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Nimfa-mama [501]
3 years ago
12

Equipment that had been acquired several years ago by a special revenue fund at a cost of $40,000 was sold for $15,000 cash. Acc

umulated depreciation of $30,000 existed at the time of the sale. The journal entry to be made in the special revenue fund will include:________. A) A debit to Cash for $15,000. B) A debit to Accumulated Depreciation for $30,000. C) A credit to Equipment for $40,000. D) A credit to Other Financing Sources for $5,000
Business
2 answers:
Rainbow [258]3 years ago
6 0

Answer:

The journal entry to be made in the special revenue fund will include A credit to Equipment for $40,000

Explanation:

On the Purchase of Equipment, funds are obtained from the Special Revenue Fund. Thus this Reserve is decreasing while the Equipment account will be increasing.

The full entry for this transaction is :

Equipment $40,000 (debit)

Special Revenue Fund $40,000 (credit)

DiKsa [7]3 years ago
4 0

Answer:

D) A credit to Other Financing Sources for $5,000

Explanation:

Since cash is received, you must record the $15,000 in the cash account. The accumulated depreciation account must be closed, and since accumulated depreciation has a credit balance, it is closed by debiting it. Equipment is an asset account with a debit balance and it also must be closed, ans you do that with a credit.

Other financing sources is used to record non-revenue items such as proceeds from loans, leases, sales of bonds or notes, insurance  recoveries, etc., not the sale of assets.  

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Summary financial information for Paragon Company is as follows. Dec. 31, 2014 Dec. 31, 2013 Current assets $ 203,600 $ 254,000
beks73 [17]

Answer:

Current assets:

Amount = 2014 value - 2013 value

             = $203,600 - $254,000

             = -($50,400) (Negative)

percentage changes = \frac{Amount}{2013\ value}\times100

                                    = \frac{50,400}{254,000}\times100

                                    = (19.84)%

Plant assets:

Amount = 2014 value - 2013 value

             = $1,397,000 - $831,700

             = $565,300

percentage changes = \frac{Amount}{2013\ value}\times100

                                    = \frac{565,300}{831,700}\times100

                                    = 67.96%

Total assets:

Amount = 2014 value - 2013 value

             = $1,600,600 - $1,085,700

             = $514,900

percentage changes = \frac{Amount}{2013\ value}\times100

                                    = \frac{514,900}{1,085,700}\times100

                                    = 47.42%

6 0
3 years ago
As part of their marketing strategy, companies will identify a _______, a group of similar people whose interest the company wan
Alina [70]

As part of their marketing strategy, companies will identify a target market, a group of similar people whose interest the company wants to gain.

<h3>What is a target market?</h3>

A target market is a group of customers which could be in the same area that have interest in a particular product.

They are usually identified as the most likely buyers of a product or service.

Therefore, as part of their marketing strategy, companies need to identify a target market, a group of similar people whose.

For more information on target market kindly check

brainly.com/question/24967768

5 0
2 years ago
The scientific method begins with
Zina [86]

C, The identification of a problem for investigation

7 0
3 years ago
Flint Corporation issues $440,000 of 9% bonds, due in 9 years, with interest payable semiannually. At the time of issue, the mar
aleksklad [387]

Answer:

$414,282.91

Explanation:

The issue price of the bonds is also known as the Present Value (PV) or current price of the Bonds and is calculated as :

FV = $440,000

PMT = ($440,000 x 9%) ÷ 2 = $19,800

P/yr = 2

N = 9 x 2 = 18

I/yr = 10%

PV = ?

Using a Financial calculator to input the values as above, the PV or issue price will be $414,282.91

4 0
3 years ago
For both unearned revenues and prepaid expenses, the cash payment occurs __________ the adjusting entry to record the earning of
alex41 [277]

Answer:

The correct answer that fills the gap is <em>d. before.</em>

Explanation:

Everything that happens in the business must be registered in the accounting system, so that the newspaper and the major contain a complete history of all the commercial operations of the period. If an operation or transaction has not been registered, account balances will not show the correct figure at the end of the accounting period.

The seats with which the accounts are adjusted or updated are called adjustment seats. If the adjustment does not affect an income or expense account, it is not an adjustment entry.

The income can be earned (accrued) before the cash is received from the client, or from accounting for the transaction in the accounting records. These are revenues that have been earned but the corresponding cash has not yet been collected.

The adjustments made to the income accounts are necessary to ensure that all income earned in the period has been recorded in the accounting. In order for the net profit to be expressed correctly in the income statement. There are two types of income adjustment:

  • Cumulative income not collected.
  • Customer advances.
5 0
3 years ago
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