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leva [86]
3 years ago
6

Financial management cannot be related to other functional areas of management such as marketing.

Business
1 answer:
frez [133]3 years ago
5 0
This is false again this can be classified as anything
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Nate is going to the grocery store to pick up a few things. he decides not to write a list and instead repeats the eight items h
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Identify the recommended actions for success in informational interviews. Smile and stay positive. Sit still and be aware of you
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Please correct me if wrong

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3 years ago
Estimate the opportunity cost of increasing shoe production from Point A 2 points
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6 0
2 years ago
Bonita Corporation owns machinery that cost $28,400 when purchased on July 1, 2017. Depreciation has been recorded at a rate of
lana66690 [7]

Answer:

(a) Journal entries relating to depreciation for 2020 will be:

Debit Depreciation expense                                      $3,408

Credit Accumulated depreciation                              $3,408

<em>(To record the depreciation expense for 2020)</em>

(b) Journal entries to record the sale transaction will be:

Debit Accumulated depreciation (machinery)            $14,200

Debit Cash (proceed)                                                    $14,910

Credit Property, plant and machinery (machinery)    $28,400

Credit Gain on disposal                                                     $710

<em>(To record the disposal of machinery - September 1, 2021)</em>

Explanation:

(a) Update of depreciation for 2020 by way of journals means to record the depreciation charge for that year. The yearly depreciation expense was calculated as $3,408, so simply record it with the above journals.

(b) The date of disposal is September 1, 2021. Despite the fact that depreciation had already been charged for 3.5 years at December 31, 2020, we still have to charge the depreciation for the year of disposal, i.e., 8 months as $3,408/12 x 8 months = $2,272. Accumulated depreciation for 4.3 years (July 1, 2017 - September 1, 2021) as at September 1, 2021 will be $11,928 + $2,272 = $14,200, resulting in net book value (NBV) of the machinery as $28,400 - $14,200 = $14,200 (Cost - Accumulated depreciation).

Gain or loss on disposal = Sales proceeds - NBV; positive result is a gain, while negative result is a loss.

Gain or loss on disposal =  $14,910 - $14,200 = $710

4 0
3 years ago
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