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3 years ago

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Julie works at a job where she is paid a fee for each sale she makes rather than an hourly salary. she is a good salesperson but

never knows when she will make her next sale. this means that her salary reflects a __________ schedule of reinforcement.

1 answer:

Hunter-Best [27]3 years ago

6 0

There are no options to choose from. Julie will get paid that fee of customers bias. (if that makes sense). Hope this helps!

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I hope I help you thank you

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Read 2 more answers

Onslow Co. purchases a used machine for $178,000 cash on January 2 and readies it for use the next day at a $2,840 cost. On Janu

salantis [7]

Hi the question you posted is incomplete, i have searched the full question online and it reads as follows :

<em>Onslow Co. purchases a used machine for $178,000 cash on January 2 and readies it for use the next day at a $2,840 cost. On January 3, it is installed on a required operating platform costing $1,160, and it is further readied for operations. The company predicts the machine will be used for six years and have a $14,000 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of. </em>

<em> </em>

<em>Required: </em>

<em> </em>

<em>1. Prepare journal entries to record the machine's purchase and the costs to ready and install it. Cash is paid for all costs incurred. </em>

<em> </em>

<em>2. Prepare journal entries to record depreciation of the machine at December 31 of (a) its first year in operations and (b) the year of its disposal. </em>

<em> </em>

<em>3. Prepare journal entries to record the machine's disposal under each of the following separate assumptions: (a) it is sold for $15,000 cash; (b) it is sold for $50,000 cash; and (c) it is destroyed in a fire and the insurance company pays $30,000 cash to settle the loss claim.</em>

Answer:

Required 1

January 2

Machine $178,000 (debit)

Cash $178,000<em> </em>(credit)

<em>Purchase Cost</em>

January 3

Machine $2,840 (debit)

Cash $2,840 (credit)

<em>Readiness Costs</em>

January 3

Machine $1,160<em> </em>(debit)

Cash $1,160<em> </em>(credit)

<em>Operating Platform</em>

Required 2

a. $28,000

b. $28,000

Required 3

<u><em>a. it is sold for $15,000 cash</em></u>

Cash $15,000 <em> </em>(debit)

Profit and Loss $27,000 (debit)

Accumulated Depreciation $140,000 (debit)

Machine $182,000 (credit)

<u><em>b. it is sold for $50,000 cash</em></u>

Cash $50,000 <em> </em>(debit)

Accumulated Depreciation $140,000 (debit)

Machine $182,000 (credit)

Profit and Loss $8,000 (credit)

<u><em>c. insurance company pays $30,000 cash to settle the loss claim</em></u>

Cash $30,000 <em> </em>(debit)

Profit and Loss $12,000 (debit)

Accumulated Depreciation $140,000 (debit)

Machine $182,000 (credit)

Explanation:

Required 1

Cost of Asset = Purchase Cost + Costs directly attributed to place the assets in location and condition intended for operation by management.

Thus, Cost of Asset = $178,000 + $2,840 + $1,160

= $182,000

Required 2

<em>Depreciation Expense(Straight line) = (Cost - Residual Value) ÷ Useful Life</em>

Straight line charges a fixed amount of depreciation.

Thus, depreciation charge each year will be :

Depreciation Expense(Straight line) = ($182,000 - $14,000) ÷ 6

= $28,000

Required 3

On Disposal of Asset, the following must the remembered ;

Derecognize the Cost of Asset
Derecognize the Accumulated Depreciation
Recognize the Proceeds on Disposal (if any)
Recognize the Profit or Loss on Disposal

4 0

3 years ago