Author: Anonymous

IVoted, Inc. purchased a new machine at the beginning of its calendar year.  The machine was purchased for $100,000 and will be used for 10 years (or 50,000 hours of use).  At the end of 10 years the machine will have a salvage/residual value of $10,000.  The machine was used 5,000, 8,000, 10,000 and 11,000 hours during the first 4 years of operations.  Each year the machine requires regular maintenance that costs $1,000.  At the end of the 10 years, IVote sold the machine for $7500 cash. Answer the following 5 questions regarding this machine and its related accounting.

What is the amount of money owed to Tesla by its customers as of December 31, 2019?

What is the amount of depreciation expense IVoted will recognize during the second year of operations using the units-of-production method?

A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company’s unadjusted trial balance reported the following selected amounts:Accounts receivable $375,000 debitAllowance for uncollectible accounts 500 debitNet Sales 800,000 creditAll sales are made on credit. Based on past experience, the company estimates 0.6% of net credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?

The monetary base is the sum of:

What is the amount of depreciation expense IVoted will recognize during the first year of operations using the double declining balance method?

When IVote, Inc. pays the $1000 annual maintenance cost, the company will debit…

If M = the quantity of money, m the money multiplier, MB the Monetary Base, C = Currency, D = Deposits, R = Reserves, RR = required reserves, and ER = Excess reserves, then RR would equal:

  QUESTION 4   Simone hat viel zu tun. Lies ihre Liste. Was kauft sie? Wähle die richtige Antwort. (Simone has a lot to do. Read her list. What does she buy? Choose the correct answer.)   Beispiel: Ich gehe auf die Post. Antwort: Briefmarken             4.1 Ich gehe zum Sportgeschäft. [ans1] (1)   4.2 Ich gehe zum Modegeschäft. [ans2] (1)   4.3 Ich gehe zur Apotheke. [ans3] (1)   4.4 Ich gehe zur Konditorei. [ans4] (1)

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