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
Colt1911 [192]
3 years ago
9

On January 1, 2009, Coronado Industries purchased for $690000, equipment having a useful life of ten years and an estimated salv

age value of $48600. Coronado has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2017, the equipment was sold for $152500. As a result of this sale, Coronado should recognize a gain of
(A) $88360.
(B) $152500.
(C) $0.
(D) $39760
Business
1 answer:
JulijaS [17]3 years ago
6 0

Answer:

There is not gain in this operation so the answer is $0

Explanation:

There are some journal entries that needs to be done to have a full picture of the statement

* Purchase

Fixed Assets                        690.000

Cash                                                        690.000

* Monthly depreciation

Since, the FA was depreciated during 8 years. Firstly you have to calculate the amount that can be depreciate on a monthly basis

Amount to be depreciated = (Cost of the FA - Salvage value) = (690.000-48.600) = 641.400

Then calculate the yearly depreciation

Yearly depreciation = ((amount to be depreciated/useful life) * years used) =

(641.400/10*8) = 513.120

then the journal entry to record the monthly depreciation for 8 years is

Depreciation expense          513.120

Acc Depreciation                                   513.120

* Post the Journal Entry to record the sell of FA

You have to reverse the Acc Depreciation and credit the FA

Cash                                     152.500

Fixed assets                                         690.000

Acc depreciation                   513.120

Loss on sale of FA                   24.380

You might be interested in
dia wants to improve her ____. her creative writing teacher suggest that she read genres of books that she usually finds dull​
Anton [14]

Answer:

well if it's dull books, shouldn't it be vocabulary. if it were concentrated she would be bored and her mind would wander elsewhere. but if it were vocabulary she would still find it dull. As if it were a dictionary, nobody wants to spend 5 hours reading every word in the dictionary

4 0
3 years ago
Milo Co. had 600,000 shares of common stock outstanding on January 1. On May 1, Milo issued 126,000 shares. On September 1, Milo
PtichkaEL [24]

Answer:

b. 663,000

Explanation:

Outstanding shares refers to the total number of stock held by investors at a  particular time. They are the shares issued out to both retail and institutional investors and insiders, such as directors and employees. Outstanding shares will exclude shares that have been repurchased back by the issuing company (treasury stock).

The weighted average share outstanding takes into consideration the duration of time that issued stocks have been in the markets.  It allocates value proportionately to the time in the market.

For Millo Co,  the weighted average share outstanding  for the year will be

1. January 1,  600,000

2. May 1, issued 126,000 shares ( 8 months)

  weighted for the year=8/12 x 126,000 =   84,000

3. September 1, purchased  63,000 treasury stock

       (4 months) weighted value will be

      = 4/12 x 63,000= 21,000

The weighted average share outstanding  

Beginning balance plus shares issued out minus repurchased shares(treasury stock)

=600,000 + 84,000 -21,000

=663,000

6 0
3 years ago
Pfister Corporation has Current Assets of $200,000, Current Liabilities of $150,000, Total Liabilities of $340,000 and Owners' E
user100 [1]
Can I get a pic So I can better help you
7 0
3 years ago
The Modified Accelerated Cost Recovery System​ (MACRS) is a depreciation method used for​ ________ purposes. A. cost accounting
rjkz [21]

Answer: The correct answer is C

Explanation:

Because it helps you do your taxes and Have a nice day

5 0
3 years ago
Frankie is deciding between two jobs that provide equal pay. He compares the health care benefits provided by both jobs to help
Semmy [17]

Answer:

The correct answer is Money in flexible spending accounts is not taxed, so employees get more take-home pay.

Explanation:

Flexible Spending Accounts (FSA), also known as reimbursement accounts, are optional benefit plans offered by many US employers. UU. which allow their employees to save money from their salaries on a pre-tax basis for eligible out-of-pocket medical expenses and dependent care.

There are two types of FSA. One is for expenses related to health care and the other for expenses related to dependent care. These two accounts are separated. You can enroll in one or both during the open enrollment period, but it is important to keep in mind that the money in one account cannot be used to pay expenses for the other.

You can enroll in an FSA only during the open enrollment period of the company unless you have a "change in family status" that meets the requirements during the year, such as a marriage, a birth or adoption, a divorce or loss of insurance coverage of your spouse. The amount (s) of the contributions you designate for the year will be deducted from your salary each month (or each pay period, check your employer's plan for more details).

You must re-enroll actively and every year in the FSA; the amounts of contributions are not maintained from one year to another. Also note that FSAs are not transferable from one employer to another. You must enroll in your new employer's plan if you change companies.

8 0
3 years ago
Other questions:
  • n autarky, suppose that equilibrium sugar price is $100 per ton in Birdonia, a small agricultural nation. Now, suppose Birdonia
    5·1 answer
  • Lynn Bernerd, Inc., manufactures and sells reclining furniture. The company currently operates in the United States but wishes t
    15·1 answer
  • Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. Th
    9·1 answer
  • What is 5 x + 3 + 3x
    6·1 answer
  • Which accounting principle states that all transactions have two aspects: debit and credit?
    8·1 answer
  • Boxer Company owned 16,000 shares of King Company that were purchased in 2016 for $440,000. On May 1, 2018, Boxer declared a pro
    11·1 answer
  • Public policies a. may be able to improve either economic efficiency or equality. b. may be able to improve economic efficiency
    9·1 answer
  • When is it okay to time out<br> someone? In Twitch
    7·1 answer
  • Cuales son las tres etapas para estudiar la conducta de los consumidores
    5·1 answer
  • What is the United States currency linked to?
    6·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!