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luda_lava [24]
3 years ago
6

Berning Company purchased a tractor at a cost of $180,000. The tractor has an estimated salvage value of $20,000 and an estimate

d life of 8 years, or 10,000 hours of operation. The tractor was purchased on January 1, 2016 and was used 2,400 hours in 2016 and 2,100 hours in 2017. On January 1, 2018, the company decided to sell the tractor for $70,000. Berning uses the units-of-production method to account for the depreciation on the tractor. Based on this information, the entry to record the sale of the tractor will show:
Business
1 answer:
scoundrel [369]3 years ago
8 0

Answer:

$38,000 loss

Explanation:

For calculation of entry to record the sale of the tractor first we need to determine the total depreciation and net book value on Jan 1, 2018 which is shown below:-

Total depreciation = (Tractor cost - Salvage value) × (Hours in 2016 + Hours in 2017) ÷ Hours of operation

= ($180,000 - $20,000) × (2,400 + 2,100) ÷ 10,000

= $72,000

Net book value on January 1, 2018 = Tractor cost - Total depreciation

= $180,000 - $72,000

= $108,000

Loss on sale = Sold tractor amount - Net book value on January 1, 2018

= $70,000 - $108,000

= $38,000

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Katena32 [7]

Answer:

Steve will take 240 minutes or 4 hours.

Explanation:

Steve and Hillary can mow a lawn in 60 minutes by working together. However, Hillary works three times faster than Steve.

Let's assume Steve takes takes x minutes to mow alone.

This implies that Hillary can mow alone in x/3 minutes.

In a minute, Steve can mow 1/x of the lawn, so this means Hillary can mow 3/x of the lawn.

In a minute together then can mow,

= \frac{1}{x} + \frac{3}{x}

= \frac{4}{x}

In 60 minutes they can mow

= \frac{4}{x} \times 60

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This means that it takes 4 hours for Steve to mow the lawn alone.

6 0
3 years ago
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What type of business sells to the end consumer
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Answer:

business-to- consumer (B2C)

Explanation:

Commerce is a business model which typically involves the buying and selling of goods or products at a given price.

Generally, commerce comprises of four (4) business models and these are;

1. Business to Business (B2B).

2. Consumer to Consumer (C2C).

3. Business to Government (B2G).

4. Business to Consumer (B2C).

A Business to Consumer (B2C) can be defined as a market which typically involves businesses selling their goods and services directly to the end consumers for their personal use.

Hence, the type of business that sells to the end consumer is known as business-to- consumer (B2C).

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3 years ago
A and B have a written contract whereby A agrees to sell B a plot of land for $100,000. Later, without terminating the first con
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Answer:

B) Is not a contract because there is no consideration for B's promise.

Explanation:

In contract law, consideration is the benefit that must be bargained for between the parties involved. It is the essential reason for the parties entering a contact. Consideration must have some value and is exchanged on the performance or promise from the other party.

Common law rules on contract modifications require some new consideration in order  to modify an existing contract. In this case, only B added some new consideration (more money) to the written contract, A didn't add anything new.

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A lender estimates that the closing costs on a $165,000 home loan will be $6,187.50. The actual closing costs were 3.5% of the l
Ivanshal [37]
Home loan amount = $165,000

Estimated closing costs = $6,187.50 

% of estimated closing cost = ?

$165,000 * x% = $6,187.50
x% = $6,187.50 ÷ $165,000
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The closing costs were lower than the estimate by 0.25%
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