Julie bought a boat at the beginning of the year for $35,000. The boat has an estimated life of 8 years and a salvage value of $14,000 at the end of the 8-year period. What is the book value after the first year?
A) $32,375
B) $29,750
C) $21,000
D) $2,625
A
You might also like to view...
Adam Inc uses a perpetual inventory system. Jan. 1 On hand, 10 units at $2 each $ 20 4 Sold 8 units for $10 each 80 22 Purchased 50 units at $4 each 200 26 Sold 48 units for $10 each 480 If Adam uses the FIFO method, how much is ending inventory on January 31?
a. $ 8 b. $ 12 c. $ 16 d. $ 40
A company that uses the net method of recording purchases and a perpetual inventory system purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. The correct journal entry to record the payment on July 28 is:
A. Debit Accounts Payable $1,600; credit Merchandise Inventory $32; credit Cash $1,568. B. Debit Merchandise Inventory $1,600; credit Cash $1,600. C. Debit Accounts Payable $1,800; credit Cash $1,800. D. Debit Cash $1,600; credit Accounts Payable $1,600. E. Debit Accounts Payable $1,568; debit Discounts Lost $32; credit Cash $1,600.
Today's managers are just as likely to be women as they are men.
Answer the following statement true (T) or false (F)
The First Amendment requires a complete separation of church and state.
Answer the following statement true (T) or false (F)