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A machine costing $85,000 with a 5-year life and $5,000 residual value was purchased January 2, 2011. Computed depreciation for
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On June 8, Alto Co. issued an $90,000, 6%, 120-day note payable to Seller Co. Assuming a 360-day year for your calculations, what is the maturity value of the note?
On March 30, 2014, merchandise is sold for $100 cash and for $930 on account. The cost of the merchandise sold is $740. Prepare the two journal entries for this. What is the amount of the gross profit?
