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Marina CMI [18]
3 years ago
13

Pronghorn Corporation traded a used truck (cost $20,000, accumulated depreciation $18,000) for a small computer worth $3,498. Pr

onghorn also paid $530 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance.
Business
1 answer:
lana [24]3 years ago
6 0

Answer:

Truck:

Cost = $20,000

Accumulated depreciation = $18,000

Small computer worth = $3,498

Paid in transaction = $530

The Journal entry is as follows:

Equipment/Computer A/c                       Dr. $3,498

Accumulated depreciation-Truck  A/c   Dr. $18,000

To Truck                                                                        $20,000

To Gain on disposal of truck                                        $968                                        

To cash                                                                          $530

(To record the exchange)

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An injunction that requires a defendant to take an action or set of actions is
lianna [129]

Answer:

C. mandatory

Explanation:

A law can be defined as the system of principles, regulations and rules established by legislature, that is adopted in a community, society or country to regulate the actions of its citizens, members or employees.

Thus, law is a tool used by the judiciary, lawyers, individuals, organizations, and even government to ensure everybody is well behaved, non-criminal and civil in their actions. Therefore, a law creates the foundation for ethical behavior.

In circumstances where there are aberration, the law is enforced as a punishment and penalty for wrongdoings or misdeeds.

There are various types of law and these includes; criminal law, constitutional law, intellectual property law, corporate law, international law, family law, civil law, etc.

An injunction can be defined as a legal and equitable court order compelling (commanding) or prohibiting an individual, group or entity to either perform or cease from performing a specific action.

Basically, a court of competent jurisdiction is empowered by law to grant an injunction to a third party for further examination and trial.

Similarly, an injunction that requires a defendant or plaintiff to take an action or set of actions is a mandatory injunction.

6 0
3 years ago
Read 2 more answers
The Gap, Inc. has targeted teenagers and young adults in need of casual clothes, and through its GapKids stores, the parents or
Nataliya [291]

Answer:

The correct option is A, market segmentation

Explanation:

Market segmentation is the process of dividing customer base into distinct groups based on age,income,level of education,personality,perception and so on.

The purpose of segmenting the markets  is for the organization to satisfy the needs of these different groups based on their unique characteristics and to able to sell to them goods that  best match their status.

The scenario here is that Gap Inc,has successfully been able to discover the right set of people that its casuals best match.

7 0
3 years ago
You want your portfolio beta to be 0.90. Currently, your portfolio consists of $4,000 invested in stock A with a beta of 1.47 an
Tatiana [17]

Answer:

31.47%

Explanation:

Total investment = 4000 + 3000 +9000 = $16,000

% of investment in A = 4000/16000 = 25%

% of investment in B = 3000/16000 = 18.75%

% of investment in Asset beta and risk-free asset = 100% - 25% -18.75% = 56.25%

Let the % of investment in asset with beta of 1.74 is A, % of investment in risk free asset is B.

We have the following simultaneous equations:

0.9 = (0.25 x 1.47) + (0.1875 x 0.54) + (A x 1.74) + (B x 0)

A+B = 56.25%

From the first equation, we get A = 24.78%

--> B = 56.25% - 24.78% = 31.47%

*** Note: Portfolio beta is the weighted sum of individual asset betas, according to the proportions of the investments in the portfolio

*** Note: Beta of risk free asset is 0

6 0
3 years ago
A worker is paid $9.80 per hour, with time and a half for any hours over 40 per week. If he works 44 hours in a week, what will
olasank [31]

Answer:

No of hours worked = 44 hours

Pay per hour = $9.80

Pay for overtime = 9.80/2 = $4.60

Overtime hours = 4

Total Pay = (40 × 9.8) + (4 × 4.6)

= 392 + 18.4 = $ 410.4

Gross pay = $392

3 0
3 years ago
Presented below are the basic assumptions and principles underlying financial statements. a. Historical cost principle d. Going
dimulka [17.4K]

Answer:

1. Periodicity assumption.

2. Going concern assumption.

3. Historical cost principle.

4. Economic entity assumption.

5. Full disclosure principle.

6. Monetary unit assumption.

Explanation:

1. <u><em>Periodicity assumption</em></u>: The economic life of a business can be divided into artificial time periods. It is also known as the Time period assumption.

2. <em><u>Going concern assumption</u></em>: The business will continue in operation long enough to carry out its existing objectives.

3. <em><u>Historical cost principle</u></em>: Assets should be recorded at their acquisition cost.

4. <em><u>Economic entity assumption</u></em>: Economic events can be identified with a particular unit of accountability.

5. <em><u>Full disclosure principle</u></em>: Circumstances and events that could make a difference to financial statement users should be disclosed.

6. <em><u>Monetary unit assumption</u></em>: Only transaction data that can be expressed in terms of money should be included in the accounting records.

5 0
3 years ago
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