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Fiesta28 [93]
3 years ago
11

On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $310,000 an

d has accumulated depreciation of $260,000. Depreciation has been recorded up to the end of the year. Which of the following will be included in the entry to record the disposal?
a. Accumulated Depreciation, debit, $310,000
b. Gain on Disposal of Asset, credit, $50,000
c. Equipment, credit, $310,000
d. Loss on Disposal of Asset, debit, $260,000
Business
1 answer:
scoray [572]3 years ago
7 0

Answer:

c. Equipment, credit, $310,000

Explanation:

Whenever an asset is sold, the whole asset will be excluded from the balance sheet because it is no longer part of the assets of the business, hence the balance sheets linked to that asset will be reversed.

In this scenario, the carrying cost of $310,000 will be reversed and $310,000 will be credited to equipment

And, The accumulated depreciation with a credit balance will now be reversed and the debit of accumulated depreciation = $260,000 should be included.

Hence, the option c is correct

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allocate a portion of the customer's portfolio to "Dot Com" stocks that will not reduce the customer's retirement income below the amount needed for comfortable living

Explanation:

Given that the potential client is concerned that his purchasing power is decreasing and wishes to allocate an increased portion of his portfolio to aggressive growth stocks.

Hence, the best recommendation is to "allocate a portion of his portfolio to "Dot Com" stocks that will not reduce his retirement income below the amount needed for comfortable living"

8 0
2 years ago
Research studies indicate that:
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Answer:

A)

Explanation:

Research studies indicate that U.S. producers gain more from tariffs than U.S. consumers lose. This is mostly because many intermediaries must pay various different tariffs including the consumer which all go to the producers, and therefore allowing the producers to gain more from the tariffs that the U.S. consumers will spend paying them.

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2 years ago
a corporation reported cash of $14,000 and total assets of $178,300 on its balance sheet. its common-size percent for cash equal
34kurt

B. 7.85% is the is its common-size percent for cash (14000÷178300)×100

Line items are shown as a percentage of a single chosen or common figure in a financial statement of common size. A balance sheet will contain different line items depending on the type of firm and the industry. Since all businesses in a given industry deal with the same kinds of transactions, the line items utilised for their balance sheets will typically be comparable.

It is simpler to study a company over time and evaluate it against its competitors when financial statements are created in a common size. One can identify trends that a raw financial statement might not reveal by using financial statements of a common size.

Learn more about common size percent here:

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4 0
1 year ago
If the supply of solar panels increases, 1. the price and quantity of solar panels increases. 2. the demand for solar panels inc
ryzh [129]

Answer:

3. the price of solar panels decreases and the quantity increases.

Explanation:

An increase in supplies results in reduced prices.  As per the law of supply and demand, an increase in supply while holding the demand contact results in a decrease in price.  Increase supply causes downward movements along the supply curve, pushing the prices lower. There will be many solar panels available in the market competing with for few buyers.

An increase in supplies means an increase in the quantities available in the markets. Buyers will have a large selection of solar panels to choose from.

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2 years ago
The time value of money refers to the fact that a dollar received today is worth less than a dollar promised at some time in the
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false money and time are worth different amounts. our time on earth is more valuable then money itself.  

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2 years ago
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