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lana66690 [7]
3 years ago
9

On July 15, 2016, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $750,000 and $325,000, respecti

vely. The book value of the patent and equipment on the date of sale were $120,000 and $400,000 (cost of $550,000 less accumulated depreciation of $150,000), respectively.
Required:

Prepare the journal entries to record the sales of the patent and equipment
Business
1 answer:
Roman55 [17]3 years ago
8 0

Explanation:

The journal entries are as follows

For sale of the patent

Cash Dr $750,000

         To Patent $120,000

         To Gain on sale of patent $630,000

(Being the sale of the patent is recorded)

For sale of the equipment

Cash Dr $325,000

Depreciation Dr $150,000

Loss on sale of an equipment $75,000              

              To Equipment $550,000

(Being the sale of the equipment is recorded)

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Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $800 account of a customer,
Zielflug [23.3K]

Answer:

Gomez Corp. Journal entry

1. 31-Jan

Dr Allowance for doubtful accounts $800

Cr Accounts receivable - C. Green $800

2. 9-Mar

Dr Accounts receivable - C. Green $300

Cr Allowance for doubtful accounts $300

3. 9-Mar

Dr Cash $300

Cr Accounts receivable - C. Green $300

Explanation:

1. On January 1 Gomez Corp was said to use the allowance method to account for uncollectibles which means we have to record the write off as uncollectibles by Debiting Allowance for doubtful accounts with $800 and Credit Accounts receivable - C. Green with the same amount.

2. On March 9, receives a payment of $300 from Green which means we have to record the accounts receivables reinstated by

Debiting Accounts receivable - C. Green with $300 and Crediting Allowance for doubtful accounts with same amount.

3. Since it receives a payment of $300 from Green on March 9 we have to record cash receipt by Debiting Cash with $300 and Crediting Accounts receivable - C. Green with $300.

8 0
3 years ago
What is the purpose of government health care programs
MrMuchimi

Government-funded health insurance programs that claim to provide comprehensive funding of their clients' demands have commonly adopted a purposive (deductive) approach to the problem of health care funding.


Hope this helps!

8 0
3 years ago
An individual who makes $32,000 per year anticipates retiring in 30 years. If their salary is increased by $600 each year and th
Zepler [3.9K]

Answer:

$366,287.15

Explanation:

Annual salary = $32000  

No. of years (n) = 30 years

Increment in salary = $600

Deposit rate = 10%

Interest rate (r) = 7% or 0.07

Growth rate (g) = Increment in salary \div annual salary

Growth rate = $600 \ $32000

Growth rate = 0.01875

First deposit = $32000 x 10% = $3200

Future worth = [First deposit \ (r - g)] x [(1 + r)n - (1 + g)n]

Future worth = [$3200 \ (0.07 - 0.01875)] x [(1 + 0.07)30 - (1 + 0.01875)30]

Future worth = [$3200 \ 0.05125] x [(1.07)30 - (1.01875)30]

Future worth = $62439.0243902 x [7.6122550423 - 1.7459373366]

Future worth = $62439.0243902 x 5.8663177057

Future worth = $366287.15

Hence, the future worth at retirement is $366,287.15

7 0
3 years ago
The theory of social darwinism argued the new industrial economy was limiting the potential for individual wealth. contended tha
Dmitry [639]
<span>The theory of social Darwinism was used to promote the theory that capitalism would offer all the people of the nation an opportunity for great wealth. In this case, the answer would be Was used to justify the social consequences of industrial capitalism.</span>
4 0
3 years ago
An online retailer uses complex data-mining software to evaluate the preferences and buying habits of its customers and makes de
rusak2 [61]

Answer: Analytics

Explanation:

The online retailer is applying analytics to evaluate buyers preferences and habits: this information gotten influences the decisions made by the retailer.

Analytics in decision making process occurs when a manager in an organization carefully analyses systematic statistical data to make decisions in the organization.

The use of analytics in decision making helps reduce errors and enables the manager make accurate decisions.

3 0
3 years ago
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