Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. arnold company purchases a new delivery truck for

Arnold Company purchases a new delivery truck for $45,000, with credit terms of 2/10, net...

70.2K

Verified Solution

Question

Accounting

Arnold Company purchases a new delivery truck for $45,000, with credit terms of 2/10, net 30. The invoice was paid within the discount period. The sales taxes are $2,500. The logo of the company is painted on the side of the truck for $1,200. The trucks annual license is $120. What does Arnold record as the cost of the new truck?

A). $ 48,820

B). $ 47,800

C). $ 47,920

D). $ 48,700

2. Brewer Inc. has 5,000 shares of 6%, $50 par value, cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2020, and December 31, 2019. The board of directors declared and paid a $12,000 dividend in 2019. In 2020, A total of $60,000 in dividends are declared and paid. What are the dividends received by the preferred stockholders in 2020?

A). $ 42,000

B). $ 30,000

C). $ 18,000

D). $ 15,000

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

Finance
1.2K views

"You purchased an airplane for $494,000 and will depreciate it using a 7-year MACRS with a...

Statistics
1.2K views

Two Sample Hypothesis Test Show all five steps in your analysis. To get full credit you must...

Medical Sciences
1.2K views

In terms of acute exercise, what would happen to the following variables over the course of...

Electrical Engineering
1.2K views

Para maximizar la transmisión de potencia a la línea la impedancia de entrada de la línea...

Advance Math
1.2K views

A company produces and sells 2,500 sets of silverware each year. Each production run has a...

Physics
1.2K views

A long straight wire carrying current of 30 A rests on a table Another wire...

Physics
1.2K views

A small ball is falling in a stationary liquid with a constant speed of 9...

Basic Math
1.2K views

In the braces below list all subsets of the set 1 2 Write each subset...

Accounting
1.2K views

Equal deposits of $4100 are made at the end of each quarter in an account...

Accounting
1.2K views

Cherokee Manufacturing Company established the following standard price and cost data: Cherokee planned to produce...

Finance
1.2K views

value: 0.00 points Flatte Restaurant is considering the purchase of a $9,900 souffl maker. The...

Accounting
1.2K views

Which one is the journal entry to record requisitions of materials for new jobs started...