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
miv72 [106K]
3 years ago
8

On january 1, 2013, a company sold a piece of equipment for $30,000 which it had used for several years. the equipment had cost

$45,000, and its accumulated depreciation amounted to $20,000 at the time of the sale. what are the net effects on the accounting equation of selling the equipment?
a. assets and shareholders' equity increase $30,000.
b. assets and shareholders' equity increase $5,000.
c. assets and shareholders' equity decrease $5,000.
d. assets decrease and shareholders' equity increases $5,000
Business
1 answer:
Tema [17]3 years ago
3 0
Book value on the date of disposal
Cost of the equipment - accumulated depreciation
45000-20000=25000

Gain on disposal of the equipment
Proceeds from sales - book value on the date of disposal
30000-25000=5000

The amount of gain on disposal (5000) is reported under “Other revenues and
gains” section of the income statement which increase the profit which transferred into shareholders equity. Also, the account of the equipment will be zero

So the answer is d

Hope it helps!
You might be interested in
When talking about saving money, Anthony ONeal says, "Start paying yourself and
konstantin123 [22]

Answer:

“and get rich” I believe that’s the answer

Explanation:

6 0
2 years ago
Read 2 more answers
Ocean City Kite Company sells kites for $11.50 per kite. In FY 2019, total fixed costs are expected to be $250,000 and variable
Dmitry_Shevchenko [17]

Answer:

40,000 kits

Explanation:

The computation is shown below:

Number of kits required to be sold to meet the goal = Total Contribution Margin Required ÷ Contribution Margin per Unit

where,

Total contribution margin required is

= Total fixed cost + operating income

= $250,000 + $90,000

= $340,000

And, the

Contribution Margin per Unit = Selling Price per Unit - Variable Cost per unit

= $11.50 - $3

= $8.50

So, the number of kits required is

= $340,000 ÷ $8.50

= 40,000 kits

8 0
3 years ago
What is another way to express class rank?
Vadim26 [7]

Answer:

The answer is C.

Explanation:

Class rank is a measure of how a student's performance compares to other students in his or her class. It is commonly also expressed as a percentile.

8 0
3 years ago
Read 2 more answers
economists argue that rent control is a highly efficient way to help the poor raise their standard of living.
mote1985 [20]

Economists argue that rent control is a highly efficient way to help the poor raise their standard of living. The statement is False.

<h3>What is Economists?</h3>

An economist refers an individual who possesses deep knowledge about the connection between the production that takes place with the help of resources and the output received to determine the growth.

Rent control is a highly efficient way to help the poor raise their standard of living is False. The quantity of legal rise would be limited by rent control, and most landlords support these rules.

Therefore, the statement is False.

Learn more about Economists, here:

brainly.com/question/13372876

#SPJ2

economists argue that rent control is a highly efficient way to help the poor raise their standard of living. True/False.

5 0
2 years ago
Jack and Jill have a tenancy in common in an apartment building. After ten years of ownership, Jill dies unexpectedly. On Jill's
Basile [38]
<h2>Jill's interest in the property will: <u>Pass to Jill's heirs </u>(Option B)</h2>

Explanation:

Let us understand the meaning of tenancy: It is the "possession of any property which might be land or building and get connected as tenant".

In contrast, ownership means the property belongs that person alone or in partnership.

Understanding the above terms, We can say, Jack and Jill have been a tenant and after ten years, Jill dies. So the rest of the interest in the property will definitely go to his heirs only.

It cannot be passed to Jack because Jill's interest will not be paid by other person except for Jill's heirs. Jack heirs are no way responsible or own the property of Jack.

7 0
3 years ago
Other questions:
  • In your own words: what is the relationship between organizing and controlling?
    6·1 answer
  • Monroe Construction Company uses the percentage-of-completion method of accounting. In 2013, Monroe began work on a contract it
    9·1 answer
  • Due to changes in​ technology, a recent trend is for product or service producers to cut out intermediaries and go directly to f
    5·1 answer
  • Telecom Systems can issue debt yielding 5 percent. The company is in a 30 percent bracket. What is its aftertax cost of debt?
    15·1 answer
  • A drought decreases the supply of agricultural products, which means that at any given price a lower quantity will be supplied;
    13·1 answer
  • When the price of hot dogs is $1.50 each, 500 hot dogs are sold every day. After the price falls to $1.35 each, 510 hot dogs are
    11·1 answer
  • For homeowners in upper-income brackets whose gains exceed $500,000 ($250,000 for a single taxpayer), the capital gains tax rate
    14·1 answer
  • 1
    13·1 answer
  • In conducting interviews and observing factory operations to implement an activity-based costing system, you determine that seve
    15·1 answer
  • What is sole proprietorship?? <br><br><br>hlo everyone​
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!