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3 years ago

13

When a person returns to work after a period of total disability but cannot earn as much as he or she did before the disability,

this situation is called which of the following?

1 answer:

andriy [413]3 years ago

5 0

Loss in the situation after a time

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Read 2 more answers

Pierce Corporation exchanged old equipment for new equipment. The original cost of the old equipment was $120,000, and its accum

ololo11 [35]

Answer:

new equipment 50,000 debit

accumulated depreciation 40,000 debit

loss at disposal: 30,000 debit

old equipment 120,000 credit

--to record trade of equipment--

Explanation:

Let's break the transactions into small parts:

We need to remove the old equipment from accounting along with their accumulated depreciation so:

accumulated depreciation 40,000 debit

old equipment 120,000 credit

Then, we debit the new equipment at fair value:

new equipment 50,000 debit

Last, assuming the trade has commercial substance: we recognize the gain or loss on sale:

book value of traded equipment: 80,000

fair value of new equipment: 50,000

loss at disposal: 30,000

<u>Thus, the journal entry will be as follows:</u>

new equipment 50,000 debit

accumulated depreciation 40,000 debit

loss at disposal: 30,000 debit

old equipment 120,000 credit

4 0

3 years ago

Fred Company paid $48,000 for a two-year insurance policy, ($2,000 per month), on October 1 and recorded the $48,000 as a debit

QveST [7]

Answer:

The adjusting entry Fred should make on December 31, the end of the accounting period:

b. Debit : Insurance Expense 6,000 Credit: Prepaid Insurance 6,000

Explanation:

On October 1, Fred Company paid $48,000 for a two-year insurance policy, ($2,000 per month)

From October 1 to December 31, Fred Company has used the insurance for 3 months.

Insurance Expense = $2,000 x 3 = $6,000

The adjusting entry Fred should make on December 31, the end of the accounting period:

Debit Insurance Expense $6,000

Credit Prepaid Insurance $6,000

7 0

3 years ago

A company needs to have $135,000 in 5 years, and will create a fund to insure that the $135,000 will be available. If it can ear

Papessa [141]

Answer:

The company must invest $ 100,879.85 ( approx )

Explanation:

Let P be the invested amount,

The annul rate, r = 6% = 0.06,

Number of years, t = 5 years,

Thus, the total amount after 5 years,

$A=P(1+r)^t$

$A = P(1+0.06)^5$

$A=P(1.06)^5$

We have, A = $135,000,

$135000=P(1.06)^5$

$\implies P =\frac{135000}{(1.06)^5}=100879.85$ ( Using calculator )

Hence, company must invest $ 100,879.85 ( approx )

6 0

3 years ago