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alexandr1967 [171]
3 years ago
8

Cedric Company recently traded in an older model of equipment for a new model. The old model’s book value was $252,000 (original

cost of $552,000 less $300,000 in accumulated depreciation) and its fair value was $280,000. Cedric paid $68,000 to complete the exchange which has commercial substance. Required:
Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
vfiekz [6]3 years ago
7 0

Answer:

Explanation:

General Journal

Dr Cr

Equipment - new 348,000

Accumulated depreciation 300,000

Cash 68,000

Equipment - old 552,000

Gain 28,000

Workings:

Equipment – new ($280,000 + 68,000) = $348,000

Gain ($280,000 – 252,000) = $28,000

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3 0
3 years ago
Dole Corp.'s accounts payable at December 31, 2020, totaled $900,000 before any necessary year-end adjustments relating to the f
IRINA_888 [86]

Answer: $1,400,000

Explanation:

The checks to creditors were only mailed out in January so the creditor accounts had not been settled in December.

The goods purchased on December 28 should be included in the accounts payable account.

The goods that were shipped FOB Destination and were not yet delivered at year end will not be accounted for because FOB destination means that Dole will only take ownership when it reaches them.

Accounts payable is therefore:

= 900,000 + 350,000 + 150,000

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7 0
3 years ago
What are six steps in developing your brand's marketing message?
Sveta_85 [38]

Here are Six essential steps for developing consistent brand messages.

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2.      Remember Context is important – Does each message fit the strategy and mission of the organization, product or service? Don’t use gratuitous statements just because they may be popular at the time.  For example who wouldn’t want to be green right now?  Don’t just say you are green, if you chose to say it make sure it is accurate.

3.      Create clear compelling rationale for the messaging strategy.  When possible support the rationale with insights or other data.

4.      Connect the stakeholders – Make sure the messages, promises, and benefits are appropriately vetted through the organization to ensure that all stakeholders are aware and able to deliver on any direct or implied promises to the consumer.

5.      Test it.  Show the copy or concept to unbiased target audience members.  Are there subtle nuances you didn’t anticipate?  It’s easy for marketers to assume the audience

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4 0
3 years ago
Using the example of your university, give examples of information systems for each of the three levels of scope (workgroup, ent
Alex73 [517]

Answer:

Three levels of information systems at university include:

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3. The examination and records unit (inter enterprise)

Explanation:

The students ICT units and lab works together by communicating with one another in terms of file transfer, content chat systems and temporal record I keeping and processing.

The departmental information system operates at the higher level as an enterprise because at this stage the users at the work stations can no longer have full access to the platform because it is redefined to accommodate academic and non academic staff who are very useful in managing the data content, as well as keeping the security of these content intact against any form of security threats.

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7 0
4 years ago
John was driving his car in a careless way, failing to drive as a reasonably prudent person would under the driving conditions.
Ilia_Sergeevich [38]

Answer:

1. <em>If this law of contributory negligence applies to the state, then Ramona will receive no compensation for the damages she sustained. </em>

<em> </em>2<em>. If this law of comparative negligence applies to this state, then Ramona will get 100% - 20% = 80% of the damages incurred in the accident, from John which will be $80,000</em>

<em />

Explanation:

In contributory negligence, the defense completely bars plaintiffs from any recovery if they contribute to their own injury through their own negligence.

<em>If this law of contributory negligence applies to the state, then Ramona will receive no compensation for the damages she sustained. </em>

<em> </em>

In comparative negligence, the plaintiff's damages is award by the percentage of fault that the fact-finder assigns to the plaintiff for his or her own injury i.e the plaintiff's damage compensation is reduced by percentage of his/her percentage of fault.

<em>If this law of comparative negligence applies to this state, then Ramona will get 100% - 20% = 80% of the damages incurred in the accident, from John</em>

this is 80% of $100,00 which is equal to <em>$80,000</em>

8 0
3 years ago
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