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Anit [1.1K]
3 years ago
15

On December 31, Strike Company traded in one of its batting cages for another one that has a cost of $500,000. Strike receives a

trade-in allowance of $11,000. The old equipment had an initial cost of $215,000 and has accumulated depreciation of $185,000. Depreciation has been recorded up to the end of the year. The difference will be paid in cash. What is the amount of the gain or loss on this transaction
Business
1 answer:
photoshop1234 [79]3 years ago
4 0

Answer:

the amount of loss is $19,000

Explanation:

The computation of the amount of the gain or loss is shown below:

Old equipment cost is

= Initial cost of the equipment - accumulated depreciation

= $215,000 - $185,000

= $30,000

Now the gain or loss is

= Book value of an equipment - trade in allowance

= $30,000 - $11,000

= $19,000

hence, the amount of loss is $19,000

We simply applied the above formula so that the correct value could come

And, the same is to be considered

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Sheridan Company used high-low data from June and July to determine its variable cost of $12 per unit. Additional information fo
Vinvika [58]

Answer:

See below

Explanation:

June 37,600 - 2,300 = 35,300

July 17,200 - 600 = 16,600

5 0
3 years ago
Your family is expanding in number, and so you decide to sell your current home and upgrade to a larger home. You estimate that
castortr0y [4]

Answer:

The Estimated Monthly Mortgage Payment

=    $2,810.81

Explanation:

Data and Calculations:

House price = $475,000

Down payment = $100,000

Percentage of down payment = 21.05% ($100,000/$475,000 * 100)

Finance period = 15 years = 180 months (15 * 12)

Nominal annual interest compounded monthly = 4%

The estimated monthly mortgage payment using an online finance calculator:

Monthly Pay:   $2,810.81

House Price $475,000.00

Loan Amount $380,000.00

Down Payment $95,000.00

Total of 180 Mortgage Payments $505,946.54

Total Interest $125,946.54

Mortgage Payoff Date Jan. 2036

6 0
3 years ago
Given the following production function for Tight Jeans Corporation, calculate the marginal physical product and the value of th
kicyunya [14]

Answer:

labor input      pairs of jeans      marginal physical     value of marginal

                       per day                product                     physical product

0                          0                          0                               0

1                         10                         10                            $300

2                         36                         26                            $780

3                         56                         20                            $600

4                         68                         12                            $360

5                         74                          6                            $180

6                         76                          2                             $60

7                         76                          0                                0

8                         74                         -2                            -$60

The marginal revenue product is the value of marginal physical product, and you calculate it by multiplying marginal physical product times the unit price of the pair of jeans.

5 0
3 years ago
The Fine Art Museum, a not-for-profit entity, allocated expenses 80% to programs and 20% to general and administrative.
yuradex [85]

The preparation of the necessary journal entries for The Fine Art Museum is as follows:

<u>Journal Entries</u>:

a. Debit Cash $500,000

Credit Admissions Fees $500,000

  • To record the receipt of admissions fees in cash from visitors.

b. Debit Cash $250,000

Credit Admissions Fees $250,000

  • To record the receipt of special admissions fees for "Friends of the Museum."

c. Debit Salary Expense $250,000

Credit Salary Payable $60,000

Credit Cash $190,000

  • To record salary expense paid and payable.

d. Debit Operating Expenses $400,000

Credit Operating Expenses Payable $30,000

Credit Cash $370,000

  • To record operating expenses paid and payable.

Debit Supplies $50,000

Credit Operating Expenses $50,000

  • To transfer operating expenses to Supplies.

Debit Supplies Expense $30,000

Credit Supplies $30,000

  • To record supplies expense for the year.

e. Debit Pledges Receivable $200,000

Debit Cash $150,000

Credit Pledges Receivable $150,000

Credit Allowance for Uncollectible Pledges $30,000

  • To record pledges receivable and allowance for uncollectibles.

f. Debit Cash $600,000

Credit Sale of collections $600,000

  • To record the sale of wonderful collections from a will.

Data Analysis:

Allocation of Expenses:

Programs = 80%

General and Administrative = 20%

a. Cash $500,000 Admissions Fees $500,000

b. Cash $250,000 Admissions Fees $250,000 ($25 x 10,000)

c. Salary Expense $250,000 Salary Payable $60,000 Cash $190,000

d. Operating Expenses $400,000 Operating Expenses Payable $30,000 Cash $370,000

Supplies $50,000 Operating Expenses $50,000

Supplies Expense $30,000 Supplies $30,000

e. Pledges Receivable $200,000 Estimated Receivable Pledges $170,000

Uncollectible Pledges $30,000

Cash $150,000 Pledges Received $150,000

f. Cash $600,000 Sale of collections $600,000

Learn more: brainly.com/question/16781277

3 0
2 years ago
Which of the following things could make a business idea a bad opportunity? A. Differentiation B. Low competition C. Low custome
Flauer [41]
The things that could make a business idea a bad opportunity is low customer deman. Option C is the answer. The other options does not result to bad opportunity. .
3 0
3 years ago
Read 2 more answers
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