« previous next »

Author Question: Which is NOT a characteristic of the Sales Returns and Allowance Account? a. It has a debit balance ... (Read 16 times)

genevieve1028

  • Hero Member
  • *****
  • Posts: 601
on: Jul 6, 2018
Which is NOT a characteristic of the Sales Returns and Allowance Account?
 a. It has a debit balance
   b. It tracks returns from vendors
   c. It tracks returns from customers
   d. It is a contra-revenue account

Question 2

A city government purchased a new fire truck in Year 1 for 270,000 . The city incurred an additional  30,000 in transportation and calibration costs to ready it for use.
 
  It has an estimated useful life of 20 years, though it is being financed over a 15 year period. The amount of depreciation that will be reported each year in the General Fund will be
  a. 0
  b. 13,500
  c. 15,000
  d. 18,000
  e. 20,000


princessflame2016

  • Sr. Member
  • ****
  • Posts: 298
Reply #1 on: Jul 6, 2018
Answer to Question 1

b

Answer to Question 2

A


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

There can actually be a 25-hour time difference between certain locations in the world. The International Date Line passes between the islands of Samoa and American Samoa. It is not a straight line, but "zig-zags" around various island chains. Therefore, Samoa and nearby islands have one date, while American Samoa and nearby islands are one day behind. Daylight saving time is used in some islands, but not in others—further shifting the hours out of sync with natural time.

Did you know?

Autoimmune diseases occur when the immune system destroys its own healthy tissues. When this occurs, white blood cells cannot distinguish between pathogens and normal cells.

Did you know?

In 2006, a generic antinausea drug named ondansetron was approved. It is used to stop nausea and vomiting associated with surgery, chemotherapy, and radiation therapy.

Did you know?

The U.S. Preventive Services Task Force recommends that all women age 65 years of age or older should be screened with bone densitometry.

Did you know?

The newest statin drug, rosuvastatin, has been called a superstatin because it appears to reduce LDL cholesterol to a greater degree than the other approved statin drugs.

Diagram of a flagellate stramenopile cell, showing characteristic flagellar hairs. Diagram of a flagellate stramenopile cell, showing characteristic flagellar hairs.
An example of sodium balance achieved by the coordinated actions of three hormones. An example of sodium balance achieved by the coordinated actions of three hormones.
Calcium balance. Calcium balance.
Acid–Base Balance Acid–Base Balance
If you are able to earn 6.2% compounded semi-annually in an account, how long will it take for ... If you are able to earn 6.2% compounded semi-annually in an account, how long will it take for ...
A bank statement shows a balance of $2,970.31 The check register of the account owner shows an ... A bank statement shows a balance of $2,970.31 The check register of the account owner shows an ...
Video: Role of the respiratory system - effect of altered ventilation rates

For a complete list of videos, visit our video library