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hoa [83]
3 years ago
15

On December 31, Strike Company sold one of its batting cages for $24,440. The equipment had an original cost of $244,400 and has

accumulated depreciation of $219,960. Depreciation has been recorded up to the end of the year. What is the amount of the gain or loss on this transaction?
Business
1 answer:
True [87]3 years ago
7 0

Answer: There was no gain or loss on the sale of this asset.

Explanation: In order to calculate how much profit/loss was made on an asset when it is sold, you have to take the cost price of the asset, and deduct the accumulated depreciation of the asset up to the date of sale. This is known as the book value of the asset, and shows how much it was worth on the day it was sold.

Cost price is the purchase price that the asset was worth on the day it was bought by Strike Company. Accumulated depreciation is the total reduction of the worth of an asset periodically, because of wear and tear.

Book value is calculated as:

Cost price: $244,400

- Accumulated depreciation: ($219,960)

= Book Value = $24,440

However the asset was sold for $24,440. This means that Strike Company sold this asset at its pure value, which is the book value. Thus forfeiting the chance to make a profit, or a loss.

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kozerog [31]

Answer:

His regular earnings ( based on regular rates) is $480 while his total earnings for the week ended March 15 is $738.

Explanation:

Regular rate = $12 per hour

Rate for hours in excess of 40 hours per week

= (3/2) × $12

= $18

Rate for hours for Sunday is double

= 2 × $12

= $24

During the week ended March 15, 9 hours each day from Monday through Friday, 6 hours on Saturday, and 4 hours on Sunday

Period in excess of 40 hours during the week

= (9 × 5) + 4 - 40

= 9

Total regular earning = 40 × $12

                                   = $480

Additional earnings = (9 × $18) + (4 × $24)

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                                 = $258

Total earnings = $480 + $258

                        = $738

4 0
3 years ago
What is the safest way to install a new flash drive that you just purchased? Check all of the boxes that apply.
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Answer:

  1. Plug it into one of the computer's USB ports.
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muminat

Answer:

Dividend paid = $0.64 x 158,000 = $101,120. The dividend paid reduces retained earnings by $101,120.

The correct answer is C

Explanation:

Dividend is paid out of profit after tax. This reduces the retained earnings of the company since dividend involves outflow of cash.

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Motorola and apple are two large competitors in the cellular phone market. it is a violation of the __________ if sanjay jha ser
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