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
ElenaW [278]
3 years ago
14

Henry Company traded in an old delivery truck for a new one. The old truck had a cost of $78,000 and accumulated depreciation of

$44,000. The new truck had an invoice price of $122,000. Henry was given a $12,000 trade-in allowance on the old truck, which meant they paid $110,000 in addition to the old truck to acquire the new truck. What is the recorded value of the new truck
Business
1 answer:
babymother [125]3 years ago
6 0

Answer:

The new truck will enter the account with the invoice value.

new truck 122,000

ac dep old truck 44,000

loss on trade 22,000

Cash 110,000

Old Truck 78,000

Explanation:

Old truck 78,000

acc depreciation 44,000

net-book value 34,000

trade-in allowance 12,000

loss on trade 22,000

The new truck will enter the account with the invoice value.

You might be interested in
You missed writing down a transaction but your account indicates you spent your entire cleaning budget of $750. Your other trans
Klio2033 [76]

Answer:

Explanation:

a) $90

b)$111

c)$136

d)$148

4 0
3 years ago
Economic systems differ from one another based on who owns the factors of production and.
Aliun [14]

Economic systems differ from one another based on who owns the factors of production and. <u>Who make decisions regarding what to produce and how it is produced</u>

<u />

<h3>What is Economic systems?</h3>

An economic system is a mechanism by which societies or governments manage and distribute public resources, services, and goods across a geographic region or nation. Economic systems control the factors of display, including land, capital, labor, and material resources.

<h3>What is represented by economic system?</h3>

An economic system is a means with the help of which the government plans and issues accessible services, resources, and things across the country. Economic systems manage aspects of production, combining wealth, labour, physical resources, and industry people.

To learn more about economic system, refer

brainly.com/question/26360576

#SPJ4

Complete Question is,

A. How much resources are available in the economy and where they are located

B. Who make decisions regarding what to produce and how it is produced

C. What kinds of products are produced in the economy and how plentiful they are

D. How big the population is, and the makeup of the population

5 0
1 year ago
You decide to take $600 out of your piggy bank at home and place it in the bank. If the reserve requirement is 2 percent, how mu
Ostrovityanka [42]
To determine the increase in the amount of money in the economy brought about the $600 taken out of the piggy bank, we multiply $600 by the decimal equivalent of the percentage given. That is,
                                  ($600) x (0.02) = $12
Hence, your $600 will increase the amount of money in the economy by $12. 
3 0
2 years ago
Inventory records for Marvin Company revealed the following:
lbvjy [14]

Answer:

Ending inventory= $5,592.45

Explanation:

Giving the following information:

Mar. 1: Beginning inventory= 1,090 units at $7.25

Mar. 10: Purchase: 510 units at $7.75

Mar. 16: Purchase: 397 units at $8.35

Mar. 23: Purchase: 510 units at $9.05

First, we need to calculate the number of units in ending inventory:

Ending inventory in units= total units - units sold

Ending inventory in units= 2,507 - 1,880= 627

Under FIFO (first-in, first-out), the ending inventory is composed of the cost of the last units bought.

Ending inventory= 510*9.05 + 117*8.35= $5,592.45

6 0
3 years ago
Crestfield leases office space. On January 3, the company incurs $23,000 to improve the leased office space. These improvements
Lisa [10]

Answer:

Amortization expense $11,500

   To Accumulated Amortization- Leasehold improvements $11,500

(Being the expenses for the first year is recorded)

Explanation:

The journal entry is as follows

Amortization expense $11,500

   To Accumulated Amortization- Leasehold improvements $11,500

(Being the expenses for the first year is recorded)

The computation is shown below:

= Incurred expenses ÷ remaining life

= $23,000 ÷ 2

= $11,500

While recording this transaction we debited the amortization expense as the expenses account is increased while at the same time the accumulated amortization should be credited as it decreased the value of the asset

5 0
3 years ago
Other questions:
  • The functional manager is planning the billing system replacement project with the newest project manager at the company. In dis
    8·1 answer
  • Journalize the following transactions using the allowance method of accounting for uncollectible receivables.April 1 Sold mercha
    10·1 answer
  • Newland and Palermo form a partnership. Newland contributes land with a book value of $50,000 and a fair value of $60,000. Newla
    7·1 answer
  • I haven't studied accounting in a well can some one please help me?
    12·1 answer
  • Which does not motivate entrepreneurs?<br>A. profit<br>B. freedom<br>C. innovaton<br>D. security
    15·2 answers
  • ___________ is a process used to test consumer reactions about a product among potential users.
    11·2 answers
  • Failure to prepare an adjusting entry at the end of a period to record an accrued revenue would cause Group of answer choices ne
    6·1 answer
  • Which quote best represents a person performing a cost-benefit analysis​
    15·1 answer
  • Kali wants to start her own investment firm from scratch, so she's very focused on understanding the possible drawbacks of takin
    13·1 answer
  • 19. Which part of the lease gives the landlord the right to remove the tenants
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!