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4 years ago

Why are debit cards not listed as money?

1 answer:

5 0

Why are debit cards not listed as money? Because they perform the same function as checks, and checks are counted as money. Debit cards are sometimes called check cards because they are linked directly to a checking account just as writing a check to someone would be. Since they are essentially serving the same purpose as a check, they are not listed as a money source.

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Coronado Co. had a sheet metal cutter that cost $115,000 on January 5, 2016. This old cutter had an estimated life of ten years

Lapatulllka [165]

Answer:

a. Gain = $9,875

b. The Journal entry is shown below:-

Explanation:

a. The computation of amount of the gain or loss to be recognized by Coronado Co. is shown below:-

For computing the gain or loss first we need to follow some steps which is here below:-

Depreciation per year under SLM = (Cost of the asset - Salvage value) ÷ Life of the asset

= ($115,000 - $20,000) ÷ 10

= $95,000 ÷ 10

= $9,500

Depreciation from 2016 to 2020 = Depreciation per year under SLM × 5 years

= $9,500 × 5

= $47,500

Here, the machine is sold on April 3 2021 .So we will compute the 3 month depreciation for 2021

Depreciation for 2021 = Depreciation per year under SLM × 3 months ÷ Number of months in a year

= $9,500 × 3 ÷ 12

= $2,375

Accumulated Depreciation = Depreciation from 2016 to 2020 + Depreciation for 2021

= $47,500 + $2,375

= $49,875

Book value = Costs - Accumulated Depreciation

= $115,000 - $49,875

= $65,125

Fair value = $60,000 + $15,000

= $75,000

Gain = Fair value - Book value

= $75,000 - $65,125

= $9,875

b. The Journal entry is shown below:-

1. Depreciation expenses Dr, $2,375

($9,500 × 3 ÷ 12)

To accumulated depreciation $2,375

(Being depreciation is recorded)

2. Cash Dr, $15,000

Machinery Dr, $60,000

Accumulated depreciation Dr, $49,875

To Machinery $115,000

To Gain on disposal $9,875

(Being Old equipment exchanged with new and receipt of cash is recorded)

8 0

3 years ago

The concept of economic profit is used for making a decision between your two _______ options. Earning zero economic profit is n

tigry1 [53]

Answer:

The concept of economic profit ....... alternative two options.

If economic profit is positive .......... Current option.

If economic profit is negative............ Other option

Explanation:

Economic Profit is the excess of revenue associated with an option, over its costs (explicit external & implicit opportunity costs).

Example : Revenue - Direct explicit cost of production - opportunity cost (like interest on money invested, salary of job left foregone).

The concept is used to make decision between two alternative options. Given, zero economic profits imply indifference.

Positive Economic Profit implies - one should choose Current option, as it will make Better off , having more benefit than other option

Negative Economic Profit implies - one should choose Other option, as it wil make better off, having more benefit than the former considered option.

8 0

3 years ago

During soil testing, soil samples are obtained from

klemol [59]

Answer:

The answer is C.

Explanation:

Soil testing refers to the analysis of soil samples, in order to determine a number of things, which include nutrient availability, mineral composition, the organic matter present in the soil, etc. It is also a very important diagnostic tool for ascertaining the nutrient requirements of plants.

When carrying out soil testing on a particular site, samples are taken from different locations from the site, this includes different depths as well. This is done in order to give a general picture of what the soil on the site looks like.

3 0

3 years ago

When the economy is growing, total output is _____ and total income is _____.

arsen [322]

Increasing ,increasing
the reason is that when the economy is growing more money is flowing ,unemployment is decreasing so more goods and services are produced ,as a result of low unemployment ,more consumption and total output increasing total income is increasing

8 0

3 years ago

Read 2 more answers

In handling the ethics problem in his class, Professor Quinn acted as an ethical leader by supporting and enforcing the ethical

BaLLatris [955]

Answer:

The correct answers are letters "B" and "D": Punishing the entire class when an ethical violation occurred; Providing ethics training only to students who admitted to cheating.

Explanation:

By punishing the entire class when an ethical violation occurred, Professor Quinn is not acting objectively. In such cases, only the students at fault should be punished for their actions. If the rest of the students acted ethically there is no reason for them to be punished. In remorse, those students could start to act unethically since they know even acting correctly they will be punished anyway.

Besides, providing ethics training only to students is inappropriate. The unethical action must serve as an example for all students in a class as an act that must not be replicated. Thus, all of them should be instructed on what to do to avoid such situations.

7 0

3 years ago