Answer:
Therefore, the entry to record the sale of the truck involves B. Debit Loss $5,000.
Explanation:
First determine the Accumulated depreciation on the Truck
Depreciation Expense = Cost - Residual Value / Estimated Useful years
= ($140,000 - $20,000) / 6
= $20,000
Accumulated Depreciation :
2018 : $20,000
2019 : $20,000
Total : $40,000
Then Process the Sales journal to determine the profit or loss on sale of Truck as follows :
Accumulated Depreciation $40,000 (debit)
Cash $95,000 (debit)
Profit and Loss $5,000(debit)
Cost : Truck $140,000 (credit)
Conclusion :
Therefore, the entry to record the sale of the truck involves B. Debit Loss $5,000.
Answer:
The amount of cash flow from operating activities that would appear on the Year 2 statement of cash flows would be -$850 or $850 outflow
Explanation:
The computation of the cash flow from the operating activities for year 2 is shown below:
= Cash revenue in year 2 - interest on notes payable
= $950 - $1,800
= -$850
The negative amount shows an outflow of cash
.
The interest on the note payable is computed by
= Borrowed amount × interest rate
= $36,000 × 5%
= $1,800
Select all that apply.
Common Terminology
Management by Objectives
Incident Action Planning
Manageable Span of Control
Unified Command
Accountability
Answer:
Management by Objectives
Incident Action Planning
Manageable Span of Control
Explanation:
Considering the information given in the question, the NIMS Management Characteristics I am supporting are:
1. Management by Objectives
This is because, by Management by Objectives, the General Staff are making strategies according to the previous objectives.
2. Incident Action Planning
This is because, by Incident Action Planning, the General Staff are revising planning documents that will comprise staffing and resource necessities.
3. Manageable Span of Control
This is because, by Manageable Span of Control, General staff chiefs are assessing staffing requirements in the Incident Command Post. This is to make sure each supervisor only has personnel that can be managed.
Answer:Worthy journal $
Date
March 14, 2022
Bad debt Dr 2600
Receivable Cr 2600
Narration. Record of receivables written off to income account on account becoming unrecoverable.
Explanation:
The direct method of written off bad debts do not make provision for estimate of receivables that are likely to go bad in which the estimate is recognised as debit to income statement and the corresponding credit entry is used to reduce the receivables, with adjustment been made at the year end for variances.
In the direct method the actual bad debts is debited in the income s statement and credited to the receivables accounts.
Answer:
Zigzag Manufacturing
The Effectiveness of Leslie Demorest's Budgeting Strategy
The strategy of adjusting the previous year's operating expenses with inflation is not an effective way of strategic budget planning. Leslie's budgeting strategy does not take advantage of forecasts of unexpectedly good performance and fails to provide any reaction that can occur when there are downturns in cash flow.
An effective budgeting strategy should provide the standard for the effective use of financial resources of Zigzag Manufacturing in its business operations. There are no clear goals to be achieved and an evaluation of how the goals will be achieved through the budget implementation.
Explanation:
An effective budget should be able to forecast and track revenues and expenses, which are received and incurred in pursuit of business goals and projections. An effective budget ensures that those who implement the projections contained in the budget remain motivated. The idea of adjusting previous expenses with inflation is not an effective budgeting strategy.
