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Oliga [24]
3 years ago
14

Romanova Inc. decides to sell an old piece of equipment and receives $5,000 cash for it. The original cost of the equipment was

$50,000 and it had accumulated depreciation of $47,000 associated with it. Which of the following items would be increased by the sale of the old equipment?
a- Gain on Saleb- Net Incomec- Cash from Operating Activitiesd- Cash from Investing Activitiese- Total Assets
Business
1 answer:
denpristay [2]3 years ago
7 0

Solution :

The carrying value of the asset = 5000-47000

                                                    = 3000

Equipment that is sold for 5000, therefore, the profit is 2000.

The net income gain on the sale - increase, the company is getting a gain from the sale.

The cash from the investing activities-increased. Thus the proceeds from the sale of the assets are recorded as the cash inflow.

The cash from the operating activities -- no change. While we calculate the operating cashflow, the gain on the sale of the assets added back to the income. So there is no change in the total.

The total assets -- increased. The carrying value will be zero after the sale, however, the cash on the balance sheet is then increased and it also captures gain. Now in order to balance the both sides, the net income increases the retained earnings section.

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Flanders Company purchased an asset on January 1, 2021 for $60,000. The asset has an estimated salvage value of $3,000. Its esti
emmasim [6.3K]

Answer:

$14,250

Explanation:

Annual depreciation = (Cost - Salvage value) / Useful Life

Annual depreciation = ($60,000 - $3,000) / 8

Annual depreciation = $57,000 / 8

Annual depreciation = $7,125

Accumulated dep. at December 31, 2022 = $7,125 * 2

Accumulated dep. at December 31, 2022 = $14,250

So, the balance in accumulated depreciation using the straight-line method at December 31, 2022 is $14,250.

7 0
2 years ago
Calvin works in the accounting department for a textbook publishing firm preparing budgets and reporting production costs. What
Anarel [89]

Answer:

The answer is "managerial accountant".

Explanation:

The economic circumstances collect and earned value collection of data, evaluating and presenting financial information for the organization or the management team of the company. These statistics will then be used to make sensible financial decisions that really can benefit the overall growth of the organization.

Managers were employing company and organizational accounts to monitor internal financial processes, revenue, spending, and budget, submit reports, determine past trends and forecast future needs, and aid economic decisions.

5 0
3 years ago
CodeHead Software Inc. does software development. One important activity in software development is writing software code. The m
Irina18 [472]

Answer:

Explanation:

Standard hours per week = 40 hours

Standard rate per hour = $32

Actual rate per hour = $40

Labour rate variance = 40 - 32 = $8 (unfavourable)

Actual cost per week = 40 × 40 = $1600

Standard cost per week = 40 × 32 = $1280

Labour cost variance = actual cost per week - standard cost per week

= 1600 - 1280

= $320 (unfavourable)

Actual codes written in first week = 5650

Standard codes per week = 5 × 25 × 40 = 5000

Actual cost per code = 1600/5660 = $0.2832

Standard cost per code = 1280/5000 = 0.256

Labour efficiency variance = 0.2832 - 0.256 = $0.0272 (unfavourable)

If the team generated 4,650 lines of code according to the original plan:

Code generated = 4650

Number of programmers = 5

Average codes per hour per programmer = 25

Total codes per hour = 25 × 5 = 125

Standard codes per week = 40 × 125 = 5000

Actual time to write 4650 codes = 4650/125 = 37.2 hours

Standard time = 40 hours

Idle time = 40 - 37.2 = 2.8 hours

Labour time variance = 2.8 hours

Cost of idle time = 2.8 × 32 = $89.6 (unfavourable)

4 0
2 years ago
Licensee mike was owed a commission from seller jane. jane has refused to make payment. what recourse does licensee mike have?
Westkost [7]

Licensee mike was owed a commission from seller jane. jane has refused to make payment. The recourse licensee mike has is he can seek damages from his broker.

A sales commission is typically an amount paid to an employee upon completion of a task for the sale of a specified quantity of goods or services. Employers sometimes use sales commissions as an incentive to increase employee productivity. Commissions may be paid in addition to or in lieu of salary.

Commission-based compensation benefits employees because they are ultimately in control of their income. In many ways, when a company uses commission payments, it doesn't limit an employee's potential to increase their income. Jobs that typically earn commissions include:

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5 0
1 year ago
The production possibilities model shows an inverse relationship between the amount of one thing that can be produced and the am
Ivahew [28]

Answer:

Explanation:

The production possibility curve is a graphical illustration and tool used for economic analysis. It shows the various combination of goods that can be produced given available resources.

The PPC looks like a bow shape and has an inverse relationship, this is because this is because to produce 1 more of product A you need tp be willing to let go of 1 unit of product B(assuming we can only manufacture 2 products) this concept is known aa Marginal Rate of Transformation.

8 0
2 years ago
Read 2 more answers
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