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dlinn [17]
3 years ago
9

On January 1, 2015, Alpha Manufacturing purchased a machine for $920,000. The company expects the machine to remain useful for e

ight years and to have a residual value of $70,000. Alpha Manufacturing uses the straight-line method to depreciate its machinery. Alpha Manufacturing used the machine tor four years and sold it on January 1, 2019. for S400.000. Compute accumulated depreciation on the machine at January 1, 2019 (same as December 31, 2018). Record the sale of the machine on January 1, 2019.
Business
1 answer:
Pie3 years ago
4 0

Answer:

The accumulated depreciation at 1 January 2019 = $425000

January 1, 2019

Accumulated Depreciation               425000 Dr

Cash                                                    400000 Dr

Loss on disposal                                95000 Dr

      Machine                                                               920000 Cr

Explanation:

The straight line method of depreciation charges a constant depreciation expense every year through out the estimated useful of the asset. The depreciation expense per year under this method is calculated as,

Depreciation expense per year = (Cost - Residual value) / estimated useful life of the asset

Depreciation expense per year = (920000 - 70000) / 8 = $106250 per year

The asset was used for four years from 2015 to 2018. Thus, the accumulated depreciation at 31 December 2018 is,

Accumulated depreciation - 31 Dec 2018 = 106250 * 4 = $425000

The Net book value of the asset at 31 December 2018 = 920000 - 425000 = $495000

The loss on disposal is = 495000 - 400000 = $95000

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Departmental Overhead Rates Lansing, Inc., provided the following data for its two producing departments:
QveST [7]

Answer and Explanation:

The computation is shown below:

1. Overhead rates

For Molding Deptt

= Total Estimated overhead ÷ Total Machine hours

= $400,000 ÷ 5,000

= $80 per machine hour

For Polishing Deptt

= Total Estimated overhead ÷ Total Labor hours

= $80,000 ÷ 20,000

= $4 per machine hour

2. Overheads assigned to Form A is

= (80 × 3500) + (4 × 5000)

= $300,000

Overheads assigned to Form B is

= (80 × 1500) + (4 × 15000)

= $180,000

Now

Overhead cost per unit

Form A = $300,000 ÷ 30,000 = $10 per unit

Form B = $180,000 ÷ 50,000 = $3.6 per unit

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2 years ago
Immediately upon receipt of cash, a responsible employee should
Ulleksa [173]

Answer:

B. Prepare a listing of remittances

Explanation:

The employee receives a cash receipt only when some expense is incurred on behalf of the company. This clearly validates that as soon as the receipt is received the listing of remittances shall be prepared.

This listing basically signifies that all the expenses shall be paid off, as incurred on behalf of company, or any kind of bill is pending for payment of goods acquisition, then it shall be paid off, and entered in the list where all remittances has to be made.

6 0
2 years ago
Management by exception:
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3 years ago
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Anastasy [175]

Answer:

B) Job Enlargement    

Explanation:

Job enlargement refers to addition of different tasks and activities to the already existing job responsibilities of an individual, at the horizontal level. Such practice enhances job scope and also referred to as horizontal job expansion.

Job enlargement increases the job responsibility and at the same time breaks the monotony of performing the same routine tasks as new job responsibilities are added.

Such an activity also promotes creativity and develops employee skills w.r.t new tasks and activities.

In the given case, an employee has been assigned an additional column for editing apart from the usual sports column he handles. This is a case of job enlargement wherein, the existing job has been enlarged owing to the additional responsibility which has been assigned.

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Select the examples that best represent Agriculture, Food, and Natural Resources customers. Check all that apply.
sergejj [24]

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