Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with question 13-17 I already get the answer but I need process. Thank you!!!! b 51.9% C50.0% a 81.8% bought equipment for

I need help with question 13-17
I already get the answer but I need process.
Thank you!!!! image text in transcribed
b 51.9% C50.0% a 81.8% bought equipment for $64,000 on July 1, 2014. Nords expected that the asset would last for ei years and then be worthless. Which of the following would be correct on the as of December 31, 20157 a Depreciation expense will be $12,000. b Accumulated depreciation will be $52,000. c The net carrying value of the asset will be $48,000. d Both the depreciation expense and the accumulated depreciation will be $8,000. 14 At January 1, 2015 Bergdorf, Inc. had $14,000 in current assets and $12,000 in current liabilitis. At Bergdorf earned $120 2015, the company had $18,000 in current assets and $12,500 in in net income during the year. What is Bergdorfs current ratio at December 31, 20152 c 7.50 d 6.67 a 1.17 b 1.31 15 Pearl Co. had the following transactions with land: 2013- Bought Land A for $4,000 2014 - Bought Land B for $6,000 2015- Sold half of Land B for $4,000 What was the balance in Pearts land account at December 31, 2015? c $8,000 d $4,000 e None of the b$6,000 Marshall Co. went into business on January 1, 2015. Which of the following is true? a Marshall will record an expense for inventory when it pays for it. b Marshall will record th 16 e sale of the inventory when it receives the cash from the customer. d Marshall will increase its assets if it buys inventory for cash. e Marshall will decrease its liabilities if it sells the inventory for cash. 17 Which of the following ratios would interest you most if you were especially concerned about the company having enough cash to pay its bills? a Debt-to-equity ratio c Earnings per share d Return on equity e Gross profit percentage Use the following information to answer questions 18 through 25: Blooming Health Food went into business on October 1,2015 selling health food products. The company

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

Students also viewed these Accounting questions