Ask question

Ask question

All categories

4 years ago

6

Here are selected 2017 transactions of Novak Corporation. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2

007. The machine cost $61,400 and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2015. The computer cost $35,600 and had a useful life of 4 years with no salvage value. The computer was sold for $4,700 cash. Dec. 31 Sold a delivery truck for $9,500 cash. The truck cost $24,100 when it was purchased on January 1, 2014, and was depreciated based on a 5-year useful life with a $3,300 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Novak Corporation uses straight-line depreciation.

1 answer:

Oliga [24]4 years ago

5 0

Answer:

dep expense 4,450 debit

acc depreciation computer 4,450 credit

to record depreciation for the computer

cash 4,700 debit

acc depreciation 22,250 debit

loss on disposal 9,250 debit

computer 35,600 credit

to record sale of computer

dep expense 4,160 debit

acc depreciation truck 4,160 credit

to record depreciation expense for the truck 2017

cash 9,500

acc depreication 16,640

gain on disposal 2,040

truck 24,100

to record sale of a truck

Explanation:

<u>Computer:</u>

35,600 / 4 = 8,900 depreciation per year

depreciation for 2017

january to june 30th --> half a year so half depreciation

8,900 / 2 = 4,450

then we do the sale of the computer

acc depreciation

from jan 1st 2015 to june 30th 2017

2 and a half year

8,900 + 8,900 + 4,450 = $22,250.00

book value 35,600 - 22,250 = 13,350

proceeds 4,700

loss on disposal 9,250

<u>truck</u>

Acquisition Value 24100

Salvage Value 3300

ammount subject to depreciation 20800

Useful Life 5

depreciation per year 4160

We need to do the entry for the depreication for the year.

Then we calcualte the gain/loss on disposal

accumualted from jan 2014 to dec 31th 2017

4 years

4,160 x 4 = 16,640

book value 24.100 - 16,640 = 7,460

proceeds 9,500

gain on disposal 2040

You might be interested in

According to the National Association of Colleges and Employers (NACE) survey, some of the skills that employers seek include:

rodikova [14]

Answer:

1) Problem solving skills

2) Teamwork abilities

3) Strong work ethic

4) Analytic / Quantitative Skills

Explanation:

As reported by the National Association of Colleges and Employers (NACE), during their survey on skills employers seek in candidates. They have found that the most important skills employers seek in a candidate's resume aside from a good GPA are problem-solving skills and the ability to work in a team.

Other top skills that employers want are a strong work ethic and analytical/quantitative skills. These skills were among the top six in the last year's report of NACE. While this year they have become the top four most wanted skills by an employer.

There are other skills as well that employers seek such as Communication Skills (written), Leadership, Communication Skills (Verbal), Initiative, etc. However, they are not as important as the top four skills mentioned above.

8 0

3 years ago

Resolve (7x+19)/(x+1)(x+5) into partial fraction

Volgvan

Answer:

$\dfrac{7x+19}{(x+1)(x+5)}=\dfrac{3}{x+1}+\dfrac{4}{x+5}$

Explanation:

The given expression is

$\dfrac{7x+19}{(x+1)(x+5)}$

We need to resolve this into partial fraction.

The form of the partial fraction decomposition is

$\dfrac{7x+19}{(x+1)(x+5)}=\dfrac{A}{x+1}+\dfrac{B}{x+5}$ ...(1)

$\dfrac{7x+19}{(x+1)(x+5)}=\dfrac{A(x+5)+B(x+1)}{(x+1)(x+5)}$

$7x+19=Ax+5A+Bx+B$

$7x+19=(A+B)x+(5A+B)$

On comparing both sides, we get

$A+B=7$ ...(2)

$5A+B=19$ ...(3)

Subtract (2) from (3), we get

$4A=12$

$A=3$

Put A=3 in (1).

$3+B=7$

$B=4$

Put A=3 and B=4 in (1).

$\dfrac{7x+19}{(x+1)(x+5)}=\dfrac{3}{x+1}+\dfrac{4}{x+5}$

Therefore, $\dfrac{7x+19}{(x+1)(x+5)}=\dfrac{3}{x+1}+\dfrac{4}{x+5}$ .

5 0

3 years ago

Viral marketing is consistently successful.<br> True<br> False

shutvik [7]

Answer:
Based on what we know, Viral Marking is so successful because it creates curiosity and desire needed to generate the demand for a product or a service.

In conclusion:
Yes, viral marketing is consistently successful.

8 0

3 years ago

When decision makers choose to continue an existing course of action because it is the less painful option at the time, this is

Kryger [21]

It is known as the Prospect Theory Effect.

Prospect Theory is the tendency to feel stronger negative emotions than positive emotions when losing something of value. It is an assumption that losses and gains have different values even if they are really both equal. For an instance, there are two options presented- one shows potential gains and the other shows possible losses. The former option will be chosen because the probability of gain is perceived greater.

6 0

3 years ago

A.J. is the vice president for Keane Products, a marketing consulting firm. On a business trip to New York City in 2019, he meet

Ede4ka [16]

Answer:

$312

Explanation:

Business Travel expenses are costs incurred when you are away from home on businesses. Accordingly, in this case, AJ is allowed to deduct 50% of his entertainment costs (that is, meal and theater tickets) since it follows a substantial business discussion. The cost of transportation, that is the cab fare is fully covered under the business expenses as it is not subject to the 50% rule of deduction for entertainment and the likes.

Thus,

Total money AJ can deduct as business expenses.

= (50% of 350) + (50% of 190) + 42

= 175 + 95 + 42

= $312

7 0

4 years ago