Question: Please Help ASAP A machine was purchased for $1.000.000 on January 1 2015 and was expected to have a useful life of ten years After

Please Help ASAP Please Help ASAP A machine was purchased for $1.000.000 on January 1

A machine was purchased for $1.000.000 on January 1 2015 and was expected to have a useful life of ten years After 3 years, management revised their expectations of the remaining useful life to 20 years. The business depreciates machines using the straight line method. What is the carrying value of the machine at December 31, 20192 Select one: 9. $630.000 b. $500.000 O c. $600.000 d. $750,000 The net income earned by a business in the year.ended December 2004 was $10.600. Equity at January 2004 WOS $183 400 and at 31 December 2004 equity was 3691900 The proprietor Took merchandise sostine 2.800 personal use during the year. He also witharewaregular amoun of cash to cover sving expenses What is the amount of cash drawings for the year Select one 12 500 2400

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

show calculations please Part 3: Alpha Watches Company purchased a machine on January 1", 2018, for $44,000. Expected useful life is 10 years or 100,000 units. In year 2018, 3000 units were sold, and...

please help Cafe Coffee purchased a soffee drink machine on January 1, 2016. for $27,000. Expected use life is 5 years er 50,000 drinks. In 2018, 5.000 ans were sold, and in 2018. 10,000 anks were...

GODU UCK. Attempt 5 pts 1 Hour, 3 Minutes, 33 Secon Question 9 Assume the following data for a machine that was purchased on January 1: Initial Cost: $250,000 Expected Useful Life: 8 years Estimated...

Assume the following data for a machine that was purchased on January 1: Initial Cost: $250,000 Expected Useful Life: 8 years Estimated Residual Value: $10,000 At the beginning of the fourth year,...

The Lark Company purchases a warehouse on December 31, 2014 for $130,000 (which includes all capitalizable costs). They put the warehouse into service on January 1, 2015, assigning it a useful life...

1. Bank errors A) occur because of time lags. RED B) are infrequent in occurrence. must be corrected by debits. C) D) are corrected by making an adjusting entry on the depositor's books. 2. Which of...

please help asap, I cannot figure out this question. On January 1, Year 7, the Vine Company purchased 60,000 of the 80,000 ordinary shares of the Devine Company for $80 per share On that date, Devine...

My answers are as follows and they are wrong according to the system. Please help me understand what I am doing wrong. On January 1, 2015, a machine was purchased for $112,500. The machine has an...

need help asap An asset was purchased for $120,000 on January 1, Year 1 and originally estimated to have a useful life of 9 years with a residual value of $10,000. At the beginning of the third year,...

Please help! I don't even know where to start On January 1, 2015, Alpha Manufacturing purchased a machine for $920,000. The company expects the machine to remain useful for eight years and to have a...

The trial balance below is for Lings Landscaping Service of Merritt for December 31, 2012. Adjustment data to update the trial balance: a. Rent expired, $600 b. Landscaping supplies on hand...

Compare a distributed DBMS to which you have access against Dates twelve rules for a DDBMS For each rule with which the system is not complaint give reasons why you think there is no conformance to...

Some experts claim that countries, states, and municipalities can be positioned just like other products for purposes of attracting tourism dollars. If you are a U.S. resident, explain how you would...

Weekly sales of bagels at the local bakery are as follows: Week Sales 1 400 2 370 3 420 4 380 5 410 6 430 7 400 8 What is the forecast for week 8 using weighted moving averages with the weights 0.6,...

2. In this chapter, the reader should reflect on the following concepts: action strategies, values and criteria.

1. Too understand personal motivation.

3. Imagine three people you know relatively well. Consider which of the five positions they often use in the conversations they engage in with other people.