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Misha Larkins [42]
3 years ago
13

During the current year, Vann County's motor pool internal service fund sold two vehicles for $5,000. The vehicles had a cost of

$6,000 and a carrying value of $4,000. How should Vann County's motor pool internal service fund report this transaction in its fund financial statements?
Business
1 answer:
kow [346]3 years ago
8 0

Answer:

$1,000 gain

Explanation:

The cost basis for the vehicles was $6,000 and the carrying cost was $4,000 = $2,000 depreciation

If they sold the vehicles for $5,000, then they had a $1,000 gain (= $5,000 - $4,000). The journal entries should be as following:

Dr Cash account 5,000

Dr Accumulated Depreciation account 2,000

Cr Motor Vehicles account 6,000

Cr Gain on Motor Vehicles 1,000

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The brenda one is the question thank youuu:)
Ivenika [448]

Answer:

C. y = 11000(1.086)^7

Explanation:

Given the following data;

Principal = $11,000

Interest rate = 8.6% = 8.6/100 = 0.086

Time = 7 years

To derive a mathematical expression, we would use the compound interest formula;

A = P(1 + \frac{r}{100})^{t}

Where;

A is the future value.

P is the principal or starting amount.

r is annual interest rate.

t is the number of years for the compound interest.

Substituting into the formula, we have;

A = 11000*(1 + \frac{8.6}{100})^{7

A = 11000*(1 + 0.086)^{7

A = 11000*(1.086)^{7

A = 11000*1.78

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On january 1 of the current year, jimmy's sandwich company reported stockholders’ equity totaling $132,500. during the current y
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