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leva [86]
2 years ago
13

On March 31, 2021, Top Notch Goods committed to a plan to sell machinery equipment. The machinery equipment was available for im

mediate sale, and an active plan to locate a buyer was initiated. The machinery equipment had been purchased on January 1, 2019, for $260,000. The machinery equipment had an estimated six-year service life and residual value of $20,000. The machinery equipment was being depreciated using the straight-line method. Top Notch Good's fiscal year ends on December 31.Calculate the equipment’s book value as of March 31, 2021By December 31, 2021, the machinery equipment has not been sold, but management expects that it will be sold in 2022 for $150,000. For what amount is the machinery equipment reported in the December 31, 2021, balance sheet?
Business
1 answer:
Vladimir [108]2 years ago
6 0

Answer:

$150,000

Explanation:

This machine is to be classified as an asset held for sale. The assets held for sake are carried on the Statement of Financial Statement at the amount lower of Fair Market Value and the Carrying Amount.

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During October, Pharoah Company experiences the following transactions in establishing a petty cash fund. Oct. 1 A petty cash fu
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Answer:

The entries are made as follows;

Explanation:

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Postage Expense     Dr.$14.99

Petty Cash                Cr.$14.99

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Petty Cash          Cr.$5.39                                                                                                              

6 0
3 years ago
Which of the following scenarios is an example of monopolistic competition?
daser333 [38]
B.
The bus company has monopoly over the bus service in the town because it has no competitors.
7 0
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Assets are something that a business owns that is able to bring in money or is a store of value.

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Accounts receivable is a current asset which means it has a duration of a period or less.

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