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Sindrei [870]
3 years ago
12

Isle Co. owned a copy machine that cost $5,000 and had accumulated depreciation of $2,000. Isle exchanged the copy machine for a

computer that cost $4,000. Isle's future cash flows are not expected to change significantly as a result of the exchange. What amount of gain or loss should Isle report and at what amount should it record the asset?
Business
1 answer:
slava [35]3 years ago
5 0

Answer:

NONE.

Explanation:

computer     3,000 debit

accumulated depreciation 2,000 debit

copy machine 5,000 credit

Because there is none commercial substance, it will be recorded wit the same book value fo the copy machine.

Gain and losses are only recognize if here is an expected change in the future cash flow.  This is not the case.

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Marx and Springsteen provides​ hair-cutting services in the local community. In February, the business cut the hair of 200 ​clie
ozzi

Answer:

Cost of service to provide one haircut is $ 11.04

Explanation:

Hair saloon expense: $500

Building rent expense: $1,458

Utilities expense: $200

Depreciation expense --- Equipment: $50

Total operating cost = Hair saloon expense + Building rent expense + Utilities expense + Depreciation expense

= $500 + $1,458 + $200 + $50

= $ 2,208

Total hair cuts = 200

Therefore, cost per hair cut = Total operating cost ÷ Total hair cuts

= $2,208 ÷ $200

=  $ 11.04

5 0
3 years ago
Which is the study of the evolution of behaviors, emphasizing the role of ecological factors as agents of natural selection?
max2010maxim [7]

Answer: Behavioural ecology.

Explanation:

Behavioural ecology is the study of how individuals behaves and interacts with each other within a particular society or community coupled with their evolutionary trend, this study looks into how a given population cooperates and competes with each other and how it affects evolutionary fitness in species. The study of behavioural ecology helps one to understand biological adaptation, how and where organism gets their food and how they escape from their preys, how they cope with unfavourable conditions, reasons why they migrate, etc.

5 0
3 years ago
Read 2 more answers
In a progressive tax system, who pays a greater proportion of their income in taxes?
Nikolay [14]
C. Those who have the most deductions
8 0
3 years ago
Fitch Supply Services received $1,000 cash from a customer; the amount was owed to the business from the previous month. What is
Solnce55 [7]

Answer:

Decrease the accounts receivable account in assets section of balance sheet by $1,000

Increase the cash account in assets section of balance sheet by $1,000

Explanation:

The Accounting equation for any entity is represented by the following equation:

Assets= Equity + Liability

When the entity receive any amount from customer in respect of the any credit sale made to him, the account receivable in the asset section will be decreased by the that amount and the cash section in the asset section will be increased by that amount.

In this case, Fitch supply services shall

Decrease the accounts receivable account in assets section of balance sheet by $1,000

Increase the cash account in assets section of balance sheet by $1,000

7 0
3 years ago
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marshall27 [118]

Answer: a. an express warranty

Explanation:

An EXPRESS WARRANTY refers to spoken or written promises or guarantees made by the seller about the performance of a product when negotiating with a buyer.

For example, "this product is guaranteed against wear and tear for at least 2 years".

Roy Mustang in this scenario made an explicit promise about the effectiveness of the Stallion and as such that constitutes an EXPRESS warranty.

It is worthy of note that for Express Warranties, the word Warranty does not even need to be included for the promise to be a warranty.

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