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iVinArrow [24]
3 years ago
12

Zen Co. sells a copier machine for $2,000. The copier cost Zen $6,000 and at the time of sale, accumulated depreciation was $2,5

00. Zen will record this sale with which of the following entries? Debit to Loss on Disposal of Machinery for $3,500. No gain or loss will be recorded. Debit to Loss on Disposal of Machinery for $1,500. Credit to Gain on Disposal of Machinery for $3,500. Credit to Gain on Disposal of Machinery for $1,500.
Business
1 answer:
Alenkinab [10]3 years ago
8 0

Answer:

The correct option is: Debit to Loss on Disposal of Machinery for $1,500.

Explanation:

As at the time of sale, the net book value (cost - accumulated depreciation) of the copier machine was $3,500 ($6,000 - $2,500). Then, the proceed from sale is $2,000. The full accounting entries to record the transaction will be:

Debit Accumulated depreciation                          $2,500

Debit Cash (sales proceed)                                   $2,000

Debit Loss on disposal of machinery                    $1,500

Credit Fixed asset (cost - copier machine)           $6,000

<em>(To record disposal of copier machine)</em>

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2 years ago
Aerotron Electronics has just bought a used delivery truck for $15,000. The small business paid $1,000 down and financed the res
vladimir1956 [14]

Answer:

a) 12.23%

b)  12.94%

c) 14th month payment interest = $157.33

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d)  18th month payment interest = $142.04

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e) 22nd month payment interest = $126.12

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Explanation:

price of truck = $15000

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Loan amount after 1 year will be = 14000 * (1+r%)12

next we will determine the annuity factor = [  (1/r)-[(1/r)*(1/ (1+r)t)] ]

r = periodic interest rate , t = number of payments

monthly loan payment = $14000*(1+r%)12 / [  (1/r)-[(1/r)*(1/ (1+r)36)] ]

hence r = 1.019%

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=  1.019% *12 = 12.23%

b) effective interest rate

= (1+1.019%)^12 -1 = 12.94%

attached below is the Amortization schedule

c) 14th month payment interest = $157.33

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d) 18th month payment interest = $142.04

    18th month payment interest = $384.79

e) 22nd month payment interest = $126.12

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Answer:

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