Blog

August 1, 2023 Josie’s Jeans purchased a new machine for $80,000 in cash. Josie’s uses straight-line depreciation and expects the machine to have a 10 year useful life with a salvage value of $10,000. On January 1, 2026 Josie’s sold the machine for $5,000 cash.   For December 31, 2024 when the journal entry is prepared, what is the impact on the Accumulated Depreciation account?  

The following are select account balances for Raymond Co at 12/31/23:           PPE: $3,000              Sales Discount: $8,000 Total Assets: $1,284,000 Accounts Receivable: $51,000 Total Liabilities: $890,000 Wage Expense: $64,000 Retained Earnings: $78,000           Revenues: $72,000   What are net revenues for the period ended 12/31/2023?

Merchandise shipped FOB destination via a semi-trailer truck (“18-wheeler”) on the last day of the year should be included in 

August 1, 2023 Josie’s Jeans purchased a new machine for $80,000 in cash. Josie’s uses straight-line depreciation and expects the machine to have a 10 year useful life with a salvage value of $10,000. On January 1, 2026 Josie’s sold the machine for $5,000 cash.   For January 1, 2026 when the journal entry is prepared, what is the impact on the Accumulated Depreciation account?  

The following are all examples of definite life intangible assets except for:

Sheldon Company had 2,000 units of inventory costing $10,000 in beginning inventory at July 1st.  During July, Sheldon engaged in the following transactions: A. July 3rd – The company paid cash to purchase 1,000 units of inventory for $6,500. B. July 10th – The company paid cash to purchase 1,200 units of inventory for $8,400. C. July 24th – The company paid cash to purchase 250 units of inventory for $2,125. Throughout July, the company sold inventory 3,700 units of inventory for $44,400 cash.    Under average costing valuation method, what is the cost of goods available for sale?

The word Mediterranean translates roughly as:

What great empire fell, which in turn ushered in the Middle Ages?

What is a lai?

Which of the following was pivotal in helping to solidify the idea of “the West”—i.e., Christian Europe—during the Middle Ages?