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Garcia Co. owns equipment that cost $81,600, with accumulated depreciation of $43,200. Garcia sells the equipment for cash. Reco

Tema [17]

Answer:

1. Cash Debit $ 47,000

Accumulated Depreciation equipment Debit $ 40,800

Gain on sale of equipment Credit $ 11,000

Equipment Credit $ 76,800

To record sale of equipment for $ 47,000 and gain on sale of $ 11,000

2. Cash Debit $ 36,000

Accumulated Depreciation equipment Debit $ 40,800

Equipment Credit $ 76,800

To record sale of equipment for $ 36,000

3. Cash Debit $ 31,000

Accumulated Depreciation equipment Debit $ 40,800

Loss on sale of equipment Debit $ 5,000

Equipment Credit $ 76,800

To record sale of equipment for $ 31,000 and loss on sale of $ 5,000

Explanation:

Computation of net book value

Cost of equipment $ 76,800

Less: Accumulated depreciation $ 40,800

Net book value $ 36,000

In first step where the equipment is sold of $ 47,000, the differential between the sale value and the net book value is the gain on sale and is credited in the accounting entry.

In the second step, where the equipment is sold for $ 36,000, the sale proceeds is exactly equal to the net book value and no gain or loss is recorded.

In the third step, the equipment is sold for $ 31,000 and the differential between the net book value and the sale proceeds is a loss and recorded as a debit in the accounting entry

4 0

3 years ago

Tina's mother and father pay her car insurance as long as she makes good grades. This is an example of which economic concept? A

skelet666 [1.2K]

Tina's mother and father pay her car insurance as long as she makes good grades. This is an example of which economic concept? Positive incentive. A positive incentive is a value that is given during the performance of a regular behavior. As long as Tina does what she is supposed to her parent's will continue to pay her car insurance. There is a reward for her doing what she should be doing on her own which is motivating her to continue to do it.

4 0

3 years ago

Read 2 more answers

Imports of goods and services are items that _____ in the united states _____ the rest of the world.

geniusboy [140]

Imports of goods and services are items that households, firms, and governments in the United States buy from the rest of the world.
Correct answer: B
Import is part of international trades, which denotes the change in ownership of material resources and services between one economy and another.

7 0

3 years ago

Use the following demand schedule to determine total and marginal revenues for each possible level of sales.

ira [324]

Answer:

please check the attached image for the completed table containing the answers

The industry is purely competitive.

Explanation:

please check the attached image for a clear image of the table used in answering this question

Total revenue = product price x quantity demanded

for example, total revenue when quantity demanded is 2 is $ x 2 = $4

Marginal revenue is change in total revenue.

marginal revenue = total revenue - previous total revenue

e.g. marginal revenue when quantity demanded is 2 is = $4 - $2 = $2

the structure of the industry is a purely competitive market because price is equal to marginal revenue.

A perfect competition is characterised by many buyers and sellers of homogeneous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.

In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.

7 0

2 years ago

Mark Johnson saves a fixed percentage of his salary at the end of each year. This year he saved $3,000. For each of the next 5 y

patriot [66]

Answer:

Mark Johnson

At the end of six years, Mark will have:

= $26,945.

Explanation:

a) Data and Calculations:

Savings for the first year = $3,000

Annual rate of salary and savings increase = 4%

Interest rate = 9%

Savings for Year 2 = $3,120 ($3,000 * 1.04)

Savings for Year 3 = $3,245 ($3,120 * 1.04)

Savings for Year 4 = $3,375 ($3,245 * 1.04)

Savings for Year 5 = $3,510 ($3,375 * 1.04)

Savings for Year 6 = $3,650 ($3,510 * 1.04)

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6

Savings $3,000 $3,120 $3,245 $3,375 $3,510 $3,650

FV factor 1.677 1.539 1.412 1.295 1.188 1.090

FV = $5,031 $4,802 $4,592 $4,371 $4,170 $3,979

Total FV = $26,945

Total principal contribution = $19,900

Total interest = $7,045

7 0

2 years ago