22:The following items are taken from the financial statements of the Sheridan Service for the...
60.1K
Verified Solution
Link Copied!
Question
Accounting
22:The following items are taken from the financial statements of the Sheridan Service for the year ending December 31, 2020:
| Accounts payable | $ 17800 |
| Accounts receivable | 11100 |
| Accumulated depreciation equipment | 27600 |
| Advertising expense | 20500 |
| Cash | 15300 |
| Owners capital (1/1/20) | 41400 |
| Owners drawings | 14000 |
| Depreciation expense | 12000 |
| Equipment | 222800 |
| Insurance expense | 3100 |
| Note payable, due 6/30/21 | 70500 |
| Prepaid insurance (12-month policy) | 5800 |
| Rent expense | 17100 |
| Salaries and wages expense | 32400 |
| Service revenue | 135000 |
| Supplies | 4000 |
| Supplies expense | 6000 |
What is the book value of the equipment at December 31, 2020?
$250400
$183200
$195200
$222800
1500 Swifty's Place recorded the following data:
| Units | ||||||
|---|---|---|---|---|---|---|
| Date | Received | Sold | On Hand | Unit Cost | ||
| 1/1 Inventory | 500 | $2.10 | ||||
| 1/8 Purchase | 1000 | 1500 | 3.00 | |||
| 1/12 Sold | 1160 | 340 | ||||
The weighted-average unit cost of the inventory at January 31 is:
$2.60
$2.70
$3.40
$2.10
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.