Answered step by step
Verified Expert Solution
Question
1 Approved Answer
10. On January 2, Alfredo Corporation sold merchandise with a gross price of $100,000 to a customer with terms of 2/10, n/30. How much in
10. On January 2, Alfredo Corporation sold merchandise with a gross price of $100,000 to a customer with terms of 2/10, n/30. How much in sales discounts will be recorded if payment is received from the customer on January 8? a. $0 b. $2,000 c. $98,000 d. $100,000 11. A company's weekly payroll is $80,000 for a five-day work week beginning each Monday and ending each Friday. The last time salaries and wages were recorded was Friday, December 26. What adjustment is needed on December 31, the last day of the company's fiscal period? a. Increase wages expense by $48,000. b. Decrease wages payable by $48,000. c. Decrease cash by $48,000. d. No adjustment is necessary. 12. On January 1, Year 1, Fantasy Cruise Lines purchased a ship for $1,000,000. It has a 10-year useful life and a residual value of $100,000. The company uses the double-declining-balance method. What is the depreciation expense for the year ended December 31, Year 1? a. $90,000 b. $100,000 c. $180,000 d. $200,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started