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PtichkaEL [24]
2 years ago
11

Wagner Enterprises and Stone Services both disposed of an old asset. When completing the journal entry, Wagner Enterprises inclu

ded a debit to Cash, but Stone Services did not. Why would the companies have this difference in the journal entry
Business
1 answer:
In-s [12.5K]2 years ago
3 0

Answer:

Wagner Enterprises and Stone Services

Disposal of old asset:

It could be that Stone Services exchanged its old asset with a new one with a company.  In that situation, the debit goes to New Equipment, while the credit is to the old Equipment.  Another reason could be that Stone Services sold the old asset on account.  In this situation, the debit goes to the Accounts Receivable account, while the old asset is credited accordingly.

Explanation:

When a company disposes of an old asset, it credits the asset account and transfers the amount to the Sale of Asset account.  The same is done for the accumulated depreciation, in reverse.  When cash is realized from the disposal, the Sale of Asset account is credited, while Cash account is debited.  Then, the difference in the Sale of Asset account will be a gain or a loss, depending on the net book value and the cash realized from the sale.

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Answer:

a) Navigate to the + New button then find the Transfer link

Explanation:

In the case when the client wants to transfer $500 from the checking to the saving account so that the liabilities of the tax could be covered. Now the process would be started via navigating it to the new button and then find the transfer link

Therefore the correct option is a

Hence, the rest of the options are incorrect

7 0
2 years ago
A stock has a beta of 1.16, the expected return on the market is 12 percent, and the risk-free rate is 3.5 percent. What must th
Anika [276]

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13.36%

Explanation:

R = Rf + B(Rm - Rf)

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Rf= risk free return

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4 0
2 years ago
The following data pertain to the Vesuvius Tile Company for July:
ivann1987 [24]

Answer:

The following data pertain to the Vesuvius Tile Company for July:

Work in process, July 1 (in units) .......................................................................................................................20,000

Units started during July ...................................................................................................................................? 45,000

Total units to account for ..................................................................................................................................65,000

Units completed and transferred out during July ................................................................................................? 50,000

Work in process, July 31 (in units) .....................................................................................................................15,000

Total equivalent units: direct material .................................................................................................................65,000

Total equivalent units: conversion ......................................................................................................................?56.000

Work in process, July 1: direct material .............................................................................................................$164,400

Work in process, July 1: conversion ...................................................................................................................?79,800

Costs incurred during July: direct material .........................................................................................................?371,850

Costs incurred during July: conversion ..............................................................................................................659,400

Work in process, July 1: total cost .....................................................................................................................244,200

Total costs incurred during July .........................................................................................................................1,031,250

Total costs to account for ..................................................................................................................................1,275,450

Cost per equivalent unit: direct material .............................................................................................................8.25

Cost per equivalent unit: conversion ..................................................................................................................?13.20

Total cost per equivalent unit ............................................................................................................................21.45

Cost of goods completed and transfered out during July ......................................................................................?1,072,500

Cost remaining in ending work-in-process inventory: direct material ...................................................................?202,950

Cost remaining in ending work-in-process inventory: conversion .........................................................................79,200

Total cost of July 31 work in process .................................................................................................................202,950

3 0
3 years ago
How do your clothing preferences differ from those of your
Trava [24]

Answer:

Is what you like different from other people?

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The are asking a personal question. "How do your clothing preferences differ from those of your friends?" do you and your friends have the same style or are you different.

8 0
3 years ago
Fern Co. has net income, before taxes, of $200,000, including $20,000 interest revenue from municipal bonds and $10,000 paid for
exis [7]

Answer:

Effective tax rate =28.50 %

Explanation:

given data

Net Income before taxes = $2,00,000  

Interest revenue = $20,000  

Life insurance Premium = $10,000

tax rate = 30%

to find out

Fern's effective tax rate

solution

first we get here Taxable Income that is express as

Taxable Income = Net Income before taxes + Life insurance Premium - Interest revenue   ........................1

put here value we get

Taxable Income = $2,00,000 + $10,000 - $20,000

Taxable Income = $190000

so

Income tax Liability will be

Income tax Liability = Taxable Income × Tax rate  .....................2

Income tax Liability = $190000  × 30%

so Effective tax rate will be

Effective tax rate = \frac{Income\ tax\ Liability}{Net\ Income}

Effective tax rate = \frac{57000}{200000}

Effective tax rate =28.50 %

3 0
2 years ago
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