Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For the month of July, Blackfly Ltd. experienced/recorded the following transactions: received a $6000 cash payment for work performed & billed the previous month. replanted

For the month of July, Blackfly Ltd. experienced/recorded the following transactions: received a $6000 cash payment for work performed & billed the previous month. replanted an area of northern Alberta forest for which it sent out an invoice totaling $35000. At the beginning of the month, the company had $2000 of trees in inventory ready for planting. During the month the company purchased $7000 tress for planting at the end of the month it was left with trees still suitable for planting that originally cost $2500. monthly expenses were: $1500 for office rent; $3500 in misc. expenses; & $2000 utilities Amortization on the truck and office equipment was calculated to be $1500 The income tax rate is 10%. The expected life of the truck and office equipment when purchased new was 4 years, with no residual value and the amortization expense was based on the straight-line model. The original cost of the truck and office equipment was _______________. Question 37 options: none of the listed answers are correct $36000 $6000 $69500 $72000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

22nd Edition

324401841, 978-0-324-6250, 0-324-62509-X, 978-0324401844

More Books

Students also viewed these Accounting questions