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goblinko [34]
3 years ago
12

Brown Company purchased equipment in 2011 for $150,000 and estimated a $10,000 salvage value at the end of the equipment's 10-ye

ar useful life. At December 31, 2017, there was $98,000 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2018, the equipment was sold for $40,000.
Business
2 answers:
ikadub [295]3 years ago
5 0

Answer:

Dr Depreciation Expense 3,500

Cr Accumulated Depreciation—Equipment 3,500

Dr Cash 40,000

Dr Loss on Disposal of Plant Assets 8,500

Dr Accumulated Depreciation—Equipment 101,500

Cr Equipment 150,000

Explanation:

Brown Company Journal entry

(a)

Dr Depreciation Expense 3,500

Cr Accumulated Depreciation—Equipment 3,500

( $14,000 × 1/4 = $3,500)

Dr Cash 40,000

Dr Loss on Disposal of Plant Assets 8,500

Dr Accumulated Depreciation—Equipment ($98,000 + $3,500) 101,500

Cr Equipment 150,000

vazorg [7]3 years ago
4 0

Answer:

The journal entry for disposal of equipment will be as follows;

Explanation:

Accumulated Depreciation          Dr.$98,000

Cash                                              Dr.$40,000

Loss on disposal (150-98-40)       Dr.$12,000

Equipment                                    Cr.$150,000

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3 years ago
According to Keynesians, an increase in the money supply will have its greatest impact on GDP when the aggregate demand curve in
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the horizontal portion of the aggregate supply curve.

What is GDP?

The total monetary or market worth of all the finished goods and services produced within a nation's boundaries during a certain time period is known as the gross domestic product (GDP). It serves as a thorough assessment of the state of the economy in a particular nation because it is a wide indicator of total domestic production.

Even while GDP is frequently estimated on a yearly basis, it can also be calculated quarterly. For instance, the government of the United States produces an annualized GDP estimate for both the calendar year and each fiscal quarter. Each piece of data in this report is presented in real terms, which means that it has been adjusted for price changes and is therefore net of inflation.

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5 0
2 years ago
Eric and Katie, who are married, jointly own a house in which they have resided for the past 17 years. They sell the house for $
Elodia [21]

Answer:

C) $0 $285,000

Explanation:

The §121 exclusion establishes that homeowners can exclude from their capital gains taxes the sale of their property for a maximum of $250,000 gain (or $500,000 for joint filers) if they meet two criteria:

  • they owned the property for at last 5 years
  • they use the property as main residence for at least 2 years (they can aggregate time periods).

So if Eric and Katie use the §121 exclusion they wouldn't pay any capital gains tax ($500,000 is higher than $375,000).

If they decide to forgo the §121 exclusion, then they will have to pay taxes for a gain of:

capital gain = net sale price - asst basis

capital gain = ($375,000 - $10,000) - $80,000 = $365,000 - $80,000 = $285,000

8 0
3 years ago
Purchases$111,000 Freight-in 3,100 Sales 185,000 Sales returns 6,000 Purchases returns 4,500 In addition, the controller is awar
ivolga24 [154]

Answer:

Closing Stock = <u>38000 </u>

Explanation:

Net Sales = COGS + Gross Profit

  • <u>Net sales</u> = sales - sales return = 185000 - 6000 = 179000
  • <u>Gross Profit</u> = 60% of sales (as per gross profit ratio)

       = 60% of 179000 = 107400

  • <u>COGS </u>= Opening Stock + Net Purchase + direct expenses - Closing Stock

* <u>Net purchase</u> = Purchase - purchase return = 111000 - 4500 = 106500

*<u>Direct Expense</u> = Freight Inwards = 3100

Putting all values in formula :- Net Sales = COGS + Gross Profit

179000 = (0 + 106500 + 3100 - closing stock) + 107400

179000 = 106500 + 3100 + 107400 - closing stock

179000 = 217000 - closing stock

closing stock = 217000 - 179000

closing stock = 38000

3 0
3 years ago
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