1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
tatiyna
3 years ago
13

Dodson Company traded in a manual pressing machine for an automated pressing machine and gave $8,000 cash. The old machine cost

$93,000 and had a net book value of $71,000. The old machine had a fair market value of $60,000. Which of the following is the correct journal entry to record the exchange?
a. Equipment 68,000
Loss on Exchange 11,000
Accumulated Depreciation 22,000

Equipment 93,000
Cash 8,000

b. Equipment 68,000

Equipment 60,000
Cash 8,000

c. Cash 8,000
Equipment 60,000
Loss on Exchange 11,000
Accumulated Depreciation 22,000

Equipment 101,000

d. Equipment 123,000

Accumulated Depreciation 22,000
Equipment 93,000
Cash 8,000
Business
1 answer:
Tju [1.3M]3 years ago
4 0

Answer:

a. Dr Equipment 68,000

Dr Loss on Exchange 11,000

Dr Accumulated Depreciation 22,000

Cr Equipment 93,000

Cr Cash 8,000

Explanation:

Preparation of the correct journal entry to record the exchange

Based on the information given the correct journal entry to record the exchange will be

Dr Equipment 68,000

(60,000+8,000)

Dr Loss on Exchange 11,000

(71,000-60,000)

Dr Accumulated Depreciation 22,000

(93,000-71,000)

Cr Equipment 93,000

Cr Cash 8,000

(Being to record the exchange)

You might be interested in
Joe is an accountant and plans to join a group of accountants. he compares a group in a general partnership with a group in a li
Tatiana [17]
The thing that would interest him the most and is an advantage is that if one partner were to make a mistake, he would not be held accountable for it. Unlike the general partnership where everyone gets equal blame for the downfall of a company, in limited liability it is known what falls under whose jurisdiction and if someone causes the company to go bankrupt, the ones whose fault it's not can't get sued.
8 0
3 years ago
What is one reason that more affluent individuals may experience better health?
andrew-mc [135]
They can afford top notch healthcare
3 0
3 years ago
Donna has a home currently worth $142,000, for which she still owes $63,000 on her mortgage. She has $18,000 in student loan deb
Elan Coil [88]

Answer:

$49,000

Explanation:

Donna's net worth is the total value of her assets minus the total value of her liabilities.

Donna's total assets = $142,000 + $1,000 = $143,000

Donna's total liabilities = $63,000 + $18,000 + $13,000 = $94,000

Donna's net worth = $143,000 - $94,000 = $49,000

8 0
3 years ago
The ways you act, think, and feel describe your _____.
Bas_tet [7]
Personality traits... i think

have a good day
4 0
3 years ago
Suppose that a jewelry store found that when it increased prices by 10 percent, sales revenue increased by 3 percent. Which of t
Anna11 [10]

Answer:

The correct answer is Demand is inelastic, but not perfectly.

Explanation:

Inelastic demand is that demand that is not very sensitive to a change in price. In this way, before a variation in the price the quantity demanded reacts in a less than proportional way. For example, if the price increases by 10% and in response the quantity demanded is reduced by less than 10%, then the demand is said to be inelastic.

The elasticity of demand, also known as the elasticity-price of demand, is defined as the percentage change of the quantity demanded before a percentage change in the price.

4 0
3 years ago
Other questions:
  • ​sam walton's strong emphasis on customer service at walmart demonstrates the importance of ____ in being a great leader.
    6·1 answer
  • Which of the following is true of both paying with a check and paying with a debit card?
    5·1 answer
  • Is Faraj legally required to pay this additional amount in this case? Melissa Faraj owns a lot and wants to build a house accord
    9·1 answer
  • A registered representative solicits an order from a customer to buy 200 shares of XYZZ at $50. The customer agrees and the regi
    15·1 answer
  • When the weighted average cost method is used in a perpetual inventory system, a weighted average unit cost for each item is com
    6·1 answer
  • Credit granted by retailers to consumers who purchase for personal or family use is referred to as answer
    11·1 answer
  • The ________ is the walkway directly in front of a church that serves as the entry porch
    7·2 answers
  • When companies watch both their buyers and their competitors, they are called ________ companies.?
    7·1 answer
  • Last year during the beginning of the Pandemic, name 5 household products people were hoarding?
    15·2 answers
  • Discuss the major options organizations have for reducing labor surpluses. In doing so, discuss how they vary in terms of speed
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!