Accounting - A machine costing $63,650 with a 8-year life
Accounting
1. A machine costing $63,650 with a 8-year life and $57,961 depreciable cost was purchased January 1. Compute the yearly depreciation expense using straight-line depreciation. Round your answer to the nearest whole dollar.
$ answer per year
2. What is the cost of the land, based upon the following data? Answer
|
Land purchase price |
$176,121 |
|
Broker's commission |
17,743 |
|
Payment for the demolition and removal of existing building |
3,897 |
|
Cash received from the sale of materials salvaged from the demolished building
|
2,633 |
Using the following information:
a. The bank statement balance is $4,013.
b. The cash account balance is $4,539.
c. Outstanding checks amounted to $669.
d. Deposits in transit are $1,164.
e. The bank service charge is $22.
f. A check for $75 for supplies was recorded as $66 in the ledger.
Prepare a bank reconciliation for Candace Co. for May 31.
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Solution: Accounting - A machine costing $63,650 with a 8-year life