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charle [14.2K]
3 years ago
6

Problem IV: On 1/1/X1, Wolfpack Creamery sold one of its ice cream trucks for $35,000 cash. Just prior to its sale, the "Truck"

asset account had a normal account balance of $60,000 and its related "Accumulated Depreciation" account had a normal account balance of $28,000. A. Compute the amount of gain or loss on the sale by comparing the book value of the sold asset to the cash received. Amount: _$____35000___ Cash received 3500 Book value of asset given up 32000 Gain/Loss on Sale 3000
Business
1 answer:
iragen [17]3 years ago
7 0

Answer:

Gain on disposal 3,000

Explanation:

purchase cost                      60,000

accumulated deprecation (28,000)

          book value               32,000

sales value:                        35,000

gain on disposal:                 3,000

As we sale for a higher price than book value we recognzie an accounting gain for 3,000

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the interest equals 47009 because the numbers added together

6 0
3 years ago
What is organizing in business management
melamori03 [73]

Answer:

Organizing involves assigning tasks, grouping tasks into departments, delegating authority, and allocating resources across the organization. ... Before a plan can be implemented, managers must organize the assets of the business to execute the plan efficiently and effectively.

6 0
3 years ago
"Tom's Tool Factory is an investment center and is responsible for all of its net income and the use of its assets. This year, t
fenix001 [56]

Answer:

A.57.9%

Explanation:

Return on Assets (ROA) measures how effective a business generates income from its total assets. It is calculated from the net income and total assets using the following formula;

Return on assets (ROA ) = Net income / Total assets

Net income = 275,000

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ROA = 275,000 / 475,000

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8 0
3 years ago
Barnes agrees with Morgan to enter into the management of a new subdivision of residential housing. Morgan appoints Barnes as hi
Georgia [21]

Answer:

No

Explanation:

Morgan appointed Barnes to manage a new subdivision. Barnes has been permitted to transact all affairs in connection with the subdivision. Therefore, Barnes is a general agent. In some situations, either party to an agency relationship has the authority to end that relationship at any time. So, Morgan has the power to terminate the agency

4 0
4 years ago
Read 2 more answers
A firm sells 1000 units per week. It charges $70 per unit, the average variable costs are $25, and the average costs are $65. At
Katarina [22]

Answer:

price $65

Explanation:

given data

total output = 1,000 units  per week

Average Price = $70 per unit

Average Variable Cost = $25

Average Cost = $65

solution

we have given average cost is $65

so here firm consider for shutting down in long run  price is here $65

because when the firm price go below to $65

then the firm simply exit here  industry

so answer is  price = $65

5 0
4 years ago
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