a debit entry in the cash account and a corresponding credit entry in David Levin's account are made for the transaction.....

On December 31, 2019, Hamilton Inc. sold a used industrial crane for $1,000,000 cash. The original cost of the crane was $5.22 m

garik1379 [7]

Answer:

Gain= $90,000

Explanation:

Giving the following information:

Selling price= $1,000,000

Original price= $5,220,000

Accumulated depreciation= $4,310,000

First, we need to calculate the book value:

Book value= purchase price - accumulated depreciation

Book value= 5,220,000 - 4,310,000

Book value= $910,000

Now, if the selling price is higher than the book value, the company gain from the sale:

Gain/loss= selling price - book value

Gain/loss= 1,000,000 - 910,000

Gain= $90,000

3 0

3 years ago

PLEASE LEAVE A COMMENT EVEN IF THERE ARE TWO ANSWERS! Hi, I am picking a name for my coffee shop, I was thinking CoffeeCake beca

sveta [45]

...coffecakes thats a cute name

3 0

3 years ago

Read 2 more answers

Butler Corporation is considering the purchase of new equipment costing $78,000. The projected annual after-tax net income from

True [87]

Answer:

-$7,621

Explanation:

Calculation to determine the net present value of the machine

Using this formula

Net present value of the machine=(Net cash flow *present value of an annuity at 11%)- Amount invested

Let plug in the formula

Net present value of the machine=($2,800+$26000*2.4437)-$78,000

Net present value of the machine=($28,800*2.4437)-78,000

Net present value of the machine=$70,379-$78,000

Net present value of the machine=-$7,621

Therefore the Net present value of the machine is -$7,621

5 0

3 years ago

On January 1, 2016, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $784,000 cash. At Janua

stiv31 [10]

Answer:

a) Consolidated net income for Phoenix and Sedona for 2018

Phoenix revenues $648,000

-Phoenix expenses ($412,000)

Phoenix Net Income $236,000

2018 Income from Sedona $54,075

Consolidated net income for $290,075

Phoenix and Sedona for 2018

b) Phoenix’s consolidated retained earnings balance at December 31, 2018

Phoenix’s consolidated retained earnings balance at December 31, 2018 = $347,075.00 (same as Phoenix because of equity method use)

c) What amount should Phoenix report for Sedona’s customer list?

Consideration transferred at fair value $784,000

Book value acquired ($548,800)

Excess fair over book value $235,200

To Equipment $95,000

To customer list (4 year life) $140,200

Three years since acquisition of customer list = $140,200/4 years = $35,050. Hence, Phoenix report $35,050 as Sedona’s customer list.

4 0

3 years ago

Assume that the governance committee states that all projects costing more than $70,000 must be reviewed and approved by the chi

rodikova [14]

Answer:

The correct answer is the difference between governance and management oversight.

Explanation:

In conflict and post-conflict situations it is necessary that the security sector is governed by the principles of effective governance and accountability, to prevent this sector from misusing its prerogatives, that the authorities abuse its control over the actors in the security sector and, above all, to build public confidence and establish or restore the legitimacy of the sector (UNODC, 2011). For this to happen, it is necessary that the security sector actors accept that their decisions and actions can be questioned and that any inappropriate behavior can have consequences such as compensation for victims or sanctions. Without this type of accountability and transparency, corruption and other inappropriate behavior can flourish (UNODC, 2011).

4 0

3 years ago