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LekaFEV [45]
3 years ago
15

For each separate case, record an adjusting entry (if necessary). Barga Company purchases $32,000 of equipment on January 1. The

equipment is expected to last five years and be worth $4,400 at the end of that time. Welch Company purchases $11,200 of land on January 1. The land is expected to last forever. Prepare the entries to record one year’s depreciation expense of $5,520 for the equipment and what depreciation adjustment, if any, should be made with respect to the Land account as of December 31? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
joja [24]3 years ago
8 0

Answer:

Equipment can be depreciated and the journal entry would be:

December 31, 202x, depreciation expense

Dr Depreciation expense 5,520

    Cr Accumulated depreciation - equipment 5,520

Accumulated depreciation is a contra asset account that decreases the net value of a fixed asset.

On the other hand, land cannot be depreciated. Land must always be reported at its historical cost (purchase price) even if its fair market value increases or decreases over time.

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The town of Marble Falls has 10 workers, of which 8 were employed and 2 were actively seeking work. After many months of seeking
natita [175]

Answer:

A) 0%

Explanation:

The unemployment rate in the town of Marble Falls refers to the portion of the active population which is not employed

Initially, there were 2 people actively searching for means of livelihood, six weeks down the line, they lost interest in job search, which means that by then, they were no longer in the unemployed category since they have stopped looking for job opportunities.

In essence, when the 2 people left the unemployed category, no one was left, which translated into the unemployment rate for the town of Marble Falls

5 0
3 years ago
Suppose In a Snap Ltd. Just issued a dividend of $1. 25 per share on its common stock. The company paid dividends of $. 85, $. 9
IgorC [24]
I have attached the answer

7 0
3 years ago
Peanut crops have been destroyed by a fungus. Consumers are substituting almond butter for peanut butter because they perceive i
vladimir2022 [97]

The prices of both peanut butter and almond butter are rising because of the demand and supply forces.

<h3>What is Demand and supply?</h3>

Demand and supply forces are the deriving forces of the market which influence the prices of the commodities. Demand refers to the willingness and ability to purchase the commodity.  

Supply refers to the availability of the product and services in the market that to as per the requirement in the market. Thus both the terms are interrelated and interconnected to each other.

As per the above situation, the rise in the demand of the peanut butter is due the loss of the crop due to fungus with created shortage in the supply of the peanut in the market.

Thus people shifted to its substitute almond butter which rises the demand of the almond butter as well.

Therefore it increased the prices of the  both the kinds of the butter available in the market.

Learn more about Demand and supply here:

brainly.com/question/8650679

#SPJ1

6 0
2 years ago
Plant assets often require expenditures subsequent to acquisition. It is important that they be accounted for properly. Any erro
Vera_Pavlovna [14]

Answer:

Indicating whether the expenditure should be capitalized or expensed in the period incurred:

a. Improvement = capitalized

b. Replacement of a minor broken part on a machine = expensed

c. Expenditure that increases the useful life of an existing asset = capitalized.

Explanation:

The expectation of costs producing an economic benefit beyond the current year or within the normal course of an operating cycle determines whether to capitalize or expense the costs.  When an item of expenditure is capitalized, it means that the expense recognition is delayed.  When the cost is expensed, it is treated as an expense in the income statement, whereas a capitalized cost is taken to the balance sheet, with only the depreciation expense portion recognized as expense for the period.

4 0
3 years ago
On August 5, 2021, Carla Vista Furniture shipped 30 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining
emmainna [20.7K]

Answer:

$15,592

Explanation:

Calculation to determine what The amount of cash received by Carla Vista furniture is

Cash received =[(20 × $920)*(100%-7%)] - $670 - $850

Cash received=($18,400*93%)-$670-$850

Cash received=17,112-$670-$850

Cash received=$15,592

Therefore The amount of cash received by Carla Vista furniture is $15,592

4 0
3 years ago
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