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
mars1129 [50]
2 years ago
8

g The Melville Company sold land for $60,000 in cash. The land was originally purchased for $40,000, and at the time of the sale

, $15,000 was stillowed to First National Bank on that purchase. After the sale, The Melville Company paid off the loan to First National Bank. What is the effect of thesale and the payoff of the loan on the accounting equation
Business
1 answer:
Tresset [83]2 years ago
8 0

Answer and Explanation:

The impact on the sale and the payoff the loan in an accounting equation is as follows:

But before that

The following journal entries should be recorded

Cash $60,000    

        To Land $40,000

        To Profit on sale of land $20,000

(Being the sale of the land is recorded)

Loan Dr $15,000

       To Cash $15,000

(Being the loan is paid)

Here the cash would increased by $5,000, the liabilities would decreased by $15,000 and equity would be increased by $20,000

You might be interested in
Once a person has been trained to operate a lift truck, they are authorized to use any type of lifting device
Dahasolnce [82]

 

The answer is FALSE; an operator is only trained to operate a narrow aisle lift truck which is indicated on the permit of OSHA that has very clear standards that employees must follow. If an operator is in need to operate a lifting device with a larger capacity or a different kind of a lifting device, an operator will need conversion training with the class of lifting truck. <span>It is not allowed to operate any lifting truck without proper training, authorized and employer certified on the specific class of lift truck. Once an operator is certified, he is responsible for the following safety procedures outlined in the training, truck manufacturers owner, operator’s manual, and company’s policies and procedures. The employer is intended to certify that each operator has been qualified and assessed as compulsory. Preceding to the employer verifying the operator: the operator must obtain classroom type training, hands on training and an assessment.  </span>

3 0
3 years ago
Hide or show questions Progress:10/40 items Roman Industries' plant operates five days per week with a daily payroll of $6,000.
Stels [109]

Answer:

$12,000

Explanation:

Calculation to determine the amount of Wages Expense recorded on the next payday, Saturday, April 3

Wages Expense =$6,000*2days

Wages Expense = $12,000

Therefore the amount of Wages Expense recorded on the next payday, Saturday, April 3 will be $12,000

4 0
2 years ago
The following information relates to a company's defined benefit pension plan at December 31:Accumulated benefit obligation1,035
lawyer [7]

Answer:

B.$513,000

Explanation:

The pension liability of a company as at December 31, is to be calculated in the following manner:

Pension liability=Projected benefit obligation-Plan Assets(fair value)

                           =1,250,000-737,000

                           =$513,000

So based on the above discussion, the answer is B.$513,000

7 0
3 years ago
Berry Corporation has 50,000 shares of $10 par common stock authorized. The following transactions took place during 2012, the f
mojhsa [17]

Answer:

$285,000

Explanation:

Please see attachment

5 0
3 years ago
What is the point at which supply and demand intersect at a given price?
WINSTONCH [101]
The answer is an equilibrium point. In economics, this relates to the condition of the economic forces in which supplies and demand meet meaning the demand is equal to the supplies of the certain product. It is set by increasing or decreasing the price of a good in response to the movement of the supply and demand in the market. 
8 0
3 years ago
Read 2 more answers
Other questions:
  • To more quickly respond to customer needs, Hewlett-Packard is changing its organizational structure to give more authority and r
    6·1 answer
  • Why are we forced to make choices in day-to-day life?
    9·1 answer
  • Carson Lee, a staff accountant, is a working on some research for his partner, Joe Davis. Joe has asked Carson to find the prope
    9·1 answer
  • Choose a country (not the U.S.) and describe how, in your view, starting up a firm in that foreign country would be different fr
    6·1 answer
  • Smith buys and sells securities. On December 15, 2018, Smith purchased $548,000 of Jones shares and elected the fair value optio
    14·1 answer
  • One question you can expect to be asked during an interview is _____.
    11·2 answers
  • Solving for PMT of an annuity​) To pay for your​ child's education, you wish to have accumulated ​$ at the end of years. To do t
    12·1 answer
  • Which trade bloc was created to encourage free trade and economiccooperation between Canada, Mexico, and the United States?
    14·2 answers
  • Jazakallah khair allah hu akbar
    14·1 answer
  • Which of the folloiwng is an example of direct finance?
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!