Inefficiencies in a supply chain are primarily caused by inaccurate information
Indicate whether the statement is true or false
TRUE
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Carpenters Company, a manufacturing company, acquired equipment on January 1, 2017 for $510,000. Estimated useful life of the equipment was seven years and the estimated residual value was $12,000. On January 1, 2020, after using the equipment for three years, the total estimated useful life has been revised to nine total years. Residual value remains unchanged. The company uses the straight-line method of depreciation. Calculate depreciation expense for 2020. (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
A) $48,571 B) $47,429 C) $56,667 D) $55,333
Assuming unearned revenues are originally recorded in balance sheet accounts, the adjusting entry to record earning of unearned revenue is:
A. Decrease a liability; increase revenue. B. Increase an asset; increase revenue. C. Increase an expense; decrease an asset. D. Increase an expense; increase a liability. E. Increase an expense; decrease a liability.
Despite the rapid growth of technology, digital devices fail to impact the industry.
Answer the following statement true (T) or false (F)
Lambert invests $10,000 for a 1/3 interest in a partnership in which the other partners have capital totaling $26,000 before admitting Lambert. After distribution of the bonus, what is Lambert's capital?
A) $12,000 B) $10,000 C) $8,667 D) $5,333