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s2008m [1.1K]
3 years ago
8

A city paid $40,000 for police cars with the expectation that they would have a useful life of 4 years. After 3 years, the city

sold the cars for $3,000. How should the city account for the sale in the General Fund?
Business
1 answer:
Helga [31]3 years ago
4 0

Answer:

Journal entry

Explanation:

The journal entry is as follows

Cash $5,000

      To other financing source - sale of capital assets $5000

(Being the sale in the general fund is recorded)

For recording this transaction we debited the cash account as it increases the asset account while credited the other financing source - sale of capital assets

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Zhang Industries budgets production of 400 units in June and 410 units in July. Each finished unit requires 5 pounds of raw mate
Vika [28.1K]

Answer:

The correct answer is $12,060.

Explanation:

According to the scenario, the given data are as follows:

Production in June = 400 units

Production in July = 410 units

Each unit required = 5 pounds

Cost per pound = $6

So, June required raw material = 400 units × 5 pounds = 2000 pounds

For July required raw material = 410 units × 5 pounds × 20% = 410 pounds

So, required total raw material for June = 2000 pounds + 410 pounds - 400 pounds ( already in inventory)

= 2010 pounds

So, the total cost required for raw material in June = 2010 pounds × $6

= $12,060

Hence, the budgeted cost of purchases for raw material K for June is $12,060.

7 0
3 years ago
When McDonald's corporate headquarters offers a local McDonald's franchise to a franchisee on Bourbon Street in New Orleans, it
Sloan [31]

Answer: exclusive  

Explanation: Exclusive distribution refers to the distribution system in which the company allows only some retailers exclusively to distribute their product in a particular geographic region.

In the given case, McDonald's is offering franchise to an existing franchisee of the company. Thus, we can conclude that the above case is an example of exclusive distribution system.

4 0
3 years ago
A government deficit has increased from 30 to 50. The country's trade deficit is 100 and private savings equal 65 and investment
viva [34]

Answer:

If Ricardian neutrality holds true, after this change in the government's budget, private savings will equal 40.

Explanation:

S - I = X - M, where

S = Sp + Sg, where

Sp: private saving

Sg: Public saving = T - G

Sp + T - G - I = X - M

or,

Sp - I = (G - T) - (M - X) = Budget deficit - Trade deficit

Initially,

65 - 30 = 90 - 100 = - 10

When budget deficit falls to 50,

Sp - 90 = 50 - 100

Sp = - 50 + 90 = 40

Therefore, If Ricardian neutrality holds true, after this change in the government's budget, private savings will equal 40.

7 0
3 years ago
Que es la macroeconomia
ipn [44]

Answer:

La macroeconomía es una rama de la economía que se ocupa del desempeño, la estructura, el comportamiento y la toma de decisiones de una economía en su conjunto. Esto incluye economías regionales, nacionales y globales.

En palabras sencillas;

La macroeconomía es la rama de la economía que estudia el comportamiento y el desempeño de una economía en su conjunto.

Explanation:

4 0
3 years ago
A boss who is a micromanager often works excessive hours, skips vacations, and needs to approve everything
satela [25.4K]
<span>This is a true or false question that often shows up on business related tests. The answer: true. Bosses who micromanage things often have employees who are frustrated and unhappy. In many cases, they feel undervalued and that they are not trusted to handle tasks without direct supervision from the boss. Companies that have a boss who is a micro-manager usually have a high turnover rate.</span>
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3 years ago
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