Hudson uses the straight line method to calculate

Info icon This preview shows pages 2–4. Sign up to view the full content.

View Full Document Right Arrow Icon
has an estimated useful life of five years and zero residual value. Hudson uses the  straight-line method to calculate depreciation and records depreciation expense in  the books at the end of every month. As of June 30, 2019, the book value of this  equipment shown on its balance sheet will be __________. Selected Answer:   $9,720 Correct Answer:   $9,720 Question 5 5 out of 5 points Mercury Company sells tickets in advance for its weekly productions and records the proceeds as Unearned Revenue. At the end of each month, the company makes an  adjusting entry to account for the tickets used during the month (ticket revenue.) On  March 1, the Unearned Revenue account had a credit balance of $5,000. During  March, Mercury sold 500 tickets at $40 each, and 450 tickets were used during the  month. What is the balance in Unearned Revenue at the end of March? Selected Answer:   Credit balance of $7,000 Correct Answer:   Credit balance of $7,000 Question 6 5 out of 5 points Anthony Delivery Service has a weekly payroll of $34,000. December 31 falls on  Tuesday and Anthony will pay its employees the following Monday (January 6) for  the previous full week. Assume that Anthony has a five-day workweek and has an  unadjusted balance in Salaries Expense of $925,000 at December 31. What is the  December 31 balance of Salaries Expense after adjusting entries are recorded and  posted? Selected Answer:   $938,600 Correct Answer:   $938,600 Question 7 5 out of 5 points Justice Company purchased a machine for $15,000 two years ago. The machine had no residual value and had an estimated useful life of 10 years. If the company uses  the straight-line depreciation method, calculate the current book value of the  machine. Selected  
Image of page 2

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Answer: $12,000 Correct Answer:   $12,000 Question 8 5 out of 5 points On January 1, 2017, the Accounts Receivable of Martha Company had a debit balance of $190,000. During January, the company provided services for $400,000 on account. The company collected $240,000 from its customers on account in January. What was the
Image of page 3
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern