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leva [86]
3 years ago
8

Most common forms of financial exchange

Business
1 answer:
Sedaia [141]3 years ago
7 0

Cash , Credit and debit

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Prine Company purchased equipment on January ​1, 2018​, for $ 25 comma 000. Suppose Prine Company sold the equipment for $ 3 com
Marat540 [252]

Answer:

a. The company recognizes loss on the sale of the equipment $6,000

b. The entry to record the sale of the equipment:

Debit Cash $3,000

Debit Accumulated depreciation account $16,000

Debit Loss on sale equipment  $6,000

Credit Equipment $25,000

Explanation:

To recognize gain or loss on the sale of the equipment:

First, the company calculates the carrying amount of the asset by using the original cost of the asset, minus all accumulated depreciation and any accumulated impairment charges.

Then, subtract this carrying amount from the sale price of the asset. If the remainder is positive, it is a gain and if the remainder is negative, it is a loss

On December ​31, 2019​, the carrying amount of the asset = $25,000 - $16,000 = $9,000

Sale price - Carrying amount of the asset = $3,000 - $9,000 = -$6,000

=> The company recognizes loss on the sale of the equipment $6,000

b. The entry to record the sale should be made:  

Debit Cash $3,000

Debit Accumulated depreciation account $16,000

Debit Loss on sale equipment  $6,000

Credit Equipment $25,000

4 0
3 years ago
GreenTree Lawn and Garden Products is engaged in a review of the sales, costs, and profit projections for some new products to f
klio [65]

Answer:

False

Explanation:

the answer is false

7 0
3 years ago
A. Suppose the wages of computer-factory workers rises. This will cause (the supply / the demand) of tablet computers to (shift
Mars2501 [29]

Answer:

Supply, shift in , rise fall

the demand, shift in, fall ,fall

supply , shift out fall, rise

the demand , shift out rise rise

the demand shift in fall fall

Explanation:

If the wages of factory worker increases, it becomes more expensive to hire workers, the cost of production increases and the demand for labour would fall. as a result, production would fall and the supply of tablets would fall. a decrease in supply leads to an inward shift of the supply curve. as a result of the fall in supply, quantity would fall and there would be a rise in price.

Substitute goods are goods that can be used in place of another good. If the price of notebooks falls, it becomes cheaper to purchase notebooks, so the quantity demanded of notebooks would rise and the demand for tablets would fall since it is cheaper to buy a tablet. the demand curve for tablets would shift in as a result of the fall in demand. As a result, price and quantity of tablets would fall.

Increase in the number of manufactures would lead to an increase in supply. this would cause a rise in the supply of tablets. when there is a rise in supply, the supply curve shifts out, prices fall and quantity increases.

the new game would increase demand for tablets because people would be interested in playing the game. as a result of the rise in demand, the demand curve would shift out, the quantity would rise and prices would rise

A complement is a good that is consumed together with another good. if the price of apps rise, it would become more expensive to buy apps as result the demand for tablets would fall. the demand curve would shift in and price and quantity would fall

6 0
3 years ago
Johnson Trucking Company wants to determine a fuel surcharge to add to its customers' bills based on the number of miles driven
BARSIC [14]

Answer:

Variable cost per unit= $1.16 per mile

Explanation:

Giving the following information:

January 16,200 $22,650

February 17000 $23,250

March 18400 $25,450

Apri 16500 $22,875

May 17400 $23,550

June 15300 $21,850

<u>To calculate the variable cost per mile under the high-low method, we need to use the following formula:</u>

Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)

Variable cost per unit= (25,450 - 21,850) / (18,400 - 15,300)

Variable cost per unit= $1.16 per mile

7 0
2 years ago
Elvis values the first gravy sandwich at $5, the second at $4.50, and the third at $4. If he buys three sandwiches for $4 each,
12345 [234]

Answer:

Consumer Surplus = $1.50

Explanation:

Consumer surplus is the difference between what a consumer is willing to pay for a given amount of goods or services and what he ends up paying.

Therefore,

Consumer surplus = Amount consumer is willing to pay less amount paid

Given that

Elvis is willing to pay 5 + 4 + 4.50 = 13.50 for three

Price of 3 sandwich = 3 × 4 = 12

Consumer surplus = 13.50 - 12

= $1.50

6 0
2 years ago
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