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2 years ago

Rane Company had the following assets on January 1, 2017.

Business

1 answer:

Viefleur [7K]2 years ago

6 0

Answer:

Journal entries are prepared below

Explanation:

Journal entries required are given as follows

Jan. 1 (To record retirement of machinery)

Debit Credit

Accumulated depreciation-equipment $69,580

Equipment $69,580

June. 30 (To record the depreciation expense on forklift)

Debit Credit

Depreciation expense 2940

Accumulated depreciation-equipment 2940

Working

Annual depreciation = $29,400 / 5 years = $5880

depreciation for 6 months = $5880 x 6/12 = $2940

June. 30 (To record sale of forklift)

Debit Credit

Cash 11760

Accumulated depreciation-equipment(w) 20580

Equipment 29400

Gain on disposal of plant assets 2940

Working

Accumulated depreciation = 5880 x 3.5 years

Dec. 31 (To record depreciation expense on truck)

Debit Credit

Depreciation expense 3724

Accumulated depreciation-equipment 3724

Working

Annual depreciation on truck = ($32,736- $2,944) / 8 years = $3724

Depreciation for 2017 = $3724

Dec. 31 (To record discarding of the truck)

Debit Credit

Salvaged materials 2,944

Accumulated depreciation-equipment 22344

Loss on disposal of plant assets 7448

Equipment 32,736

Working

Accumulated depreciation = 3724 x 6 years = 22,344

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Sue, a resident of the state of New York, is visiting her aunt in Iowa. On her way, her car is hit by Jerry, a resident of the s

IRINA_888 [86]

Answer:

D) Sue can sue Jerry and bring the case to Iowa federal court as this is a case that involves diversity of citizenship.

Explanation:

Diversity of citizenship means that the parties involved in a lawsuit are citizens of different states (within the US) or are citizens of different countries. If a company is involved in a lawsuit, its citizenship is defined as where the company was incorporated or where does it carry its normal business operations.

In this case since Sue is a citizen of the state of New York and Jerry is a citizen of the state of Iowa (diversity of citizenship applies), Sue can choose to sue Jerry in a federal court since the citizens of two different states are involved.

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3 years ago

Carla is preparing a speech. How will creating an outline most help her speech?

lisov135 [29]

It will help organize the flow of ideas

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2 years ago

Should the NLRB require union organizer access to the workplace as a quid pro quo for an employer demanding an election rather t

rewona [7]

Answer: yes

Explanation:this is so because When a union wants to unionize a new group of employees, it must first convince at least 30% of the employees to sign authorization cards. If the union successfully does so, the union then submits the cards to the NLRB for certification. If the NLRB certifies that the union has secured cards from 30% of the employees, it orders that a secret ballot election be held where the employees vote on whether to unionize. Typically, about two months pass between the time the NLRB certifies the cards and the time that the election actually takes place. During these two months, the union and the employer actively campaign for or against unionization. At the election, if a majority of employees vote to unionize, then the NLRB recognizes the union as the sole bargaining representative of the employees. The employer is then required by statute to bargain in good faith with the union to negotiate the “first contract” between the employees and the employer. This employment contract determines the terms and conditions for all employees represented by the union.

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3 years ago

Leesburg sold a machine for $2,200 on november 10th of the current year. the machine was purchased for $2,600. leesburg had take

taurus [48]

The original price of the machine is $2,600 but it has a depreciation value now of $1,200.

*original price - depreciation value = machine's existing value*
$2,600 - $1,200 = $1,400

However, they've sold the machine for $2,200 instead of 1,400 (which is supposedly the existing price). So, they've gain $800 ($2,200 deducted by $1,400) out from this transaction.

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3 years ago

An incomplete cost of goods manufactured schedule is presented below.

svlad2 [7]

Completing the Cost of Goods Manufactured Schedule for Riverbed Company is as follows:

<h3>Cost of Goods Manufactured Schedule</h3>

Work in process (1/1) $222,600

Direct materials:

Raw materials inventory (1/1) $ 47,300

Add: Raw materials purchases 168,000

Total raw materials available for use $215,300

Less: Raw materials inventory (12/31) 24,500

Direct materials used $190,800

Direct labor $114,500

Manufacturing overhead:

Indirect labor 19,600

Factory depreciation 37,900

Factory utilities 72,600

Total overhead 130,100

Total manufacturing cost $658,000

Total cost of work in process $658,000

Less: Work in process (12/31) 85,600

Cost of goods manufactured $572,400

<h3>What is the Schedule of Cost of Goods Manufactured?</h3>

The Schedule of Cost of Goods Manufactured shows the costs of:

Beginning Work in Process
Raw materials used
Direct labor
Overhead
Less Ending Work in Process.

Thus, the Schedule of Cost of Goods Manufactured for Riverbed Company shows that the cost of goods manufactured for the period is <u>$572,400</u>.

Learn more about preparing the Schedule of Cost of Goods Manufactured at brainly.com/question/24257342

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6 0

2 years ago