1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Anon25 [30]
3 years ago
13

During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the accounts

reflected the following: Asset Original Cost Residual Value Estimated Life Accumulated Depreciation (straight-line) Machine A $ 81,200 $ 7,400 15 years $ 63,960 (13 years) Machine B 25,000 3,000 8 years 16,500 (6 years) The machines were disposed of in the following ways: Machine A: Sold on January 2 for $25,000 cash. Machine B: On January 2, this machine was sold to a salvage company at zero proceeds (and zero cost of removal). Required: 1. & 2. Prepare the journal entries related to the disposal of Machine A and B on the January 2 of the current year. TIP: When no cash is received on disposal, the loss on disposal will equal the book value of the asset at the time of disposal. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
Greeley [361]3 years ago
3 0

Solution:

S.NO.             Accounts title and Explanations           Debit          Credit

1                                          Cash                                 $25,000

               Accumulated Depreciation- Machine A    $63,960

                               Gain on Dispose:                                            $10,400

                                      Machine A                                                $78,560

Accumulated Depreciation - Machine B                   $16,500

Loss on Disposal                                                          $10,700

                                       Machine B                                                $27,200

Note: -When the net value of the commodity disposed of is smaller than the amount paid, there is a benefit. If the worth of the book is MOT, there is a cost.

You might be interested in
Как защитить себя от воздействующих факторов взрыва, если вы находитесь в зоне действия продуктов взрыва?
Elenna [48]
What language is this in ⊅ω↑⊂∡⊂⊃∩∅⊃ÉçœÄÈΠЫднеО
5 0
2 years ago
An employer offers each of its 50 employees 20 vacation days per year. As of January, no employees have taken vacation; however,
kati45 [8]

Answer:

An employer is required to accrue a liability for employee's right to receive compensation for future absences when certain conditions are met and as a result it makes it a requirement for a liability to be accrued for vacation benefits that employees have earned but have not yet taken.  

In the given case, employer offers each of its 50 employees 20 vacation days per year. As of January, each employee has earned 1.5 days. The Vacation days which are unused at the end of the year may be carried forward to the next year. There is no anticipation of any forfeitures.  

Therefore employer must record a liability for employees vacation days earned so far for presenting true and fair view of the financial statements.

6 0
3 years ago
Bill was 150 pounds overweight but his insurance premiums significantly dropped after he lost weight by going to a local health
Serggg [28]

The kind of measures that Bill took which made his insurance premiums to drop is a preventative measure.

<h3>What is a preventative measure?</h3>

In insurance, a preventative measure can be defined as a kind of measure that typically involves reducing the degree of risk associated with an insurance object, and mitigating (decreasing) the negative impact of potential insurance-related accidents on the insured.

In this context, we can infer and logically deduce that the kind of measures that Bill took which made his insurance premiums to drop is a preventative measure.

Read more on insurance here: brainly.com/question/16789837

#SPJ1

7 0
1 year ago
Suppose that the home country in the two-sector (manufacturing and agriculture) specific-factors model has a comparative advanta
Whitepunk [10]

Answer:

Explanation:

In a situation such as this one the individual workers and their families may be better off or may actually do worse due to the real wage rises in terms of agricultural goods but the real wage in terms of the manufactured goods will actually fall. Therefore it depends on the worker's unique situation and in which sector they are in which determines if they are better or worse.

5 0
3 years ago
The price of a ranchette estate is $260,000. The bank requires a 15% down payment and 3 points at the time of closing. The cost
coldgirl [10]

Answer:

Missing word<em> "and the cost of one point at the time of closing"</em>

<em />

Down payment = $260,000*15%

Down payment = $260,000*0.15

Down payment = $39,000

Amount of mortgage = $260,000 - $39,000

Amount of mortgage = $221,000

Cost of 3 point at the time of closing = 3% of amount of mortgage

Cost of 3 point at the time of closing = 3% * $221,000

Cost of 3 point at the time of closing = $6,630

8 0
2 years ago
Other questions:
  • Rise in demand is equal to rise in supply
    11·1 answer
  • The unemployment rate in Economy X when it is growing normally is 5%. When Economy X is in a recession, the unemployment rate is
    13·1 answer
  • Damian owns a pick-up truck and a motorcycle. He sells the motorcycle to Eden for $10,000. Eden pays for the cycle with a check,
    9·1 answer
  • The balance sheet and income statement shown below are for Koski Inc. Note that the firm has no amortization charges, it does no
    14·1 answer
  • Describe the conventional view of the relationship between the supply of a mineral resource and its market price. What are five
    10·1 answer
  • C&amp;A Cruise owns 10 ships and wants to serve 2000 passengers each week. Each cruise ship can carry 500 passengers on each voy
    9·1 answer
  • Consider an asset that costs $120 today. You are going to hold it for 1 year and then sell it. Suppose that there is a 25 percen
    12·2 answers
  • For more and more businesses, computing is moving from PCs and desktop machines to tablets and smartphones. Managers are increas
    14·1 answer
  • The following revenue and expense account balances were taken from the Income Statement columns of the end-of-period spreadsheet
    6·1 answer
  • Based on expectations theory, the term structure of interest rates will be _____ anytime investors believe that interest rates w
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!