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larisa86 [58]
3 years ago
8

Mercury Company reports depreciation expense of $56,000 for Year 2. Also, equipment costing $189,000 was sold for its book value

in Year 2. There were no other equipment purchases or sales during the year. The following selected information is available for Mercury Company from its comparative balance sheet. Compute the cash received from the sale of the equipment
Business
2 answers:
densk [106]3 years ago
8 0

Answer:

Hi, the information you have provided has missing important information.

However relevant detail to tackle the question is provided as follows:

Prepare the <em>Equipment Disposal T - Account </em>and use it to find the missing balance.

Debit :

Cost                                        $189,000

Profit on Disposal                       xxxx

Credit:

Accumulated Depreciation   $112,000

Loss on Disposal                       xxxx

Cash (Balancing figure)         $ xxxx

The Cash received from the sale of the equipment is provided as a <em>balancing figure</em> for this account.

Alex73 [517]3 years ago
5 0

Hi, your question information is incomplete

For computing the cash received, first, we have to find the balance of accumulated depreciation but incomplete question information will not allow to do so.

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a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%.

Answer:

$9800

Explanation:

This question requires us to calculate the employer's payroll taxes

His social security tax = $110000*6.0%

= 110000x0.06

=$6600

His Medicare tax = $110000*1.5%

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Federal = 25000x0.8%

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2 years ago
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SpyIntel [72]

Answer:

Summemour and Hatcher WERE JOINTLY and SEVERALLY LIABLE

Explanation:

What is Partnership

Partnership is a form of business, where individuals come together to carry on business with the primary intention of making profit. Mostly, they come together by contributing capital and expertise to make the business work . Every partner is however liable and responsible for both the profit made and the losses or liabilities of the partnership.

Although the general partner has unlimited liability, every partner is however jointly and severely liable for the business

Were Summemour and Hatcher Liable?

This case is referred in the J.T. Turner Construction Company v. Summerour and Hatcher(2009). The court this case declared that both Hatcher and Summemour were jointly and severally liable as a result of the following reasons.

A partner becomes liable especially for a prior judgment based on the following

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2. A general partner in the partnership was sued to court

Based on these, Summemour and Hatcher WERE JOINTLY and SEVERALLY LIABLE

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