1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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.  

You might be interested in
hich of these is the definition of client business risk? a. Risks affecting the business operations and potential outcomes of an
Leno4ka [110]

Answer:

Option A Risks affecting the business operations and potential outcomes of an organization's activities.

Explanation:

The reason is that the business risk are those risks that has potential to increase the cost of the company or decrease the revenue of the organization. So here the misstatement will not increase the cost of the organization and the only risk that increase the cost or decrease the revenues is the poor performance of the organization's activities and operations. So the right option which doesn't talks about misstatements is option A.

6 0
3 years ago
Which journal entry reflects the adjusting entry needed on December 31?:In November, BOC received a $5,000 cash deposit from a c
Kryger [21]

Answer:

No adjusting entry required

Explanation:

When the contract was formed and advance was received the company must had recorded the following entry:

Dr Cash Account    $5000

Cr Unearned Revenue $5000

Now it is the year end and till now the goods are not delivered which means advance that was received is still our unearned revenue So no further entry is required until the delivery of the goods ordered to the customer.

Correct entry is "No adjusting entry required"

7 0
3 years ago
The term that describes what occurs when a manager does what is in his/her best interests and not what is in the best interests
Rom4ik [11]

Answer:

Lowballing

Explanation:

4 0
3 years ago
E-Eyes has a new issue of preferred stock it calls 20/20 preferred. The stock will pay a $20 dividend per year, but the first di
brilliants [131]

Answer:

$25.86.

Explanation:

To address this problem we first calculate the present value of all dividend received at time t = 20, then we discount that sum to time t = 0 (now).

The cashflow pattern of this preferred stock is similar to perpetuty.

Stock value at time t = 20 = Dividend/Required rate of return = 20/10.5% = 190.48

Stock value at time t = 0 = (Stock value at time t = 20)/(1 + Required rate of return)^20 = 190.48/(1 + 10.5%)^20 = 25.86.

6 0
3 years ago
¿Qué es la Biblia y qué significa?
miss Akunina [59]
The Bible is a religious text used by all Christians because it is supposed to be the word of god handed down by Abraham and Moses and in the second testimony (part, which jews don’t believe) it is written primarily by Jesus’ disciples. It matters because it is suppose to be what values the most to believers of Jesus and/or God.
4 0
3 years ago
Other questions:
  • Consider 2 companies, each selling athleticware and each with a focused differentiation strategy. It is NOT possible for both of
    11·1 answer
  • Civilian federal employees are also referred to as
    9·1 answer
  • Typically, the government limits the quantity of a good that can be bought and sold by: setting a price floor below the equilibr
    6·1 answer
  • A company that applies process costing is most frequently characterized by:A. Low standardization and high production volume.B.
    5·1 answer
  • Suppose that an increase in a nation's income causes the nation's residents to buy more domestic and foreign goods. Given this,
    12·1 answer
  • When customer service problems occur and the culture is not customer-focused, the important question for the organization is "Ho
    9·2 answers
  • Suppose executives at an art museum know that 100 adults are willing to pay $12 for admission to the museum on a weekday. Suppos
    6·1 answer
  • How is owner’s equity affected when is paid for expenses?
    8·1 answer
  • Plz help :)
    7·1 answer
  • If you were buying a bond, which of the following characteristics would you most likely be looking for?
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!