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
Georgia [21]
3 years ago
7

Navajo Corporation traded a used truck (cost $25,000, accumulated depreciation $22,500) for a small computer worth $4,125. Navaj

o also paid $625 in the transaction.
Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance.
Business
1 answer:
bulgar [2K]3 years ago
6 0

Answer:

Calculation of Gain or Loss:

Book Value of Truck:

= 25,000 - 22,500

= $2,500

Gain on Exchange:

= 4,125 - 2,500 - 625

= $1,000

Therefore, the journal entry is as follows:

Accumulated Depreciation A/c Dr. $22,500

computer A/c                              Dr. $3,125

                   To Truck                                            $25,000

                   To Cash                                              $625

(To record the Truck)

You might be interested in
on holiday weekends thousands of people picnic in state parks. some picnic areas become so overcrowded the benefit or value of p
tekilochka [14]

Answer:

a. tragedy of the commons

Explanation:

Based on the scenario being described within the question it can be said that the fee system corrects a problem known as the tragedy of the commons. This term describes a specific situation in a shared-resource system in which individuals go against the common good by depleting the shared resources through their collective actions in order to benefit their own self-interests.

8 0
3 years ago
Read 2 more answers
Do you think a luxury brand can ever be called good value? Explain your answer
zlopas [31]
I do believe luxurious brands are very picky with there titles
6 0
3 years ago
Which one of the following statements is correct? Question 19 options: A longer payback period is preferred over a shorter payba
stich3 [128]

Answer:

The payback period ignores the time value of money.

Explanation:

This could primarily be classified to be amongst the major disadvantages of the payback period that it ignores the time value of money which is a very important business concept. In the other hand, the payback period disregards the time value of money. It is determined by counting the number of years it takes to recover the funds invested. Some analysts favor the payback method for its simplicity. Others like to use it as an additional point of reference in a capital budgeting decision framework.

The payback period does not account for what happens after payback, ignoring the overall profitability of an investment.

8 0
3 years ago
Activities of a central motor pool that provides and services vehicles for the use of municipal employees on official business s
Neko [114]

Answer:

c. Internal Service Fund

Explanation:

Internal Service Fund -

It refers to the sum of amount required to track the motion of any goods and services from one department to another , is referred to as internal service fund .

The amount spend on the internal service fund is used to determine the complete cost of providing the services and goods .

For example , maintenance is an example of the internal service fund .

Hence , from the given information of the question ,

The correct answer is c. Internal Service Fund .

4 0
3 years ago
1. When the quantity supplied is larger than the quantity demanded.: When the quantity supplied is larger than the quantity dema
ASHA 777 [7]

Answer:

1. b.Excess Supply

2. e.Equilibrium Quantity

3. c.Equilibrium

4. a.Equilibrium Price

5. d.Excess Demand

7 0
2 years ago
Other questions:
  • While driving, the heel of your right foot should be
    15·2 answers
  • A truck costs​ $316,000 and is expected to be driven​ 116,000 miles during its​ five-year life. Residual value is expected to be
    11·2 answers
  • A manager engaged in the management function of ____ is determining organizational goals and the means for achieving them.a. pla
    8·1 answer
  • Which of the following statements is not true of a strategic inflection point?
    8·1 answer
  • Webster, Inc. is considering an eightminusyear project that has an initial afterminustax outlay or afterminustax cost of​ $180,0
    5·1 answer
  • What are the types of budget​
    8·1 answer
  • Sonia creates tests for judging product safety and advises companies about how to reduce harm from use or misuse of the product.
    15·1 answer
  • A product in the __________ stage of the product life cycle has a high number of competitors and competitive products.
    12·1 answer
  • Roy's Welding common stock sells for $64.20 a share and pays an annual dividend that increases by 4.30 percent annually. The mar
    15·1 answer
  • Ellie's Deli offers good sandwiches and fast service to its lunchtime customers from a nearby university. It also delivers the s
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!