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
Sladkaya [172]
2 years ago
11

On its December 31, 2017, balance sheet, Calgary Industries reports equipment of $470,000 and accumulated depreciation of $94,00

0. During 2018, the company plans to purchase additional equipment costing $100,000 and expects depreciation expense of $40,000. Additionally, it plans to dispose of equipment that originally cost $52,000 and had accumulated depreciation of $7,600. The balances for equipment and accumulated depreciation, respectively, on the December 31, 2018 budgeted balance sheet are:
Business
1 answer:
Nadya [2.5K]2 years ago
3 0

Answer:

The cost balance on 31 December 2018 is $518,000 while that of accumulated depreciation is $126,400

Explanation:

The balance of fixed assets is computed as

Opening balance - accumulated depreciation - depreciation + Addition - Disposal

Hence given that on December 31, 2017, Calgary Industries reports equipment of $470,000 and accumulated depreciation of $94,000. During 2018, the company plans to purchase additional equipment costing $100,000 and expects depreciation expense of $40,000, Additionally, it plans to dispose of equipment that originally cost $52,000 and had accumulated depreciation of $7,600 the balance then

= $470,000 + $100,000 - $52,000

= $518,000

The accumulated depreciation

= $94,000 + $40,000 - $7,600

= $126,400

You might be interested in
The accounts receivable account has a beginning balance of $10,000 and the company provides services of $50,000 on account durin
ser-zykov [4K]
Beginning balance 10000
Add service on account 50000
Less ending balance 12000

Received from customers
10,000+50,000−12,000=48,000

Hope it helps!
8 0
3 years ago
A mortgage is a legal agreement between a borrower and a
o-na [289]
I believe the answer is D. Bank
7 0
3 years ago
Read 2 more answers
After hiring 151 units of the variable input, labor, a firm determines the MFC to be $.30 and the MRP to be $.33. The firm shoul
zhuklara [117]

Answer:

Option (c) is correct.

Explanation:

Labor (Variable input) hired = 151 units

After hiring this much units of labor, a firm incurred:

Marginal cost of hiring (MFC) = $0.30 and marginal product of labor (MRP) = $0.33

The firm continuing hiring new labor until the point at which marginal cost of hiring labor is equal to the marginal product of labor.

In this case, MFC is less than the MRP, so firm should increase the use of labor till the MFC becomes equal to the MRP.

7 0
3 years ago
What is the difference between Nepalese microeconomics and macroeconomics?
dangina [55]
Microeconomics study of particular markets, and segments of the economy. It looks at issues like consumer behavior, individuals labor markets, and film theory. Macroeconomics is the study of the whole economy. It looks at aggregate variables, such as aggregate demand, national output and inflation!!!
8 0
3 years ago
Cala manufacturing purchases a large lot on which an old building is located as part of its plans to build a new plant. the nego
Andre45 [30]
Given:
280,000 for the land
110,000 for the old bldg
33,500 to tear down old bldg
47,000 to fill and level the land
1,452,000 new bldg
87,800 for lighting and paving a parking area for the new bldg.

Entries:                                    Debit                         Credit
Land                                      470,500
           Cash                                                              470,500
(280,000 + 110,000 + 33,500 + 47,000 = 470,500) 

Building                                   1,452,000
          Cash                                                         1,452,000

Land Improvement                        87,800
           Cash                                                             87,800

Expenses incurred in preparing the land for its purpose is classified under the land account. Land does not depreciate because its useful life is unidentified.

Land improvement account is used for expenses incurred to add functionality to the land and these output has useful life and is depreciated. 




8 0
3 years ago
Read 2 more answers
Other questions:
  • Net capital outflow equals a. the value of foreign assets purchased by domestic residents - the value of domestic assets purchas
    7·1 answer
  • If a firm favors a push strategy, using direct selling to educate potential consumers about the features of its products, what k
    7·1 answer
  • Todd haitz is the marketing manager for the national basketball association. todd analyzes and tracks his marketing campaigns to
    7·1 answer
  • List five potential conflicts that ANY employee of the company could face, be it sales
    7·1 answer
  • If the economy booms, RTF, Inc., stock is expected to return 9 percent. If the economy goes into a recessionary period, then RTF
    15·1 answer
  • The risk-free rate is 4%, the market risk premium is 8%, and the market return is 12%. Stock Y's beta is 1.85 and the standard d
    12·1 answer
  • A U.S. Senator from Michigan is in favor of environmental regulations that forbid industries from disposing chemical wastes in r
    7·1 answer
  • StylesQuestion 12 (Essay Worth 4 points)
    6·1 answer
  • Clare sells gourmet boxes of chocolates. One box of chocolates costs Nancy $6.75 to produce. She sells her boxes of chocolate fo
    11·2 answers
  • An individual with ______ has a high degree of skill or knowledge in a subject.
    10·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!