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MAXImum [283]
3 years ago
11

On its December 31, 2017, balance sheet, Calgary Industries reports equipment of $390,000 and accumulated depreciation of $78,00

0. During 2018, the company plans to purchase additional equipment costing $84,000 and expects depreciation expense of $32,000. Additionally, it plans to dispose of equipment that originally cost $44,000 and had accumulated depreciation of $6,000. The balances for equipment and accumulated depreciation, respectively, on the December 31, 2018 budgeted balance sheet are:
Business
1 answer:
ycow [4]3 years ago
7 0

Answer:

For equipment = $430,000

For accumulated depreciation = $104,000

Explanation:

The solution of balances for equipment and accumulated depreciation is shown below:-

balances for equipment and accumulated depreciation

Particulars              Equipment            Accumulated depreciation

Beginning balance $390,000            $78,000

Add:

Addition                   $84,000               $32,000

Less:

Disposition             ($44,000)              ($6,000)

Balance                  $430,000              $104,000

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Explain what debit and credit mean.
xeze [42]

Debits and credits are used in a company’s bookkeeping or or double-entry accounting.

Debits and credits are the bookkeeping entries that balance each other. Debits means all of the money coming into an account, while credits means all of the money going out of an account. When recording a transaction, every debit entry must have a corresponding credit entry of the same amount.

A debit entry is always kept on the left side of an entry. A debit increase asset or expense accounts, and decreases liability, revenue or equity accounts.A credit is always placed on the right side of an entry. It increases liability, revenue or equity accounts and decreases asset or expense accounts.

To learn more about Debits and credits here

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6 0
1 year ago
The listing and selling brokers agree to split a 7% commission fifty-fifty on a $387,600 sale. The listing broker gives the list
Alexeev081 [22]

Answer:

4,748.1

Explanation:

the commission will be obtain by multiplying the commison fee rate by thje alue of the real state:

sales x commision fee

387,600 x 7% = 27,132‬

Now this is split 50%

27,132 / 2 = 13,566‬

We now thatthe selling broker gives 35% of his commision

sales fee:

65% salesperson

35% selling person

So the selling licensee will earn:

13,566/0.35 = 4,748.1

6 0
2 years ago
1. You recently inherited some property between a wealthy neighborhood and a fairly poor neighborhood. You have constructed a bu
pishuonlain [190]

Answer:

Pricing is a very important component of Marketing. Marketing is essential for business performance.

The first objective of pricing is to ensure that the business is profitable.

The second is to ensure that one does not under price or over price. In order words, one would like to ensure that they get the best value possible for their products and or services.

A major factor for consideration when setting prices is the existence and behaviour of the competition and those of the customers.

According to the question, the convenience store will be the only one situated in the wealthy neighbourhood and those who are poor will not mind paying higher prices as the only other store which is the poorer neighbourhood is dangerous.

The challenge here is this, if the prices become too high for the poor residents to pay, they will start to think outside the box. They will opt for a solution(s) that will help them resolve the dilemma of having to choose between danger and having to spend so much at the new convenience store.

Their solutions could be to contribute some money to purchase a store at a safe location, where they can set up a business that will serve the community (both wealthy and rich) at reasonable prices.

Therefore, the best option is to ensure that the prices are just okay as an incentive for the poor to commute all the way to the new store rather than the one that has little or no security. The opportunity cost lost in terms of profit that would have been made is the cost to the company for ensuring that competition does not arise in the nearest future.

The consideration for whether or not the rich will pay is already attended to. Given that the wealthy don't have a convenience store within reach, this store most likely will be welcome as a relief to those who had to travel outside of their locality to do their shopping.          

Cheers!

3 0
3 years ago
Marigold Corp. purchased a new machine on May 1, 2012 for $558000. At the time of acquisition, the machine was estimated to have
MArishka [77]

Answer:

$18,300 loss

Explanation:

Profit or Loss on sale of an asset is calculated in the asset`s disposal account. Simply stated, Profit or Loss on sale is Cash Receipt from sale less Carrying Amount of an asset.

where,

Accumulated depreciation = $428,160 + 40,140 = $468,300

Carrying Amount = $558000 - $468,300 = $89,700

therefore

Profit or Loss on sale = $71400 - $89,700 = $18,300 loss

6 0
3 years ago
Support Test: Over %______of the support of the qualifying relative must be furnished by the taxpayer. If the individual does no
USPshnik [31]

Answer:

Over <u>50%</u> of the support of the qualifying relative must be furnished by the taxpayer. If the individual does not spend funds that have been received from any source, the unexpended amounts(are or are not) counted for purposes of the support test.

Under a multiple support agreement one member of a group of taxpayers who furnish support for a qualifying relative may claim a dependency exemption if together the group provides <u>50%</u> of the support. Any person who contributed more than <u>10%</u> of the support is entitled to claim the exemption if each person in the group who contributed more than <u>10%</u> files a written consent.

8 0
3 years ago
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