Question
On January 1, 2011, a company purchased a machine for $138,000. In addition, the company paid delivery costs of $1,200 and $4,800 to have the
On January 1, 2011, a company purchased a machine for $138,000. In addition, the company paid delivery costs of $1,200 and $4,800 to have the machine installed. At the end of 5 years, the company expects the machine to have a residual value of $11,500. The company expects the machine will last 10,000 hours. In the first year, the company used the machine for 3,000 hours. (Use these facts to answer questions 3 8)
If the company sells the machine at the end of 5 years and receives $11,000, the journal entry to record the sale will include which of the following?
Question 8 options:
Debit to Accumulated Depreciation for $138,000 | |||||||||||||||||||||||||||||||||
Credit to Machine for $138,000 | |||||||||||||||||||||||||||||||||
Debit to Loss on Sale for $500 | |||||||||||||||||||||||||||||||||
Credit to Gain for $500 Employers withhold which of the following from employee's paychecks Question 16 options:
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