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Damm [24]
4 years ago
12

Kimberly sold equipment that she uses in her business for $50,000. Kimberly bought the equipment two years ago for $60,000 and h

as claimed $30,000 of depreciation expense. What is the amount and character of Kimberly’s gain or loss?
Business
1 answer:
PSYCHO15rus [73]4 years ago
7 0

Answer:

$20,000 ordinary gain

Explanation:

Data provided in the question:

Cash proceeds from Selling of the equipment = $50,000

Purchasing cost of the equipment = $60,000

Depreciation expense = $30,000

Now,

The book value of the equipment

= Purchasing cost of the equipment - Depreciation expense

= $60,000 - $30,000

= $30,000

Since,

the amount of proceeds from sales is higher than the book value of the equipment

Therefore a gain will be recognized

The amount of Gain = proceeds from Selling - book value

= $50,000 - $30,000

= $20,000

Hence,

$20,000 ordinary gain

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The following monthly data pertains to the Amnesty Company: Sales commissions 8,000 Delivery truck depreciation $2,500 Direct la
Fed [463]

Answer: $46000

Explanation:

The manufacturing overhead for the month will be calculated as:

Indirect labour = $15000

Add: Indirect material = $4000

Add: Factory electricity gas = $8000

Add: Factory supervisor salary = $12000

Add: Depreciation on factory building = $7000

Therefore, the total manufacturing overheads would be gotten by adding the above values together whihc will be equal to $46000.

3 0
3 years ago
Cooley company's stock has a beta of 1.32, the risk-free rate is 4.25%, and the market risk premium is 5.50%. what is the firm's
balu736 [363]
11.51%

The required rate of return = risk-free rate + Beta * (market risk premium)

Here, we multiply the beta of 1.32 times the market risk premium of 5.50%, then add the risk-free rate of 4.25% to get the required rate of return, or 11.51%. 
6 0
4 years ago
Because of the identity equation that relates to net exports, the in U.S. net exports is matched by in U.S. net capital outflow.
Serga [27]

Answer:

Please see attachment

Explanation:

Please see attachment

8 0
3 years ago
Which is not a defining attribute of a group?a. Mutual goal b. Unstructured relationships c. Positive interdependence d. Interpe
WARRIOR [948]

Answer:

<u>d. Interpersonal interaction.</u>

<u>Explanation:</u>

A group may have mutual goal, unstructured relationships but may not necessarily have Interpersonal interaction.

For example, a group of 100 persons makes up the passengers on a flight <em>heading to</em> New York City (their mutual goal)  and they're made of individuals of random backgrounds (unstructured relationships). They expect the pilots to deliver them safely at their destination (positive interdependence), however, it is likely that throughout the trip there is no interpersonal interaction among the passengers.

4 0
3 years ago
How will the general ledger accounts in the trial balance most likely differ if the company were a retail store rather than a wh
ExtremeBDS [4]

How will the general ledger accounts in the trial balance most likely differ if the company were a retail store rather than a wholesale company?

A general ledger account is used to record transactions that a company has. A trial balance has all of the general ledger accounts listed shows all of the debits and credits that a company has faced. A retail store will have smaller product transactions over a wholesale store due to the wholesale store selling in bulk. There will likely be more credits and debits for a retail store whereas a wholesale store may have more debits as they are less likely to have returns.

How will they differ for a hospital or a government unit?

A hospital or government unit will have vastly different general ledger reports due to the type of agency they are. These transactions will deal more with insurance or big dollar companies rather than individuals on a smaller scale. A trial balance is not a financial statement but it used to show balances that an organization has.

7 0
3 years ago
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