Explain the key organizational data in fi nancial accounting and the relationships between them.

Wildhorse Co. had the following assets on January 1, 2022. Useful Life (in years) Item Cost Purchase Date Useful Life (in years)

Naddika [18.5K]

Solution :

<u>Journal Entry</u>

Date Account and Explanation Debit Credit

1 Jan,2022 Accumulated depreciation-machine $ 68,000

Machine $ 68,000

30 June, Depreciation expense, $\left(\frac{27000}{5} \times \frac{6}{12}\right)$ $ 2700

2022 Accumulated depreciation- Forklift $ 2700

30 June, Cash $ 11,700

2022 Accumulated depreciation- Forklift, $ 18,900

$\left(\frac{27000}{5} \times 3.5 \right)$

Gain on sale of forklift $ 3600

Forklift $ 27000

31 Dec, Depreciation expense, $\left( \frac{33400-3000}{8}\right)$ $ 3800

2022 Accumulated depreciation - Truck $ 3800

31 Dec, Accumulated depreciation - Truck, $ 22800

2022 $\left( \frac{33400-3000}{8} \times 6\right)$

Loss on disposal of truck $ 10600

Truck $ 33400

7 0

3 years ago

Cool Air Inc., manufactures single room sized air conditioners. The cost accounting system estimates manufacturing costs to be

Tcecarenko [31]

Answer:

Selling price= $172.8

Explanation:

Giving the following information:

Manufacturing costs to be $ 240.00 per air conditioner

Consisting of 60% variable costs and 40% fixed costs.

Selling price= 20% markup to full costs.

Because it is a special offer and there is unused capacity, we will not take into account the fixed costs:

Unitary cost= 240*0.6= $144

Selling price= 144*1.2= $172.8

6 0

4 years ago

Spot Construction builds roads, bridges, and other infrastructure. The following is the budget for a road project along with the

AfilCa [17]

Answer:

See attachment below

Explanation:

8 0

3 years ago

Proponents of a fixed exchange rate system point out that a major drawback of a floating exchange rate is that it is responsible

ch4aika [34]

Proponents of a fixed exchange rate system point out that a major drawback of a floating exchange rate is that it <u>C. leads to uncertainty</u> about the value of goods traded internationally.

<h3>What is a floating exchange rate?</h3>

A floating exchange rate refers to the foreign exchange rate as determined by the forex market based on supply and demand relative to other currencies.

A floating exchange rate system gives the government more scope to use monetary and fiscal policies to achieve domestic economic stability, unlike a fixed exchange rate regime.

Thus, proponents of a fixed exchange rate system point out that a major drawback of a floating exchange rate is that it <u>C. leads to uncertainty</u> about the value of goods traded internationally.

Learn more about exchange rate systems at brainly.com/question/11160294

#SPJ12

4 0

2 years ago

Two technicians are discussing removal of square-type oil gallery plugs. technician a says that you need to use an acetylene cut

kifflom [539]

Practically speaking, both of them are correct. Technician A who uses an oxy-acetylene torch to remove oil galley plugs would spend more time than Technician B (assuming he uses a drill with appropriate drill bit size). Technician A would induce heat via the torch to expand the hole in the engine block. Doing this would allow the stubborn oil galley plugs slip out the hole easily. Adding paraffin wax at the other end would speed up the removal. Technician B should initially use a smaller size drill bit to provide a pilot hole then proceed with square head bit to detach the plug.

3 0

3 years ago