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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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The aggregate supply curve slopes a. downward because firms can sell more at lower prices. b. upward because firms can hire work
RideAnS [48]

Answer:

The correct option is (b)

Explanation:

Aggregate supply curve is upward sloping as output increase with the increase in price. In the short run, wage rate is fixed. As such, in the short run, firms can hire more workers at fixed wage rate. An increase in price indicates more profits, thereby increasing output.

This is the reason for upward sloping AS curve.

4 0
2 years ago
On October 1, Hawking Corp. had 40,000 shares of $2 par value common stock outstanding before it declared a 2-for-1 stock split.
Naily [24]

Answer:

1. After the split, how many shares of common stock are outstanding and what is their par value per share?

40,000 stocks outstanding x 2 = 80,000 stocks outstanding after the stock split

par value of each stock = $2 / 2 = $1

Aren't both questions the same?

2. After the split, the number of shares outstanding is <u>80,000</u> and the par value per share is <u>$1</u>.

Explanation:

When a stock split happens, the total number of outstanding stock is just multiplied by the stock split factor, in this case it was 2, but other times it might be 4 or 7 (like Apple stock). You just multiply total outstanding stock by the split number. On the other hand, par value is calculated by dividing the current par value by the split number.

5 0
2 years ago
Consider the following scenario. Two friends, Rachel and Joey, enjoy baking bread and making apple pies. Rachel takes two hours
Brut [27]

Answer: Rachel should produce pie and Joey should produce bread.

Explanation:

Rachel can make 1 loaf of bread in 2 hours and 1 pie in 1 hour. Therefore, Rachel can take less time to produce 1 pie as compared to 1 loaf of bread, as a result she should produce pie.

Joey can make 1 loaf of bread in 4 hours and 1 pie in 4 hours. Therefore, Joey can take same time for producing either pie or bread. But he has only one option to produce bread.

So, Rachel is specialized in producing pie and Joey is specialized in producing bread in order to maximize their combined output.

8 0
3 years ago
Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records for the November 1–14 pay pe
Crazy boy [7]

Answer:

Check the following calculations that follow the answer

Explanation:

a) Amount of net pay = wages – income tax – FICA tax = 53000 – 7300 – 2775 = $42,925

b) Total Payroll Cost = wages + FICA Taxes + unemployment taxes

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5 0
3 years ago
Gillian works at a publishing firm where employees are compared directly with one another and ordered from best to worst during
AveGali [126]

Answer: Ranking appraisal method

Explanation:

The firm where Gillian work appraises employees using the ranking appraisal method.

Ranking appraisal method: This is a traditional appraisal method in which employees are compared with each other for the purpose of determining their worth. It is the oldest and simplest form of appraisal.

Employees are ranked based on their performance, that is, from the highest to the lowest performing employee or from the lowest to the highest performing employee. The ranking in the form of first position to the last position. Every employee strives to come first and be ahead of each other.

This type of appraisal encourages employees to compete healthily with each other so as to have a better ranking score. Employees become more productive and it increases the business output.

However, it is difficult to appraise employees using the ranking method when there are a large number of employees involved with different behavioural traits.

4 0
3 years ago
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