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AleksandrR [38]
3 years ago
6

Belltone Company made the following expenditures related to its 10-year-old manufacturing facility: 1. The heating system was re

placed at a cost of $210,000. The cost of the old system was not known. The company accounts for improvements as reductions of accumulated depreciation. 2. A new wing was added at a cost of $790,000. The new wing substantially increases the productive capacity of the plant. 3. Annual building maintenance was performed at a cost of $16,500. 4. All of the equipment on the assembly line in the plant was rearranged at a cost of $44,000. The re-arrangement clearly increases the productive capacity of the plant.Required: Prepare journal entries to record each of the above expenditures.
Business
1 answer:
suter [353]3 years ago
8 0

Answer:

S/N    Journal Entries                                           Debit         Credit

1         Accumulated depreciation-Building      $210,000

                 Cash                                                                     $210,000

2        Building                                                    $790,000

                 Cash                                                                     $790,000

3        Maintenance expense                            $16,500

                 Cash                                                                      $16,500

4        Equipment                                               $44,000

                 Cash                                                                      $44,000

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7 0
2 years ago
If the total assets of a business are $107,000 and its liabilities are $75,000, which of the following statements is correct?
Lady bird [3.3K]

Answer:

a. liabilities are $32,000

Explanation:

Note: In question part $75,000 shall represent equity, as there are only 3 parts of balance sheet assets, equity and liabilities, if assets are given liabilities is what we need to calculate the missing is equity.

Thus, $75,000 is treated as equity.

In that case we have,

Assets = Equity + Liabilities

$107,000 = $75,000 + Liabilities

Assets - Equity = Liabilities

$107,000 - $75,000 = Liabilities

$32,000 = Liabilities

Therefore, correct option is

a. liabilities are $32,000

7 0
3 years ago
Accounting information systems integration
Arlecino [84]
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4 0
3 years ago
Courts Distributors needed two hundred compact refrigerators on a rush basis. It contacted Eastinghouse Corporation, a manufactu
Romashka [77]

Answer:

Courts Distributors and Eastinghouse Corporation

Dispute over Contract Price

The two parties have a legal contract.  The contract was established when Courts requested Eastinghouse to send the refrigerators and bill later.

The exact price for the contract is in dispute.  This dispute can be resolved between the parties.  Reference to the market price will help resolve the dispute, otherwise, the parties may seek alternative dispute resolutions, like litigation, mediation, or arbitration.

Explanation:

a) Data and Analysis:

Eastinghouse's invoice price for the refrigerators = $140,000

Courts' adopted market price = $120,000

b) Since Courts' reference to the price is with regard to the wholesale market price, it may be that Eastinghouse quoted the retail price instead.  Since Courts is a distributor, it has the right to be charged a wholesaler's price and not a retailer's.  Therefore, we can conclude that after due reference to the prevailing market price of similar refrigerators, the two parties may agree to a price of $120,000 or a little higher.

7 0
2 years ago
Identify the risks exist in the conversion cycle of Central Production Limited.
11111nata11111 [884]

Answer:

Authorization of transactions:- Because of unclear subjugation, there is a potential risk of entering a money transfer again and again. To minimize this, all workers should adopt the rules for specific purchases, such as maintaining a set pricing list and guarantee a limited error distance.

Explanation:

The following are the risks which currently exist in the Central Production Limited conversion cycle:-

  • Lack of a "Maker and Checker" concept:- It is important because it executes the role of a sort account executive to check that the instructions and demands presented are correct and are not replicated. It would be extremely effective that someone in a position of power and authority might supervise certain rates and with certain operations.
  • Use of Hard-copies:- The production center supervisor will temporarily suspend the use of such hard copies for each production process. It is not only a resource loss, but risks being lost or duplicated as well. It really would give them a better chance if all online requests could be collected which would be far more effective and could be seen by all stakeholders. It will also lead to better leadership and faster distribution of information.
  • Wastage:- Tests should be in place to determine why additional material is needed above the normal volume, and it should be approved by a senior authority to the superintendent of the production line.
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5 0
3 years ago
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