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ASHA 777 [7]
3 years ago
11

Cedric Company recently traded in an older model computer for a new model. The old model's book value was $140,000 (original cos

t of $370,000 less $230,000 in accumulated depreciation) and its fair value was $210,000. Cedric paid $65,000 to complete the exchange, which has commercial substance.
Calculate the following values:
1. Amount to debit for new equipment
2. Amount to debit accumulated depreciation
3. Amount to credit to cash
4. Amount to credit for old equipment
5. Gain or loss on sale
Business
1 answer:
Semmy [17]3 years ago
8 0

Answer:

1. $210,000

2.$230,000

3. $65,000

4. $370,000

5. $135,000 loss

Explanation:

1. Amount to debit for new equipment

Use the Fair Value of Asset given

2. Amount to debit accumulated depreciation

Use the accumulated depreciation of asset given up.

3. Amount to credit to cash

Use the Cash Paid up

4. Amount to credit for old equipment

Use the cost of asset given up

5. Gain or loss on sale

Gain or loss = Carrying Amount - Fair Value - Cash traded up

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Issues of growth are generally considered in: Multiple Choice neither the short-run nor the long-run frameworks. the short-run f
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Answer:

the long-run framework.

Explanation:

In Economics, Growth can be defined as an increase or rise in the level of output and production of goods and services over a specific period of time by a business entity.

Issues of growth are generally considered by economists in the long-run framework because growth itself is a long-run phenomenon in economics.

A long-run growth refers to the continuous and sustained increase in the level of output of goods and services or quantity of production that a business is able to achieve.

Hence, all of the four factors of production affects the level of growth that is being experienced by an individual or organization. These factors are;

1. Capital.

2. Labor.

3. Land.

4. Entrepreneur.

<em>In a nutshell, business owners and economist usually consider the growth of a business as a long-run phenomenon rather than as a short-run phenomenon. </em>

7 0
3 years ago
Think of an organization that you’re a part of. It could be a workplace, team, or club. Identify Schein’s four key elements in t
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One of the most important key elements in Schein’s four key elements according to me would be a common purpose because, without having a common purpose, people working in the organization will be disoriented and directionless. Thus, it can hamper the ultimate goal of the organization.

<h3>What is the common purpose of an organization?</h3>

A corporation with a clear purpose or undertaking is one that is simple to recognize and manage. A common purpose unifies personnel and facilitates them to understand the corporation’s direction.

Hence, according to me, among all the Schein’s four key elements in the organization’s structure, the Common purpose is the most key element.

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7 0
2 years ago
Harris Company uses the allowance method of handling its credit losses. It estimates credit losses at one percent of credit sale
likoan [24]

Answer:

Dec.31           Bad Debts Expense    27000

December 31    Balance Sheet Accounts Receivable             392400

Explanation:

Harris Company

Credit Sales for the current year $2700,000

Credit Losses = 1% of $ 2700,000= $ 27000

Add Allowance for Doubtful Accounts $ 30600 Cr

Required Adjustments          $ 57,600 Cr

General Journal

Date                     Description            Debit                Credit

Dec.31           Bad Debts Expense    27000

                         Allowance for Doubtful Accounts   27000

December 31 Balance Sheet.

                       Accounts Receivable      $450,000        

Less: Allowance for Doubtful Accounts $57,600 ( 27000+ 30,600)

                      Accounts Receivable             392400

6 0
3 years ago
Street Runner Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs a
KiRa [710]

Answer:

$8.20/Direct Labor hours

Explanation:

Cost of performing engine repair work = Shop and repair equipment depreciation + Shop supervisor salaries + Shop property taxes + Shop supplies

Cost of performing engine repair work = $40,000 + $133,000  + $22,000 + $10,000

Cost of performing engine repair work = $205,000

Direct Labor Hours = Direct Labor/Direct Labor rate

Direct Labor Hours = 500,000/$20 per hour

Direct Labor Hours = 25,000 hours

Predetermined shop overhead rate per direct labor hour = $205,000 / 25,000 Hours = $8.20/Direct Labor hours

5 0
3 years ago
1. For each case, determine the maximum quantity of money generated in the
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Reserve requirement is 10% and excess reserves are $11 million is $122.2 million. Reserve requirement is 5% and excess reserves are $13 million is  $273.6 million. Reserve requirement is 2 % and excess reserves are $7 million is $357 million.

What is money generated?

In the form of bank deposits, or the figures that show up in your account, banks produce the majority of the money that circulates in our economy.

(a) Excess reserve, the balance of the entire deposit remaining after the reserve requirement of 10% has been met. Therefore, $11 million represents 90% of the total deposit. 11+(11×10%) The entire amount of the deposit will be $12.22 million.

The money multiplier determines how much money is generated.

Money Multiplier = 1/10% of Reserve Ratio = 10

Therefore, Quantity of money generated= $12.22 million * 10 = $122.2 million.

(b) Excess reserve, the balance of the entire deposit remaining after the reserve requirement of 5% has been met. Since $13 million represents 95% of the total deposit,13+(13×5%) There will be a total deposit of $13.68 million.

The money multiplier determines how much money is generated.

Money Multiplier = 1/5 Reserve Ratio = 20

Therefore, Quantity of money generated=$13.68 million * 20 = $273.6 million.

(c) Excess reserve, the remaining balance of the total deposit after the reserve requirement of 2% has been subtracted. 98 percent of the total deposit is therefore $7 million. 17+(17×2%) Therefore, the overall deposit will be $7.14 million.

The money multiplier determines the amount of money that is produced.

Money Multiplier = 1 / Reserve Ratio = 0.5 % = 50

Therefore, Quantity of money generated=$7.14 million * 50 = $357 million

As a result, option (a)  $122.2 million (b) $273.6 million (c) $357 million is an accurate answer.

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7 0
1 year ago
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