Answer:
d. Some other amount - $11,000
Explanation:
Investing activities: It records those activities which include purchase and sale of the long term assets
. The purchase of long term assets is an outflow of cash and the sale of long term assets is an inflow of cash
The computation of the sale of plant assets is shown below:
= Sale value of equipment - accumulated depreciation + gain on sale of equipment
= $18,000 - $9,000 + $2,000
= $11,000
Answer: Public tort
Explanation: In simple words, public tort refers to the minor breach of contract by an individual. It is considered as a civil offense but still the acts under this act carries a criminal punishment.
In the given case, Hal did not make the elevator inspected in the seventh story for two years, however all other were inspected as per the rules. Thus, we can conclude that he breached the rule on a small level.
Hence from the above we can conclude that his offense would be classified as public tort.
Answer:
to explain any difference between the depositor’s balance per books with the balance per bank
Explanation:
The goal of this process is to ascertain the differences between the banks records and the depositor’s records and make accounting changes as deemed appropriate. There is a general flow that is used to make the correcting entries:
1. The process flow starts with the bank’s ending cash balance
2. Add any deposits made by the company to the bank that are in transit
3. Deduct any cheques that are uncleared by he bank
4. Add or deduct any other items available as necessary
5. In the company bank records, once again start with the ending balance
6. Deduct any bank service fees, penalties and NSF (Non-Sufficient Funds) cheques.
7. Add interests earned
At the end of this process, it is likely that both accounts would be equal and tally.
Answer:
The company will amortize the cost over 6 years.
Explanation:
Intangible assets which have a useful life that is either indefinite or identifiable.
The assets having identifiable useful lives, are amortized on the basis or method of straight-line over the legal or the economic life, which ever is short.
The assets having indefinite useful lives are assessed every year for the impairment. And the impairment losses need to evaluated by deducting the market value of the asset from the carrying value.
So, in this case, the asset has legal life of 8 years and on contract is 6 years, the company will amortize the asset over the 6 years as the intangible asset have identifiable useful lives, therefore, need to amortized over legal or economic life, which ever is shorter.
Hence, legal is 8 years and economic life is 6 years, so the short is 6 years.
Answer:
when someone is unemployed(does not have a job), but still benefits the economy in some way