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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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if you are interested in a career in the hospitality industry, it is important that you enjoy the following:
Nezavi [6.7K]

if you are interested in a career in the hospitality industry, it is important that you enjoy the following:

  • working with people
  • an upbeat work environment
  • traveling
  • opportunity for growth and career advancement.

<h3>What are pros and cons of working in hospitality industry?</h3>

Pros -

  • Opportunities for Many Benefits, Not a 9-to-5 Job, Diverse Jobs that Travel
  • It is dynamic, ever-evolving, and collaborative.

Cons -

  • a worldwide industry-wide five-day workweek. Employee happiness leads directly to better service, which will surely have long-term benefits.
  • Weekend work is compensated in addition to the regular weekend off.
  • using technology more effectively to forecast the requirement for personnel during peak season
  • Depending on its practicality, automation at the front desk and in restaurants during peak hours

To learn more about hospitality from given link

brainly.com/question/618712

#SPJ4

7 0
1 year ago
Selling, general, and administrative expenses were $59,000; net sales were $268,100; interest expense was $6,300; research and d
ozzi

Answer:

$35,800

Explanation:

Gross Profit = Net sales - Cost of goods sold

                   = $268,100 - $145,500

                   = $122,600

Total Operating Expense:

= S, G & A Expenses + R&D expense

= $59,000 + $27,800

= $86,800

Operating Income = Gross Profit - Total Operating Expense

                               = $122,600 - $86,800

                               = $35,800

7 0
3 years ago
Denmark is a good example of a nation-state because:.
inna [77]

Denmark is a good example of a nation-state because nearly all Danes speak D.anish and live in Denmark.

<h3>What is nation-state?</h3>

Basically, a nation-state refers to sovereignty or state that is ruled in the name of a community of citizens that identify themselves as a nation.

Generally, the main component of a nation-state is presence of only one culture and language.

Therefore, the Option A is correct.

Read more about nation-state

<em>brainly.com/question/15232128</em>

8 0
2 years ago
Which of the following best describes the consideration on the part of an insurer?
ehidna [41]

Answer:

B) The promise to pay in the event of a covered claim

Explanation:

The promise to pay in the happening of a covered claim apparently describes the promise to pay in the process of covered claim. In insurance matter of contracts, the insurer assures to pay for covered losses which the insured suffers and the insured promises to do what the contract says and pay the premium. Most non insurance contracts are fluctuating contracts. The amount of attention given by both parties are almost equivalent.

4 0
3 years ago
Luke is an ordained minister. Luke's salary from his employing church last year was $31,000. The church did not designate any of
nirvana33 [79]

Answer

$31,000

Explanation:

(c) $31,000

Explanation:

As per IRS for Earnings of Clergy, A licensed, commissioned, or ordained minister who performs ministerial services as an employee may be able to exclude from gross income the fair rental value of a home provided as part of compensation (a parsonage) or a housing allowance provided as compensation if it is used to rent or otherwise provide a home. In order to be able to exclude the housing allowance from income, the minister's employing organization must officially designate the housing allowance as such before paying it to the minister.The fair rental value of a parsonage or the housing allowance is excludable only for income tax purposes, and not for Self-employment tax purpose.

In the given case, the church did not designate any of Luke's salaries as a housing allowance. Hence it is not deductible from Gross Income for Income Tax Purposes and irrespective of designation or not, it is not deductible for self-employment tax.

Thus, Full salary of Luke i.e $31,000 must be included when figuring net income for self-employment tax.

7 0
3 years ago
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