Answer: $50,000
Explanation:
From the question, we are informed that a machine with a cost of $130,000 and accumulated depreciation of $85,000 is sold for $50,000 cash.
The amount that should be reported as a source of cash under cash flows from investing activities will be $50,000. It should be noted that only cash effects of transaction has to be added to the cash flow statement.
Answer:
The correct answer is letter "A": is an internal document that helps summarize data for the preparation of financial statements.
Explanation:
In Accounting, worksheets are reports created at the end of a period to include all accounts' balances, adjustments, and adjustments' balances in financial orders. This is a summary of all the transactions of the accounting period that enables companies to prepare their Financial Statements. The worksheet represents the draft of the <em>Trial Balance</em>.
Answer:
$2,250
Explanation:
Since terms require you to amortize the loan with 7 equal end-of-year payments, it implies that interest will be paid on the amount outstanding balance for a whole year.
The would be paid in Year 2 can therefore be calculated as follows:
Equal amount of the loan principal = Loan amount / Number of equal end-of-year payments = $35,000 / 7 = $5,000
Loan balance outstanding throughout Year 2 = Loan amount - Year 1 end-of-year payment = $35,000 - $5,000 = $30,000
Year 2 interest payable = Loan balance outstanding throughout Year 2 * Annual interest rate = $30,000 = 7.5% = $2,250.
Therefore, you would be paying $2,250 interest in Year 2.
Answer:
firms compete on multiple dimensions like price, quantity, and product attributes.
Explanation:
Price, product and place are common factors used by firms to establish a competitive advantage over other strategic groups within the same industry. These factors enable a firm to establish a long term projection plan for their products and services in a competitive environment.
Answer: $3,557
Explanation:
Maximum amount of credit for 2020 is $3,584.
The income credit is calculated by:
= Maximum amount - (Earnings for the year - Minimum phase out range for single person with one child) * phase out percentage.
= 3,584 - (19,500 - 19,330) * 15.98%
= $3,557
