Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. indirect method. additional information: 1.) o

Indirect method. Additional information: 1.) Operating expenses are composed of: Depreciation...

70.2K

Verified Solution

Question

Accounting

Indirect method.

image

Additional information: 1.) Operating expenses are composed of: Depreciation $21,000; Salaries $134,000; Gain on Sale of Equipment $6,000; other operating expenses $39,000. 2.) Prepaid insurance is related to the other operating expenses. 3.) Equipment was purchased during the year for $32,000cash. 4.) Equipment was sold for cash during the year. The original cost of the equipment was $17,000, and the accumulated depreciation was $9,000. 5.) Dividends were declared and paid during the yar

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

You are watching your niece who is almost a year old and notice that she is...

Medical Sciences
Q

PART II RECORD THE FOLLOWING TRANSACTIONS IN THE GENERAL JOURNAL: 1-On May 15, 2007, Matrix, Inc...

Advance Math
Q

How does the composition of the board of directors affect the the strategic decision making?

General Management
Q

Perform the indicated operations Give the answer to the correct number of significant digits 1...

Biology
Q

2 15 18 List three reasons why insects are such a successful group of animals...

Biology
Q

Three cells each of e m f 1 5 volt are first connected in series...

Physics
Q

Area of a Circle The area of a circle is found by multiplying the times...

Geometry
Q

Let F = GF(p^n) and m be a positive integer. Then there exists a field...

Basic Math
Q

The amount of food needed for proper nutrition in cups C for a puppy weighing...

Basic Math
Q

Spartan Corporation redeemed 25 percent of its shares for $4,200 on...

Accounting
Q

Use the following information for questions 86 through 88. Gorman Construction Co. began operations in...

Accounting
Q

Cancico Communications has supplied the following data for use in its ABC system: ...

Accounting