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hjlf
2 years ago
10

Sumner sold equipment that it uses in its business for $31,800. Sumner bought the equipment a few years ago for $79,100 and has

claimed $39,550 of depreciation expense. Assuming that this is Sumner's only disposition during the year, what is the amount and character of Sumner's gain or loss
Business
1 answer:
-Dominant- [34]2 years ago
5 0

Answer:

Sumner's has a loss of $-7750 from the sale of the equipment

Explanation:

Solution

Given that:

We compute the amount  of profit and loss, few steps will be taken which is given below:

Step 1: we compute the book value of the equipment which is shown below:

Book value = purchase price - depreciation claimed

= $79,100 -$39,550

= $39550

Therefore then book value is $39,550

Step 2: we calculate the amount of Sumner's gain or loss which is shown below:

The gain (loss) is = the value (sale) - book value

= $31,800 - 39550

= -7750

Therefore the loss from the sale of the equipment is -$7750

Which implies that Sumner's has a loss of $-7750

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Answer:

c. fiscal and monetary policies that impact aggregate demand do not impact the natural rate of unemployment.

Explanation:

Short run Philips Curve is downward sloping, due to inverse relationship between unemployment rate & inflation rate. High economic activity implies more inflation rate, less unemployment. Low economic activity implies less inflation rate, more unemployment.

However, the inverse relationship between inflation & unemployment is only in short run & not in long run. In long run, this inflation - unemployment trade off doesn't exist. So, any fiscal or monetary policy affecting aggregate demand & consecutively inflation rate, do not affect the natural rate of unemployment (combination of frictional & structural unemployment rate) in long run.

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3 years ago
The following information relates to Wildhorse Co. for the year ended December 31, 2020: net income $1,305 million; unrealized h
Bess [88]

Answer:

a. The Other comprehensive income for 2017  is $-11.2 million

b. The Comprehensive income for 2017 is $1,293.8 million

c. The Accumulated other comprehensive income at December 31, 2017 is $45.2 million

Explanation:

a. According to the given data the company incurred a loss of $11.2 million as an unrealized income from available-for-sale debt securities. It is the actual loss.

Therefore, other comprehensive income is (-$11.2) million.

b. In order to calculate the Comprehensive income for 2017 we would have to use the following formula:

Comprehensive income=Net income−Unrealised holding loss

=$1,305 million−$11.2million

=$1,293.8 million

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c.  In ordert to Calculate the accumulated other comprehensive income we would have to use the following formula:

Accumulated  comprehensive  income = Existing income−Unrealised holding loss

=$56.4million−$11.2million

=$45.2million

The Accumulated other comprehensive income at December 31, 2017 is $45.2 million

​

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3 years ago
Universal Containers would like to remove data silos and connect their legacy CRM together with their ERP and with Salesforce. M
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Join the legacy CRM and Deal for interested parties are two techniques.

Indicate the conventional CRM as the record system throughout the transition up to Sales force’s removal and replacement.

Creates a comprehensive data management strategy for tracking processes for certain objects, databases, and areas, for stakeholders

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An old system mostly based on a customer-server in-house design. The application functions on a SQL Server or Oracle interface. There are one or more different application servers for Windows 2000 or 2003.

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Coffee Bean Co. Competes in the crowded coffee bean product category and sells its products in grocery stores and other stores s
Naddika [18.5K]

Answer:

"Commodity-like" is the appropriate response.

Explanation:

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