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pickupchik [31]
3 years ago
8

A truck costing $12,100, which has Accumulated Depreciation of $9,010, was sold for $2,010 cash. The entry to record this event

would include a:
-loss of $1,080.

-gain of $1,080.

-credit to the Vehicles account for $3,090.

-credit to Accumulated Depreciation for $9,010.
Business
1 answer:
blagie [28]3 years ago
3 0

Answer:

Loss of $1,080

Explanation:

The correct journal entries would be:

Dr     Accumulated Depreciation           9,010

Dr     Cash                                                2,010

Dr     Loss on sale                                    1,080

        Cr                Truck (Asset)                                    12,100

     

Thus, the correct answer is a loss of $1,080                                  

     

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The prepaid insurance account had a beginning balance of $6,600 and was debited for $2,300 for premiums paid during the year. Jo
____ [38]

Explanation:

The adjusting entry is as follows

Insurance expense A/c Dr  $4,800

           To Prepaid insurance A/c  $4,800

(Being the insurance expense is recorded)

The computation is shown below:

= Beginning balance + debited amount - unexpired insurance amount

= $6,600 + $2,300 - $4,100

= $4,800

So while preparing the adjusting entry, we debited the insurance expense account and credited the prepaid insurance account

8 0
3 years ago
On the summer solstice in june, the sun will be directly above ____________ and all locations north of ___________ will experien
svetlana [45]
<span>The summer solstice is the day of the year when the sun is the farthest north, over the Tropic of Cancer, 23.44 degrees (or 23 degrees 26 minutes) north of the equator. On that day, all locations north of the Arctic Circle experience 24 hours of daylight.</span>
3 0
3 years ago
Part U16 is used by Mcvean Corporation to make one of its products. A total of 13,000 units of this part are produced and used e
ad-work [718]

Answer:

Financial disadvantage of 138,600

Explanation:

\left[\begin{array}{cccc}&produce&buy&Differential\\$Purchase&&-447,000&-447,000\\$Avoidable\: Cost&-283,400&0&283,400\\$Unavoidable\: Cost&-114,400&-114,400&0\\$Total Cost&-397,800&-561,400&-163,600\\$additional segment&0&25,000&25,000\\$Net  Effect&-397,800&-536,400&-138,600\\\end{array}\right]

The allocate cost and teh depreciation cost will be unavoidable, so should be considered as a cost for the purchase option

Also the inocme from teh additional segment is only considered for the purchase option

<u>The avoidable cost will be:</u>

Direct Materials

Direct Labors

Variable overhead

Supervisor

Thse cost are zero in the purchase escenario

4 0
3 years ago
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Option D

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<u>Explanation</u>:

Acceptance criteria are a formalized schedule of elements that assure that all user narratives are developed and complete synopses are carried into account. Acceptance Criteria are a collection of observations, respectively with a precise pass/fail outcome, that defines all specifications and are suitable at the Epic, Feature, and Story Level.

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5 0
3 years ago
Which of the following represents frictional unemployment? i) The demand for refrigerators falls when the economy enters a reces
lyudmila [28]

Answer: Option (iv) is correct.

Explanation:

Frictional unemployment is always present in an economy. Frictional unemployment occur because of the transitions in the employment of the individuals. It is included in the natural unemployment, because it shows the minimum level of unemployment in the economy.

When a person quit his first job and looking for a new job, this is known as frictional unemployment.

So, option(iv) is correct.

5 0
3 years ago
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