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Ulleksa [173]
3 years ago
15

Micron Precision purchased equipment on January ​1, 2018​, for $ 40,606. Suppose Micron Precision sold the equipment for $ 30,00

0 on December 31, 2019. Accumulated Depreciation as of December ​31, 2019​, was $ 12,494. Journalize the sale of the​ equipment, assuming​ straight-line depreciation was used.
Business
1 answer:
Step2247 [10]3 years ago
3 0

Answer:

Explanation:

The journal entry is shown below:

Cash A/c Dr $30,000

Accumulated Depreciation - Equipment A/c $12,494

        To Equipment A/c $40,606

        To Gain on Disposal of Equipment $1,888

(Being sale of machinery is recorded and the remaining balance is credited to the Gain on Disposal of Machinery A/c)

The computation is shown below:

= $30,000 + $12,494 - $40,606

= $1,888

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At December 31, 20X3, before recognizing any depreciation expense for 20X3, X Company has a machine with an original cost of $36
shutvik [7]

Answer:

If X Company uses the units of production method for calculating depreciation, depreciation expense in 20X3 will be (rounded):

$45000

Explanation:

Cost                360000  

Accum. Depre 90000  

Usefull life         7  

   

Produce 1 20000  

Produce 2 10000  

Produce 3 50000  

                80000  

   

Deprec=cost/unit    

   

Depre=360000/80000    

Depre= 4,5  

   

Produce 2012  20000 4,5 90000

Produce 2013  10000 4,5 45000

Produce rest   50000 4,5 225000

             80000 4,5 360000

7 0
3 years ago
Vanguilder combines all manufacturing overhead into a single cost pool and allocates this overhead to products by using machine
sergeinik [125]

Answer:

The company's high-volume products are overcosted.

Explanation:

Vanguilder is currently using a <em>traditional costing </em>which is easy because it often just divides some types of costs equally between different items.

To understand this we take the assumption given in the question that Vanguilder combines all manufacturing overhead into a single cost pool and allocates this overhead to products by using machine hours.

So, lets say that Vanguilder is producing 2 products then how will you divide the machine hours between these 2 products?

It's Easy;

The total cost of machine hours divided by units produced and we get the $ amount for each product. But what if product 1 uses more machine hours then product 2?

Is it still fair to write down same amount of machine hours for each product.

We should write bigger machine hour cost for the product 1, right?

This is where Activity Based Costing is different from Traditional Costing.

However, <em>Activity Based Costing</em> finds ways to divide or allocate these costs more proportionally or fairly.

We can write a higher cost for product which use more machine hours.

Hence the following option would be correct:

<em>The company's high-volume products are overcosted. </em>

As, low-volume products require less production allocated using overhead (such as machine hours) than high-volume products. Therefore low-volume product are  undercosted, while high-volume product are overcosted.

6 0
3 years ago
Write the difference between right and responsibility​
Natali [406]

Answer:

I gotchu-

Explanation:

A responsibility is something you have to do or (at least) ought to do.

For example, it's the US Citizens responsibility to drive safely.

A right is something you are allowed to do or permitted to do. You have no obligation to exercise your right.

For example, it's the US Citizens right to vote during an election.

In conclusion, a responsibilty is something that the govt expects you to do, while a right is a privelege the govt gives you if you follow the laws.

P.S. To have rights, you must follow your responsibilities.

Hope this helped :)

4 0
3 years ago
The claim that the high school drop-out rate has increased because more women have taken jobs in the workplace would be an examp
FinnZ [79.3K]

Claims that drop-out rate has increased because more women have taken jobs in the workplace is an example of false cause fallacy.

A false cause fallacy is said to occur in a statement because the link between the premises and conclusion does not even exist.

Here, phrase one is "high school drop-out rate has increased" and phrase two is <em>"because </em><em>more women </em><em>have </em><em>taken jobs </em><em>in the workplace"</em>

<em />

If we assess the two phrase, we will observe that their is no link between the statement to facilitate a valid conclusion because when woman taking jobs in workplaces can not result to increase in drop rate in high school.

Therefore, it is an example of false cause fallacy.

Read more about this here

<em>brainly.com/question/6987057</em>

3 0
3 years ago
EAR versus APR [LO4] Two banks in the area offer 30-year, $220,000 mortgages at 5.5 percent and charge a $3,500 loan application
kramer

Answer:

application fee. However, the application fee charged by Insecurity Bank and Trust is refundable if the loan application is denied, whereas that charged by I.M. Greedy and Sons Mortgage Bank is not. The current disclosure law requires that any fees that will be refunded if the applicant is rejected be included in calculating the APR, but this is not required with non fundable fees (presumably because refundable fees are part of the loan rather than a fee). What are the EARs on these two loans? What are the APRs?

4 0
3 years ago
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