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andrezito [222]

3 years ago

15

On January 2, Dixie, Inc., pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of

$28,000. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
No Date General Journal Debit Credit
1 Jan. 2 Gain on disposal of machinery 1,000
Accumulated depreciation 28,000

1 answer:

Alex Ar [27]3 years ago

3 0

Answer:

Dr Accumulated depreciation-Machinery 28,000

Dr Loss on disposal 1000

Cr Cash 1000

Cr Machinery 28,000

Explanation:

Based on the information given the appropriate journal entry to record the transaction on On January 2 is :

On January 2

Dr Accumulated depreciation-Machinery 28,000

Dr Loss on disposal 1000

Cr Cash 1000

Cr Machinery 28,000

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<h2>The following are each individuals opportunity cost, absolute advantage, and comparative advantage in producing fish and rabbits: </h2>

<h3><u>Opportunity cost: </u></h3>

The individual who is producing rabbits pays the opportunity cost for not producing fish, whereas, the individual who is producing fish pays the opportunity cost for not producing rabbits.

<h3><u>Absolute advantage: </u></h3>

The individual who bears the lowest marginal cost in producing rabbits has an absolute advantage in producing rabbits and the one who bears the lowest marginal cost is producing fish has an absolute advantage in producing fish.

<h3><u>Comparative advantage: </u></h3>

The individual who has the lowest opportunity cost in producing fish instead of rabbits has a comparative advantage in producing fish and the one who has the lowest opportunity cost in producing rabbits instead of fish has a comparative advantage in producing rabbits.

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3 years ago

Clearly establishing property rights for water ownership would result in which of the following? Choose one or more: A. incentiv

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Answer:

The options chosen are:

B. the tragedy of the commons;

C. incentive to conserve the property;

E. incentive to protect the property.

Explanation:

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<em>E.</em> The Incentive to protect the property -<em> </em><em>The incentives associated with private property rights can help conserve scarce resources: Private ownership entails penalties for premature harvesting or over-harvesting of resources. Private ownership rewards community and individual cooperation. Private ownership rewards conservation and stewardship behaviour.</em>

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3 years ago

Suppose that between 2003 and 2007, one group of individuals (Group 1) received job training while another otherwise similar gro

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Job training had a positive effect on the Group 1 and it would be beneficial for the second group to have had it too.

Explanation:

In series analysis one compares two set of data in terms of their initial points and their final results and within if there are fluctuations in the matter during the series. In ere, the data given is of two points that is the initial data and the final data.

The two data points clearly show that the two groups were equivalent in 2003 but the first group which received job raining ended up progressing more than the second group so it is beneficial to get the job training that was offered.

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4 years ago

Cash Flows. Quick Computing currently sells 10 million computer chips each year at a price of $20 per chip. It is about to intro

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Answer:

Since net revenue has increased from $140 million to $246 million = $106 million by considering all costs thus all the costs and revenue shall be considered.

Explanation:

For calculating the present value, all the cost and revenue will be considered.

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In case of introducing new chips

Revenue will be as follows

12 million $\times$ $25 + 3 million $\times$ $20

= $300 million + $60 million = $360 million

Less: Costs 12 million $\times$ $8 + 3 million $\times$ $6

= $96 million + $18 million = $114 million

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Since net revenue has increased from $140 million to $246 million = $106 million by considering all costs thus all the costs and revenue shall be considered.

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3 years ago

In its income statement for the year ended December 31, 2020, Kingbird, Inc. reported the following condensed data.

tekilochka [14]

Answer and Explanation:

The preparation of the multiple-step income statement is shown below:

Net Sales $2,415,700

Less: Cost of goods sold $1,314,300

Gross profit $1,101,400

Less: Operating expense -$736070

Operating income $365,330

Other revenue

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Interest expense $74,650

Loss on disposal of plant assets $18,990 $93,640 -$62,050

Net income $303,280

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3 years ago