noto 7. Faust Incorporated accepted a $10,000, account receivable. Faust, Incorp
ID: 2600726 • Letter: N
Question
noto 7. Faust Incorporated accepted a $10,000, account receivable. Faust, Incorporated 000. 120-day note dated March 3 at 8/2% to settle a past-due ted discounted the note to raise cash on May 10 at a discounted Faust, Incorporated receive? Use ordinary interest Incorporated rate of 9%. What proceeds did a machine for $86,000. Its estimated life is 10 years with a residual value method, what's the book value of the machine at the end of Year2 for $86,0 8 A printing company bought Mexican food truck's total sales, including a 5% tax, were $23152.81. Calculate: (a) Actual sales b) Sales tax liability 9. A 10. Gideon insured his tapas restaurant with a fire insurance policy of $90,000 at a cost of $0.58 per $100. Eight months later, his insurance company canceled the policy because of failure to correct a fire hazard. What did Gideon have to pay for the eight months of coverage?Explanation / Answer
8). Book Value of the Machine at the end of year 2.
9).
a) Actual Sales = ($23152.81/105) * 100 = $22050
b) Sales Tax Liability = Sales Including Tax - Actual Saless
= $23152.81 - $22050
= $1102.81
Particulars Amount ($) Cost of Machine 86000 Less : Depreciation (($86000-$6000)/10) (8000) Book Value of the Machine at the end of year 1 78000 Less : Depreciation (8000) Book Value of the Machine at the end of Year 2 70000Related Questions
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