Briar Co. disposed of a $6,000 piece of equipment on December 31 with $4,500 in accrued depreciation as of that date. Then $1,500 will be debited from the Loss on Equipment Disposal account.
<h3>What is loss on Equipment Disposal account?</h3>
Gain/Loss on Asset Disposal is a common account name of the Equipment Disposal account.
The net difference between the initial asset cost and any cumulative depreciation (if any) is debited to the disposal account, while the balances in the fixed asset account and the accumulated depreciation are reversed.
On December 31, the debited amount is calculated as:
Therefore, $1,500 will be the amount of loss on disposal of the Equipment.
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Answer:
b. decrease no effect
Explanation:
When the treasury stock is repurchased and at a premium. That is the price more than the par value, the excess is debited to the additional paid in capital account as this is the account used to fund the additional amount required to pay the differential.
Retained earnings on the other hand are unaffected by this transaction as long as the company has enough funds in the paid in capital account to complete the transaction.
Total paid in capital will decrease
Retained earnings will have no effect
Hope that helps.
Costs such as transportation-out, sales commissions, uncollectible accounts receivable, and advertising costs are sometimes called <u>direct costs.</u>
<h3>Wat are direct cost?</h3>
A direct cost is known to be the said price that can be said to be straightly linked or tied to the manufacturing of specific goods or services.
Not that A direct cost is one that be known via to the cost object, that is it can be a service, product, or others.
Hence, Costs such as transportation-out, sales commissions, uncollectible accounts receivable, and advertising costs are sometimes called <u>direct costs.</u>
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7 June 2021
They don't use commas btw
Answer:
Cash Book Adjustment
Explanation:
When a person is reconciling a checking account and notices that the balance in the checkbook does not match the balance on the statement from the bank, the action that is appropriate for the person to take first is to adjust the cash book balance.
Adjustment of cashbook is done by updating the cash book with all the entries in the bank statement that is not captured in the cash book. This includes the bank charges and standing orders. When this has been done then comparison becomes easier between the bank statement and the cash book checking account.
The other procedure will be to add unpresented checks and less uncredited checks
