The Tin company uses the straight-line method to depreciate its equipment. On May 1, 2018, the company purchased some equipment for $200,000. The equipment is estimated to have a useful life of ten years and a salvage value of $20,000. How much depreciation expense should Tin record for the equipment in the adjusting entry on December 31, 2018? Answer

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Explore the concept of accounting flexibility and its impact on the reliability and usefulness of financial information. While adaptability in accounting methods can allow organizations to better reflect their unique circumstances, it may also introduce the risk of selective application or manipulation. Discuss the appropriate balance between standardization and customization in accounting practices, and the safeguards that can be implemented to preserve the integrity of financial reporting.

Colton Inc. is a merchandising company. Last month, the company's cost of goods sold was $85,600. The company's beginning merchandise inventory was $18,200, and its ending merchandise inventory was $30,500. What was the total amount of the company's merchandise purchases for the month? Answer this question

Cash receipts from accounts receivable collection in June?