at the end of year four

You are able to reinvest these cash flows at 10.64 percent, compounded annually. How much is this investment worth at the end of year four

  Each dollar of sales after deducting the cost of goods sold

A company reported total sales of $1,200,000 and $1,322,000 for the years 2010 and 2011 respectively. What is the year-over-year percentage increase in sales for 2011? Which ratio can be used to assess how much profit was made, on average, on each do..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd