A company purchased new furniture at a cost of $16,000 on September 30. The furniture is estimated to have a useful life of 5 years and a salvage value of $2200. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the furniture for the first year ended December 31?
A. $3110
B. $910
C. $690
D. $230
E. $800
Answer: C
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The present value of $60,000 to be received in one year, at 6% compounded annually, is (rounded to nearest dollar)
a. $56,604 b. $63,396 c. $60,000 d. $3,396
On the statement of cash flows, the cash flows from operating activities section would include
a. receipts from the issuance of capital stock b. receipts from the sale of investments c. payments for the acquisition of investments d. cash receipts from sales activities
Cash flow cannot be managed, but it is a natural component of business operations
Indicate whether the statement is true or false
Prepare the required general journal entry to record the following transactions for the O'Harra Company.a. Used $78,000 of direct labor in the production department.b. Used $17,000 of indirect labor.
What will be an ideal response?