Answer:
a. Dr Equipment 68,000
Dr Loss on Exchange 11,000
Dr Accumulated Depreciation 22,000
Cr Equipment 93,000
Cr Cash 8,000
Explanation:
Preparation of the correct journal entry to record the exchange
Based on the information given the correct journal entry to record the exchange will be
Dr Equipment 68,000
(60,000+8,000)
Dr Loss on Exchange 11,000
(71,000-60,000)
Dr Accumulated Depreciation 22,000
(93,000-71,000)
Cr Equipment 93,000
Cr Cash 8,000
(Being to record the exchange)
Answer:
funny business has the word loan in it never trusted cuz one they might take away all your money and use it for something else like spending it on spoiled Rich daughters and pretty much just using your own money on random things that they don't need
Answer: 4
Explanation:
Based on the information provided in the question, the effective monetary multiplier for the banking system will be calculated as:
= 1/Reserve ratio
= 1 / (20 + 5%)
=1/(0.20+0.05)
= 1/0.25
= 4
Therefore, the effective monetary multiplier for the banking system is 4.
Answer:
$150,000
Explanation:
$150,000
The failure to accrue warranty expense is an accounting error. It gives rise to a Prior period adjustment in the year of discovery (20x3).
Prior period adjustments are limited to corrections of errors affecting prior-year net income. They adjust the beginning balance of retained earnings in the year of correction.
The change in depreciation method is an estimate change, which is reported in earnings. It is not a Prior period adjustmen
The shift to steam power contributed to the growth of cities in many way. Firstly, it provides a continuous source of power to industries, which leads to high level of productivity. The availability of jobs in the industries makes the people in the rural areas to migrate to the cities in search of greener pastures. Steam power also created a new and efficient means of transportation which make it possible to move people and goods over long distances in record time.
