1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
zubka84 [21]
3 years ago
14

Rayya Co. purchases a machine for $159,600 on January 1, 2019. Straight-line depreciation is taken each year for four years assu

ming a eight-year life and no salvage value. The machine is sold on July 1, 2023, during its fifth year of service.Prepare entries to record the partial year’s depreciation on July 1, 2023, and to record the sale under each seperate situation. (1) The machine is sold for $79,800 cash. (2) The machine is sold for $67,032 cash.
Business
1 answer:
UNO [17]3 years ago
5 0

<u>Solution and Explanation:</u>

<u>Depreciation expense is calculated as follows:</u>

Depreciation expense = Cost of machine minus residul value divide useful life of asset

= (159600 - 0) / 8 = 19950

Thus, annual depreciation expense is $19950

Partial year depreciation expense = Anuual depreciation multiply period

= 19950 mulitply 0.5 = $9975

Thus, partial depreciation expense for the 01st january 2023 to July 1, 2023 is $9975

<u>the jorunal entry is as follows:</u>

Depreciation account Dr.    9975 ($)

Accumulated depreciation Cr.   9975 ($)

<u>1. if machine is sold for $79800 cash</u>

Cash                                     79800

Accumulated depreciation   89775

         gain on sale of machinery       9975

         Machinery                                   159600

<u>2. If machine is sold for $67032</u>

Cash                                     67032

Accumulated depreciation   89775

loss on sale of machinery       2793

         Machinery                                   159600

You might be interested in
Yani just graduated from college and moved back to his hometown in Connecticut. He is offered a job at the large insurance firm
user100 [1]

Answer:

With Yani's counter-wage offer, the insurance firm will likely reject his counter-offer and, in the extreme, withdraw the employment proposal with the firm.

Explanation:

As indicated in the question, the insurance company is a monopsony.  A monopsony is the single buyer in the marketplace.  This means that there is no other firm that can employ Yani in his Connecticut hometown.  He must look for another job in another environment outside his hometown or condescend to accept the lower than hoped-for salary by the large insurance firm.

7 0
3 years ago
Armstrong Corporation manufactures bicycle parts. The company currently has a $18,500 inventory of parts that have become obsole
MaRussiya [10]

Explanation:

There are two alternatives

1. Sold for $6,300

The inventory parts should be sold for $6,300 as the current inventory parts are not relevant as it is a sunk cost i.e $18,500

2. Repair and after that sale it

Now in this case, we have to determine the benefit generated i.e come from

= Sale value - repairing cost

= $19,700 - $9,100

= $10,600

As we can see that the alternative 2 generated higher benefit as compare to the alternative 1 so it would be more beneficial for the company

3 0
3 years ago
A major weakness of planning budgets is that A. They are feared only to a single level of activity. B. They cannot be used to as
Ksivusya [100]

Answer:

The correct answer is letter "D": All of the above.

Explanation:

Budgets are estimates of the expenses that may be incurred during the development of a  project. Managers try to keep the expenditures as close as to the budget to make sure a reasonable amount of resources were used. Though, disadvantages of counting on budgets are, for instance, that they are set mostly to a single level of activity without considering adjustments that might be necessary as a result of external changes; also, budgets are a constraint for projects since the executive responsible must monitor how the resources are spent periodically to find out if they will be enough for the project completion.

4 0
3 years ago
If the quantity supplied responds only slightly to changes in price, thenA. supply is said to be elastic.B. even a large decreas
Murrr4er [49]

Answer:

D. supply is said to be inelastic.

Explanation:

When the change in the quantity supplied of any good is less sensitive due to change in the price, then the supply is known as the inelastic and If the quantity supplied responds only slightly to changes in price, then supply is said to be inelastic.

6 0
2 years ago
Suppose the cost of operating a 75 room hotel for a night is $6,000 and there are 5 empty rooms for tonight. If the marginal cos
Anit [1.1K]

Answer:

More than $40, as the marginal benefit will exceed the marginal cost.

Explanation:

A firm should continue to produce a good or service, to hire an additional worker, and to engage in any type of economic activity as long as the marginal benefit is higher than the marginal cost.

In this case, operating one room for the night costs $40. That is the marginal cost. What the customer pays for renting the room for the night is the marginal cost. Therefore, as long as the customer pays more than $40 for the night, the hotel should rent out the room, because the marginal benefit is higher than the marginal cost.

6 0
3 years ago
Other questions:
  • According to the video, how long does an architecture program usually take to complete?
    15·2 answers
  • Birk Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.
    15·1 answer
  • Advertising revenue, the lifeblood of newspaper operations, ______.
    6·1 answer
  • Which of the following is a personal drivers of Employee Engagement
    15·2 answers
  • All of the following statements regarding leases are true except : A. For a capital lease the lessee records the leased item as
    5·1 answer
  • The actual information pertains to the third quarter. As part of the budgeting​ process, the Duck Decoy Department of Paralith I
    8·1 answer
  • A clothier makes coats and slacks. The two resources required are wool cloth and labor. The clothier has 150 square yards of woo
    9·1 answer
  • Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2019, she sells the following long-term assets u
    13·1 answer
  • Las relaciones de trabajo saludable que existe entre jefes y empleados es un ejemplo de:
    13·1 answer
  • Dublin Corporation reported net sales of $250,000, cost of goods sold of $150,000, operating expenses of $50,000, net income of
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!