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AleksAgata [21]
3 years ago
10

Suppose a piece of plant equipment that PepsiCo put into service on January 1, 2014, at a total cost of $300,000 with an expecte

d useful life of 5 years and a salvage value of $60,000 is sold on June 30, 2018, for $60,000. The accumulated depreciation is $216,000.
What would the journal entry look like to record this sale?
Business
1 answer:
Iteru [2.4K]3 years ago
7 0

Answer:

Juen 30 2018 Cash                                                  $60000 Dr

                       Accumulated Depreciation              $216000 Dr

                       Loss on Disposal-Plant Equipment  $24000 Dr

                                   Plant Equipment                           $300000 Cr

Explanation:

The sale of an asset requires a firm to write off that asset from the books at cost. The writing off would require the credit to the asset account at cost along with a debit to the accumulated depreciation account that is created against this asset.

We also calculate the gain or loss on disposal of asset. An asset has a gain on disposal if the cash received from its sale is more than its carrying value and vice versa.

Carrying Value = Cost - Accumulated Depreciation

Carrying value = 300000 - 216000 = $84000

The asset loss on disposal = 60000 - 84000 = 24000 loss

We debit the loss on disposal and cash received from sale to complete the journal entry

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Assuming a 360-day year, when a $20,000, 90-day, 5% interest-bearing note payable matures, total payment will be
solong [7]

Answer:

total payment will be $21,000.

Explanation:

The Payment at maturity will include, the Principle amount (amount borrowed) and the Interest that accrued over the period of the note payable.

<u>Total Payment Calculation :</u>

Principle amount            = $20,000

Interest ($20,000 × 5%) =    $1,000

Total Payment                =  $21,000

7 0
3 years ago
Manziel Corporation constructed a building at a cost of $10,000,000. Average accumulated expenditures were $4,000,000, actual in
stira [4]

Answer:

$237,500

Explanation:

Cost of building      $10,000,000

Avoidable Interest            $300,000

Less;Salvage value           ($800,000)

Depreciation  Cost        $9,500,000

Depreciation per year $9,500,000/40=$237,500

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4 years ago
Assessment
faust18 [17]

Answer:

false cause people they alr on the stock market

6 0
3 years ago
Marla made a spreadsheet in Excel showing the projected costs for a concert she was putting on. What can Marla enter into cell A
aliina [53]

Marla will use the formula to find the updated cost.

=A2-A4-A6-A8-A10

Because A2 is budget and A4, A6, A8 and A10 all are expenses. So she has to budget-all expenses.

So option A=A2-A4-A6-A8-A10 is true.

<h3>What is a spreadsheet?</h3>

A spreadsheet is a computer program that can capture, display and manipulate data arranged in rows and columns. Spreadsheets are one of the most popular tools available with personal computers.

A single spreadsheet can be used as a worksheet to compile data for a purpose, or multiple sheets can be combined to create an entire workbook.

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2 years ago
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Answer:

national security of the United States

Explanation:

In the case when the U.S firms, their foreign subsidiaries that have taken the license of United states to not sell the products to a country in which the considered thing is sale due to which it impact the united stated national security as these trade could be prevented because of the concern related to the national security

hence, the above is the correct option

Thus, the same is to be considered

7 0
3 years ago
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