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Aliun [14]
3 years ago
5

The original cost of the truck was $32,000. What would be the journal entry for Combs Co. to record the disposal of the delivery

truck
Business
1 answer:
Goryan [66]3 years ago
7 0

Answer:

Journal Entry for disposal (or) sale of Truck

Explanation:

  • Truck (asset) sold for cash, bank, or on credit {On loss}  

Cash ac dr (or) Bank ac (or) Debtor ac (Or) ac ... dr  

P & L ac ... dr

to Truck ac ... 32000

  • Truck (asset) sold for cash, bank, or on credit {On gain}  

Cash ac dr (or) Bank ac (or) Debtor ac (Or) ac ... dr  

to Truck ac  ... 32000

To P & L ac

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When economists say that money serves as a store of value, they mean that it is :_______
timofeeve [1]

Answer:

a) a monetary unit for measuring and comparing the relative values of goods.

Explanation:

In the case when the economist said that money could be treated as the store of value so this means that it represent one of the functions of money which can be stored and retrieve later onwards

Also it is a monetary unit that could be used for measuring and also compared the goods value

Therefore the option a is correct

6 0
3 years ago
Within the relevant range, variable costs can be expected to: Multiple Choice remain constant in total as the activity level cha
Rudiy27

Vary in total in direct proportion to changes in the activity level. As this cost increase or decrease, the output level.

<h3>What is the variable cost dependency?</h3>

Variable costs are proportional to output, resulting in a fixed sum per unit produced. It indicates that when more products are manufactured, variable costs will rise; conversely, if fewer products are manufactured, variable costs will fall.

Thus, option C is correct.

For more details about variable cost dependency, click here:

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8 0
2 years ago
As of December 31, Plush has not recorded any insurance expense for the year. The only insurance policy it owns is the one purch
konstantin123 [22]

Answer:

Debit Insurance expense    $10,000

Credit Prepaid Insurance    $10,000

Being entries to recognize insurance expense for the period (August to December).

Explanation:

Given;

Insurance policy was purchased on July 10 to run for 3 years.

Cost of policy = $72,000

Start date is August 1st. As at 31 December, the policy should have been amortized for 5 months (August to December)

Monthly depreciation = $72,000/(3 × 12)

                                    = $2,000

Total amortization between August and December = 5 × $2,000

                                                                                      = $10,000

Journal entries

Debit Insurance expense    $10,000

Credit Prepaid Insurance    $10,000

Being entries to recognize insurance expense for the period (August to December).

7 0
3 years ago
Both competitive firms and monopolies produce at the level where marginal cost equals marginal revenue. ​Then, other things rema
maria [59]

Answer:

A. Competitive markets face perfectly elastic demand and marginal​ revenue, while monopolies face​ downward-sloping demand and marginal revenue.

Explanation:

In the case when competitive firms and monopolies generated at the level in which the marginal cost is equivalent to marginal revenue keeping the other things constant so the price should be less in the competitive market as compared to the monopoly because in the competitive markets it face perfectly elastic demand but in the monopoly it face the down ward sloping demand curve

Therefore the option a is correct

5 0
3 years ago
issues new bonds to fund an acquisition. The face value of the bond is $100 and annual coupon is 6.5%. Further, this bond mature
grandymaker [24]

Answer:

KJ Pharma Corporation

KJ Pharma's after-tax cost of debt is:

= 4.55%.

Explanation:

a) Data and Calculations:

Face value of the bond = $100

Annual coupon rate (cost of debt) = 6.5%

Maturity period of bond = 20 years

Tax rate = 30%

After-Tax Cost of Debt = 6.5 (1 - 0.3)

= 4.55%

b) KJ Pharma's after-tax cost of debt is the interest paid on the bond less any income tax savings accounted for as deductible interest expenses. To calculate the after-tax cost of debt, KJ subtracts the company's effective tax rate from 1 and multiplies the difference by its cost of debt.

7 0
2 years ago
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