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gregori [183]
3 years ago
14

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 governmental activities journal will include all of the following except: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
1 answer:
ladessa [460]3 years ago
5 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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aivan3 [116]

Answer: 10.13%

Explanation:

The after-tax return on the preferred shares would be:

= After-tax return + Premium required

= (8.8% * (1 - 25%)) + 1%

= 7.6%

For the preferred stock to be issued at par with the above after tax return:

= After tax return / ( 1 - tax)

= 7.6% ( 1 - 25%)

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4 0
2 years ago
Adam’s Computer Shop had the following transactions last week. Record the general journal below.
Setler [38]

Answer:

Oct 1

Dr Supplies $620

Cr Accounts Payable $620

Oct 6

Dr Cash $350

Cr Fees Earned $350

Octd 7

Dr Equipment $2500

Cr Cash$900

Cr Accounts Payable $1400

Oct 9

Dr Accounts Payable $620

Cr Cash $620

Explanation:

Preparation of the journal entries

Oct 1

Dr Supplies $620

Cr Accounts Payable $620

Oct 6

Dr Cash $350

Cr Fees Earned $350

Octd 7

Dr Equipment $2500

Cr Cash$900

Cr Accounts Payable $1400

($2,500-$900)

Oct 9

Dr Accounts Payable $620

Cr Cash $620

4 0
3 years ago
McDonald's culture, with an emphasis on cleanliness, consistency, service, and the training that reinforces the value of these c
Luba_88 [7]

Option C

Costly to imitate criteria for sustainable competitive advantage

<h3><u>Explanation:</u></h3>

Sustainable competitive advantages are business assets, properties, or skills that are hard to replicate or exceed; and render a higher or complimentary long term situation over competitors.  A company must produce distinct goals, plans, and methods to create a sustainable competitive advantage.

 It needs huge expenditure in time and money to create a brand. It demands very limitedly to destroy it. A good brand is precious because it prompts customers to favor the brand over competitors. A unique product or service increases customer support and is less suitable for a competitor to imitate.

5 0
3 years ago
________ for forecasting relies on the assumption that underlying relationships in the past will continue into the future, resul
Nitella [24]

Answer: The answer is Trend extrapolation

Explanation:

7 0
2 years ago
A party to a lawsuit that has an actual stake in the outcome of the case has:
MrMuchimi
I believe the answer is Legal standing.
People who had a legal standing are the one that will recieve either harm or benefit after a decision is made.
The amount of involvement that certain parties had in the case will determine how much involvement the party is allowed to influence the case.
3 0
3 years ago
Read 2 more answers
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