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Dafna1 [17]
3 years ago
5

Sweet Corporation owns machinery that cost $22,000 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $

2,640 per year, resulting in a balance in accumulated depreciation of $9,240 at December 31, 2020. The machinery is sold on September 1, 2021, for $11,550. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale.
Business
1 answer:
Debora [2.8K]3 years ago
6 0

Answer and Explanation:

The journal entries are shown below:

a. Depreciation expense $1,60

        To Accumulated depreciation $1,600

(Being the depreciation expense is recorded)

Since the machinery is purchase on July 1 and the depreciation is calculated till December so we have to considered 6 months depreciation which is shown below:

= $2,640 × 6 months ÷ 12 months

= $1,320

b. The another entry for selling the machine is

Cash  $11,550

Accumulated depreciation $10,560 ($9,240 + $1,320)

             To Machinery A/c  $22,000

             To Gain on sale of machinery $110

(being the sale of machinery is recorded)

The gain on sale of machinery is a balancing figure

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Purves Corporation is using a predetermined overhead rate that was based on estimated total fixed manufacturing overhead of $121
mash [69]

Answer:

Option (b) is correct.

Explanation:

Given that,

Estimated total fixed manufacturing overhead = $121,000

Estimated direct labor-hours for the period = 10,000

Actual total fixed manufacturing overhead = $113,000

Actual total direct labor-hours during the period = 10,900

Predetermined overhead rate:

= Estimated total fixed manufacturing overhead ÷ Estimated direct labor hours

= $121,000 ÷ 10,000

= $12.10

Therefore, the predetermined overhead rate is closest to $12.10.

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3 years ago
Marketing strategy of strepsils company
QveST [7]

Answer:

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SWOT analysis of Strepsils analyses the brand by its strengths, weaknesses, opportunities & threats. In Strepsils SWOT Analysis, the strengths and weaknesses are the internal factors whereas opportunities and threats are the external factors.

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5 0
3 years ago
An indifference curve illustrates ... a) how consumers are indifferent about the location of their own consumption levels relati
Leya [2.2K]

Answer:

Option c) how a consumer might trade off different levels of consumption of each of two goods, while staying at the same utility level.

Explanation:

This is the very definition of an indifference curve. The points in an indifference curve are the combinations of the quantities (level of consumption) of two different goods which will produce the very same utility to the consumer. The consumer will perceive any of those combinations as having the same utility for him.  

For example, a usual graph of various indifference curves will look like the graph attached.

In this graph the combination of 2 pairs of shoes and 15 pants will be perceived as having the same utility as the combination of 5 pairs of shoes and 4 pants. Both are combinations in the same indifference curve, the green one, and the utility of any combination lying in that green curve will be rated the same: u = 1.

8 0
3 years ago
Steven's Battery Company has two service departments, Maintenance and Personnel. Maintenance Department costs of $320,000 are al
inna [77]

Answer:

From maintenance to department B will be allocated 85,333 dollars

Explanation:

We distribute maintenance over personnel and operating and then,

we distributed the accumulated in personnel over the operating department:

\left[\begin{array}{cccccc}&Maintenance&Personnel&Dep A&Deb B\\$maintenance-hours&&800&960&640\\$employes&&&160&480\\$Direct \: Cost&320,000&80,000&160,000&240,000\\$Allocate A&-320,000&106,667&128,000&85,333\\$Subtotal&&186,667&288,000&325,333\\$Allocate J&&-186,667&46,667&140,000\\$Total&&&334,667&465,333\\\end{array}\right]

<em><u>For the given question it would be:</u></em>

total maintenance-hours: 800  + 960 + 640 = 2,400

<u>allocation of maintenance:</u>

320,000 x   640/2400 = 85,333

4 0
3 years ago
A lender determines that a homebuyer can afford to borrow $220,000 on a mortgage loan. The lender requires an 85% loan-to-value
Dmitry [639]

Answer:

D: $259,000

Explanation:

The computation of the paying amount which borrower can pay for a property is shown below:

= Mortgage loan amount for borrow ÷  loan-to-value ratio

= $220,000 ÷ 85%

= $258,823.53

= $259,000 round off

We simply divide the mortgage loan by the loan to value ratio so that paying amount could arrive which borrower can pay for a property.

7 0
3 years ago
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