Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following information relates to r-u ready com

The following information relates to R-U Ready Company, a publicly traded company: R. U. Ready acquired Machine...

70.2K

Verified Solution

Question

Accounting

The following information relates to R-U Ready Company, apublicly traded company:

  1. R. U. Ready acquired Machine B on 1/1/13 by signing a 9%installment note to be paid in 5 equal installments of $65,000.Each payment is due on 12/31, with the first payment due 12/31/13.The useful life of Machine B is 8 years with no residual value.Assume double declining balance depreciation.

Requirement:

Present the accounts and dollar amounts that would appear oncomparative balance sheets and income statements for the yearsending 12/31/16 and 12/31/15.

List all accounts and dollar amounts. Round dollar amounts tothe nearest dollar. You do not need to includecash.  

  • For the Classification (Class) column of the Balance Sheetuse:
  • A for Asset
  • L for Liability
  • E for Equity

For the Classification (Class) column of the Income Statementuse:

  • R for Revenue
  • E for Expense

Answer & Explanation Solved by verified expert
3.8 Ratings (617 Votes)
Cost of the asset Annuity x 1 1 1r n r 65000 x 1 1 109 5 009 65000 x 38897 252830 Double declining rate of depreciation 100 8 years 2 25 Balance Sheet 123116 123115 Asset Cost 252830    See Answer
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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

SUMMARY of DIGESTIVE ENZYNMES ENZYME SOURCE SUBSTRATE PRODUCTS Salivary amylase Lingual lipase Pepsin Gastric lipase Pancreatic amylase Trysin Chymotrypsin Elastase Carboxypeptidase Pancreatic lipase Ribonuclease Deoxyribonuclease Dextrinase Maltase Sucrase Lactase Enterokinase Aminopeptidase Dipeptidase Nucleosidases Phosphatases

Medical Sciences
Q

Nitrogen from gaseous phase is to be diffused into pure iron at 973 K. Surface is...

Chemistry
Q

Using words, explain the laws of physics behind this in a paragraph. Don't just write equations...

Physics
Q

Can collaboration and partnership between communities and governments address the problem of improving the quality of services...

General Management
Q

The food and beverage department and its housekeeping counterpart employ the vast majority of the employees...

General Management
Q

home / study / business / finance / finance questions and answers / a researcher collected...

Basic Math
Q

A 70 kg astronaut is repairing spaceship at a height of 640 km above the...

Physics
Q

Find the Area of the composite figure below 7 8 00 10 b h 13

Geometry
Q

A psychologist determined that the number of sessions required to obtain the trust of a...

Statistics
Q

If a polynomial has a degree of 6 then the number of turns could be...

Calculus
Q

At noon ship A is 50 nautical miles due west of ship B Ship A...

Calculus
Q

Select the appropriate key term for each description. \table[[Description,Key Term],[Shares actually sold, which includes...

Accounting