\Answer:
Equipment Cr. $219818.00 is the correct answer.
Explanation:
The asset costed $219818 and when an asset is disposed off, it is written off from the books and its account is closed. The cost of asset is credited in the asset account. Thus, $219818.00 will be credited.
The amount of sales proceed is unknown so we cannot determine if the asset was sold for a loss or gain. Thu option b and d cannot be the right answer.
The amount of accumulated depreciation is given till year end as $197836.20 and this amount will be debited in the correct entry. Thus option c is incorrect.
Answer:
C) The Actual Quantity (AQ) of direct materials used was less than the standard quantity for actual output
Explanation:
To be favorable (positive) the difference between standard and actual quantity needs to be positive.
The standard quantity will be calculate doing the standard per unit times the total units produced during the period.
Resuming Standard Quantity would be the expected for the actual output.
(A) refers to prices, this variance is for volume
(B) if standard is less than actual, it means we spend more raw materials than it should be, the variance will be unfavorable
(D) same as B if actual are higher (or standard is lower) then we spend more raw materials than expected, the variance is negative
(C) when actual is less, it means we use less than expected, we saved raw materials, the variance is favorable.
Answer:
The PV is 125,000
Explanation:
We need to solve for the present value of a perpetuity:
The yearly amounts are 10,000
while the current interest rate is 8% = 8/100 = 0.08
10,000 / 0.08 = 125,000
the perpetuity is worth 125,000 dollars
Note, when the market rate changes the value of the perpetuity also changes as the constant cash flow is dividend over a larger or lower rate generating smaller or higher amounts, respectively
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Answer:
The amount of Uncollectible Account Expense reported on the income statement will be: $ 64,800
Explanation:
Jumpin Corporation
Percent of Sales method
Net credit sales $ 2 100 000,
Un collectible estimated 3%
Un collectibles Accounts = 3% of $ 2 100,000, = $ 63,000
Unadjusted Allowance for Un collectible Accounts $ 1, 800 Dr.
Required Adjustment = $ 64,800
The amount of Un collectible Account Expense reported on the income statement will be: $ 64,800
In the percent of sales method emphasis is laid on the matching principle in the income statement and amount of bad debts expense is subtracted from the accounts receivables.