Which best describes why countries establish limits on trade? Check all that apply.

During the period, Sanchez Company sold some excess equipment at a loss. The following information was collected from the compan

Mice21 [21]

Answer:

Part 1

Cost of Equipment Sold = $9300

Accumulated Depreciation of Equipment Sold = $ 1100

Cash received from Sale = $5300

Part 2

Net Cash Flows from Operating Activities

Add Back (Positive) to Operating Profit for the year : Loss on sale of equipment $ 2900

Part 3

Net Cash flows from Investing Activities

Add (Positive) Proceeds from Sale of Equipment $ 5300

Explanation:

Part 1

Cost of Equipment Sold:

The figure is obtained from Equipment At Cost Account.

Open the Account as follows:

Beginning Balance $ 20300 (debit), Ending Equipment $ 11000, Balancing figure $ 9300 (20300-11000) is the cost of equipment sold.

Accumulated Depreciation of Equipment Sold

The figure is obtained from Accumulated Depreciation.

Open the Account as follows:

Beginning Balance $ 1980 (credit), Profit and loss - Depreciation $ 870 (credit), Ending Balance $ 1750 (debit), Balancing figure $ 1100 (1980+870-1750) is the Accumulated Depreciation on Equipment Sold

Cash Received on Sale

This figure is figure is obtained from Equipment Disposal Account.

Open the Account as follows:

Cost of Equipment Sold $ 9300 (debit), Accumulated depreciation on equipment sold $1100(credit),Loss on Sale of Equipment $2900(credit),the Balancing figure $5300 (9300-1100-2900)

Part 2

Loss on sale of Equipment is the only Income Statement Item affecting the Operating Activity of the Cash Flow Statement.

Add back to Operating profit since this is a non-cash item and was initially deducted in the calculation of Operating Profit.

Part 3

Sale of Equipment results in Cash Inflow and affects the Cash Flows from Investing Activities Section of Cash Flow Statement.

Hence a positive amount should be added to reflect this inflow.

4 0

4 years ago

Exchange of Stock for Asset On July 14, Peterman Corporation exchanged 1,000 shares of its $8 par value common stock for a plot

Blababa [14]

Answer:

the increase in additional paid in capital is $13,000

Explanation:

The computation of the increase in additional paid in capital is shown below:

= (Average price per share - par value of shares) × number of shares

= ($21 - $8) × 1,000

= $13 × 1,000

= $13,000

hence, the increase in additional paid in capital is $13,000

8 0

3 years ago

Hamlet sends two letters announcing his return to england, one to horatio and one to claudius. why might shakespeare have chosen

My name is Ann [436]

If Hamlet sends two letters announcing his return to England, one to Horatio and one to Claudius., then the reason why Shakespeare might have chosen to have him send the letter to Horatio even though it is not needed to advance the plot is because of the reason he wanted to show his love and care.

8 0

3 years ago

g Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory co

Naily [24]

Answer:

W/A

COGS $ 425,750

EI $ 321.750‬

FIFO

COGS: $ 374,750

EI $ 371,750‬

LIFO

COGS $ 476,750

EI $ 270,750‬

Explanation:

Date Units Cost Subtotal

Begining3,400 50.00 170,000

Jan 30th 4,700 65.00 305,500

May 1st 3,400 80.00 272,000

Total 11,500 747,500

Sales units: 3,050 + 3,500 = 6,550

Weighted Average:

$747,5000 total value of the inventory / 11,500 units available = $65

COGS: 6,550 x $65 = $ 425,750‬

Ending Inventory: 747,500 - 425,750 = 321.750‬

FIFO

We sale the first units so the COGS are the frist 6,550 untis starting from the top:

3,400 beginning at 50

+ 3,150 Jan 30th at 65

COGS: 374,750

EI 747,500 - 375,750 = 371,750‬

LIFO we made sales of the lattest untis so in this case we start from the bottom:

3,400 May 1st at $80

3,150 Jan 30th at $65

COGS 476,750

EI 747,500 - 476,750 = 270.750‬

3 0

3 years ago

During 2020, Bayside Inc. has 9% cumulative non-participating preferred stocks with a total par value of $300,000 and common sto

Lapatulllka [165]

Answer:

Date - December 14, 2020

Debit : Dividend $16,000

Credit : Shareholders for dividends $16,000

Date - January 16, 2021

Debit : Shareholders for dividends $16,000

Credit : Cash $16,000

Date - December 12, 2021

Debit : Dividend $62,000

Credit : Shareholders for dividends $62,000

January 15, 2022

Debit : Shareholders for dividends $62,000

Credit : Cash $62,000

Explanation:

Dividends are initially declared before they are paid to the respective shareholders. So it is important to first record the journal at the declaration date of the dividend, then the payment date of the dividend as shown above.

7 0

3 years ago