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
Setler79 [48]
3 years ago
9

Yoshi Company completed the following transactions and events involving its delivery trucks 2016 Jan. 1 Paid $20,515 cash plus $

1,485 in sales tax for a new delivery truck estimated to have a five Dec. 31 Recorded annual straight-line depreciation on the truck. 2017 Dec. 31 Due to new information obtained earlier in the year, the truck's estimated useful life was year life and a $2,000 salvage value. Delivery truck costs are recorded in the Trucks account. changed from five to four years, and the estimated salvage value was increased to $2,400. Re- corded annual straight-line depreciation on the truck. 2018 Recorded annual straight-line depreciation on the truck. Sold the truck for $5,300 cash. Dec. 31 31 Required Prepare journal entries to record these transactions and events
Business
1 answer:
frozen [14]3 years ago
6 0

Answer:

Depreciation for 2017

Account                             -             Dr             -         Cr

Depreciation expense                 $4900

Accumulated Depreciation                                     $4900

Depreciation for 2018

Account                             -             Dr             -         Cr

Depreciation expense                 $4900

Accumulated Depreciation                                     $4900

Sale of Truck:

Account                                -             Dr             -         Cr

 Cash                                               $5300

Equipment                                                                 $22,000

Accumulated Depreciation             $9800

  (4900*2)

Loss on Sale                                     $6,900        

                             

Explanation:

  • Depreciation = (Cost + Sales tax - Salvage value) / useful life

                              =(20515+1485-2400)/4

                              =$4900

  • Book value = Cost + Sales tax - Annual depreciation computed in (a) * 2 years

                              =20,515+1,485-4900*2

                              =$12,200

             Gain (loss) = Proceeds - Book value

                                =5,300 -12,200

                               =$6,900

You might be interested in
the idea that people like to save more money at higher interest rates and do not like saving as much money at lower interest rat
IRISSAK [1]

The idea that people like to save more money at higher interest rates and do not like saving as much money at lower interest rates results in a upward sloping supply curve in the loanable funds market.

Interest is charge from a borrower or deposit-taking monetary institution to a lender or depositor of an amount above repayment of the principal sum, at a particular rate. it is wonderful from a rate which the borrower may additionally pay the lender or some 1/3 birthday party.

Interest is the rate you pay to borrow cash or the price you rate to lend cash. interest is most usually reflected as an annual percentage of the amount of a loan. This percent is called the hobby fee on the mortgage.

Learn more about interest here:brainly.com/question/2294792
#SPJ4

7 0
1 year ago
When you seek to define an issue, you should try to frame it in positive terms.
aev [14]

Answer:

True.

Explanation:

The problem-solving process can be defined as the systematic approach used to identify and determine the solution to a particular problem.

The steps involved in the problem-solving process are;

1. Identify and define the problem: this is the first step to be taken in solving a problem. This is to ensure that, the focus is on the main issue or situation (goal) and all efforts is channeled in the right direction rather than the symptoms.

2. Gathering of information: this helps to consider the options available in solving a problem effectively.

3. Consider your options: this helps to compare the available and viable solutions to the problem.

4. Weigh disadvantages and evaluate a solution: you weigh the disadvantages of each solution, before choosing the one with the least disadvantages.

In the problem-solving process used for making decisions, you should try to frame any issue (problem) in positive terms when you seek to define it because that would help you to quickly proffer solutions and think in the right direction.

4 0
3 years ago
When firms advertise their products they are attempting to?
Lilit [14]
Get or grab someone attention and give them reasons why they should buy and use their product 
6 0
3 years ago
Read 2 more answers
Marston acquired assets for $100,000. At the end of year 3, the assets had accumulated depreciation of $40,000. An impairment lo
MissTica

Answer:

(b)-Debit to loss on impairment of $12,000

Explanation:

As for the details in question,

The asset purchase price = $100,000

Accumulated depreciation = $40,000

Thus, book value = Purchase price - Accumulated depreciation = $100,000 - $40,000 = $60,000

Now, this has a fair market value = $48,000

Thus, loss of value to be recorded as impairment loss = $60,000 - $48,000 = $12,000

Since loss in value will decrease the value of asset, it will be debited against credit in fixed assets by $12,000

This, will represent book value = $48,000

Therefore, correct option is:

Statement B

7 0
3 years ago
The following labor standards have been established for a particular product: Standard labor hours per unit of output 4.5 hours
zaharov [31]

Answer:

4400 Unfavorable

Explanation:

Calculation to determine the labor rate variance for the month

First step is to calculate the Standard hours using this formula

Standard hours = Standard labor-hours per unit of output*Actual output

Let plug in the formula

Standard hours= 4.5*1,300 units

Standard hours= 5850

Now let calculate the Direct labor efficiency variance using this formula

Direct labor efficiency variance = (Standard hours - Actual hours)*Standard rate

Let plug in the formula

Direct labor efficiency variance= (5,850-6,100)*17.60

Direct labor efficiency variance= 4400 Unfavorable

Therefore the labor rate variance for the month is 4400 Unfavorable

8 0
2 years ago
Other questions:
  • Whose work predicted that mass could be converted into energy and vice versa?
    10·2 answers
  • Christine and Paul are deciding how to split their time between writing music and lyrics for their new album. Their PPFs for 72
    8·1 answer
  • Question 62
    9·2 answers
  • Isabella is on temporary layoff from her factory job. If Isabella participated in the BLS survey she will be classified as?
    7·2 answers
  • Robert owns a $214,000 town house and still has an unpaid mortgage of $150,000. In addition to his mortgage, he has the followin
    10·1 answer
  • Select all the words that are associated with Demand
    10·1 answer
  • make your own meme for points! But I swear if there is no good memes brainly sucks now because their used to be amaaaaaaaaaazing
    15·2 answers
  • Is the number of active products an indicator of innovation, or an indicator of whether the innovation is incremental or discont
    12·1 answer
  • ↑ State 4 ways in which a business may increase its profit ​
    5·2 answers
  • Assuming noah made 6-month payments on its wood purchases from indonesia, what is the schedule of foreign currency amounts over
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!