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erastovalidia [21]
3 years ago
12

Shamrock Corporation traded a used truck (cost $28,000, accumulated depreciation $25,200) for a small computer with a fair value

of $4,620. Shamrock also paid $700 in the transaction.
Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)Account Titles and Explanation Debit Credit_______________________ ______________ ________________
Business
1 answer:
jenyasd209 [6]3 years ago
5 0

Explanation:

The journal entry to record the exchange who contains the commercial substance is shown below:

Computer A/c Dr $4,620

Accumulated depreciation - Truck Dr $25,200

           To Truck $28,000

           To Cash $700

           To Gain on sale of truck $1,120

(Being the exchange is recorded)

The gain or disposal on sale of truck is the remaining balance left so that the debit and credit balance get equaled

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The most important elements in a business model include all of the following except: A. Selecting a growth strategy B. Verifying
worty [1.4K]

Answer:

Option A    

Explanation:

In simple words, business model refers to the strategy for creating a profit for a product. This defines the goods or services that the company is trying to offer, the intended audience that it has defined as well as the costs it plans.

A creative technology company must include a business plan, if only to draw funding, help it retain talent, and inspire leaders and managers. Established companies frequently have to review and revise their operating strategies, or struggle to predict emerging developments and obstacles. Investors will study and analyse the corporate strategies of all businesses that are involved in them.

Choosing a development procedure for growth is not really a part of a business framework, but a point of performance of the growth model. Other choices specifically address which kind of goods should be selected in a company with which specific market group and how you'd like to benefit from your package's particular quality.

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4 years ago
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zvonat [6]

Answer: B

Explanation:

8 0
3 years ago
Why did the natural environment receive so much attention under new deal programs, and with what result?
hram777 [196]
<span>Under the New Deal, nature received a lot of attention because people realized that this type of valuable space was important to have a clean and a healthy population. Due to it following the Great Depression, people also saw the importance of the many jobs it would create.</span>
7 0
4 years ago
Department S had no work in process at the beginning of the period. It added 13,600 units of direct materials during the period
lora16 [44]

Answer:

Cost of units completed = $176,528

Workings are attached:

Explanation:

Equivalent unit of production

An equivalent unit of production is an expression of the amount of work done by a manufacturer on units of output that are partially completed at the end of an accounting period. Basically the fully completed units and the partially completed units are expressed in terms of fully completed units.

Equivalent units are used in the production cost reports for the producing departments of manufacturers using a process costing system. Cost accounting textbooks are likely to present the cost calculations per equivalent unit of production under two cost flow assumptions: weighted-average and FIFO.

Conversion costs

Conversion costs is a term used in cost accounting that represents the combination of direct labor costs and manufacturing overhead costs. In other words, conversion costs are a manufacturer's product or production costs other than the cost of a product's direct materials.

Expressed another way, conversion costs are the manufacturing or production costs necessary to convert raw materials into products.

The term conversion costs often appears in the calculation of the <u>cost of an</u> <u>equivalent unit in a process costing system.</u>

For the sake of this question, we will be determining the <u>equivalent units of production:</u>

  • Units completed and transferred subject to material and conversion costs
  • Units in the closing inventory subject to material and conversion costs
  • We will then calculate the cost per units with respect to material and conversion costs for the equivalent units.
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Download xlsx
4 0
3 years ago
When Beta Company bought Gamma Company, Beta sold off about 30% of Gamma’s assets because they did not need them. Beta kept only
Mkey [24]

Answer:

To prevent a negative effect on their other businesses, resulting in loss of control of assets.

Explanation:

Counter-cyclical assets are assets that thrives in a period where most other businesses struggle.

For example, Gamma Company would be considered counter-cyclical, if it provides services that are unavailable in beta's other businesses during certain periods or cycle.

To prevent loss of control Beta company decides to retain this part of Gamma company.

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3 years ago
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