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Taya2010 [7]
1 year ago
10

Suppose a piece of equipment cost $35,000 and has accumulated depreciation of $10,000. It is sold for $15,000 cash. What is the

journal entry to record the sale of the equipment
Business
1 answer:
Elodia [21]1 year ago
3 0

The amount of the journal entry are as follows:-

Cash                                           $15000

Accumulated Depreciation         $10000

Equipment cost                         $35000

Loss on sale                               $10000

<h3>What is Depreciation?</h3>

An asset loses value over time as a result of use, damage, or obsolescence. Depreciation is the measurement for this decline.

The complete solution is attached below.

Depreciation, or a decline in asset value, can be brought on by a variety of other variables, such as bad market conditions, etc.

Thus the journal entry credit amount is Equipment cost $35000 and Debit amount of the journal entry are Cash $15000 Accumulated Depreciation $10000 and Loss on sale $10000.

Learn more about Depreciation here:

brainly.com/question/15085933

#SPJ1

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Ambrin Corp. expects to receive $2,000 per year for 10 years and $3,500 per year for the next 10 years. What is the present valu
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Answer:

A. $19,034

Explanation:

The computation of the present value for 20 years cash flow is shown below:

For the First 10 years

Given that

Payment for first 10 years = $2,000

Discount rate = 11%

Now the present value is

= $2000 ÷ 1.11 + $2,000 ÷ 1.11^2 +...........+ $2,000 ÷1.11^10

= 11,778.46402 ..............(1)

For the Next 10 years

Given that

Payment for next 10 years = 3,500

Discount rate = 11%

Now the present value is

= $3,500 ÷ 1.11 + $3,500 ÷ 1.11^2 +...........+ $3,500 ÷ 1.11^10

= 20,612.312

So, today present value is

= $20,612.312 ÷ 1.1110

= 7,259.339 ...........................(2)

Now

Total present value is

= $7,259.339 + $11,778.46402

= $19,034

3 0
3 years ago
Suppose disposable income increases by $ 2,000. As a result, consumption increases by $ 1,500. 1. The increase in savings result
NeTakaya

Answer:

1. The increase in savings resulting directly from this change in income is $500

That is

Increase in savings = Increase in income minus increase in consumption

= 2000 - 1500

= $ 500

2.The marginal propensity to save (MPS) is calculated by dividing the change in savings by the change in income.

That is

ΔS/ ΔY,

Therefore given

Change in savings =ΔS =$500

Change in income =ΔY = $2000

MPS = 500/2000

MPS = 0.25

3.The marginal propensity to consume (MPC) is calculated by dividing change in consumption by changes in come.

That is ΔC / ΔY

Where ΔC = 1500

ΔY = 2000

Therefore MPC = 1500/2000

= 0.75

1. The increase in savings resulting directly from this change in income is $

8 0
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Steve leads the administrative department of Mayo Pvt. Ltd. He encourages people to perform to their maximum potential by provid
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Answer:

The answer is: C) Human capital is more important than financial capital.

Explanation:

Steve emphasizes the value of human resources or human capital. He is convinced that the prime factor in the success of a company is its human capital. The actions he takes empowers his staff by giving them a say in the decision making processes.

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A company receives payment from one of its customers on August 5 for services performed on July 21. Which of the following entri
rjkz [21]

Answer:

1- A) Cash (Dr.) $1,000

   Accounts Receivable (Cr.) $1,000

2- b. Unearned Revenue

3- c. determining when to record revenue.

Explanation:

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2- Cash basis accounting system is one in which revenues and expenses are only record when there is actual cash exchange which means revenue will be recorded only when cash is received from customers and expenses will be recorded when they are actually paid.

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3- Revenue recognition principle guides the account when to record revenue under cash basis and accrual basis accounting systems.

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The Monarchs Corporation has net income of $175,000.00, interest payable of $5,000.00, interest expense of $3,000.00, and averag
White raven [17]
Just easily subtract like seriously so simple
8 0
2 years ago
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