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Assoli18 [71]
3 years ago
7

A machine with a cost of $144,000, accumulated depreciation of $92,000, and current year depreciation expense of $20,500 is sold

for $45,600 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:
Business
1 answer:
Ghella [55]3 years ago
7 0

Answer:

$45,600

Explanation:

Only cash entries are reported into the cash flow report.

Thus we only report $45,600 cash into “Sale of assets” of investing activities.

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During the month of July, the company had the following activities: Issued 4,500 shares of common stock for $450,000 cash. Borro
stellarik [79]

Answer:

<u>classified balance sheet at July 31.</u>

Assets

Non-Current Assets

Building                                                                                  $201,500

Equipment                                                                             $247,000

Total Non-Current Assets                                                    $448,500

Current Assets

Supplies                                                                                  $10,600

Cash ($450,000 + $38,500 - $53,500 - $247,000)          $188,000

Total Current Assets                                                            $198,600

Total Assets                                                                          $647,100

Equity and Liabilities

<u>Equity</u>

Common Stock                                                                   $450,000

Total Equity                                                                         $450,000

<u>Liabilities</u>

<u>Current Liabilities</u>

Account Payable                                                                   $10,600

Total Non Current Liabilities                                                $10,600

<u>Non-Current Liabilities</u>

Note Payable ($38,500 + $148,000)                                 $186,500

Total Non Current Liabilities                                              $186,500

Total Liabilities                                                                     $197,100

Total Equity and Liabilities                                                 $647,100

Explanation:

A Balance Sheet is a Financial Statement report that shows the Assets, Liability and Equity balances as at the end of the Reporting period.

7 0
2 years ago
Brinker accepts all major bank credit cards, including First Savings Bank's, which assesses a 4% charge on sales for using its c
eduard

Answer:

Explanation:

The journal entry is shown below:

Cash A/c Dr $6,240

Credit card expense A/c Dr $260            ($6,500 × 4%)

            To Sales A/c $6,500

(Being the deposit is recorded)

For recording the deposit, we debited the cash account, credit card expense and credited the sales account so that the proper posting can be done.

0 0
3 years ago
Explain a situation where user would transpose data on a spreadsheet in Microsoft Excel. Give at least one example to illustrate
GuDViN [60]

Answer:

You can do this by copying, pasting, and using the Transpose option. But doing that creates duplicated data. If you don't want that, you can type a formula instead using the TRANSPOSE function. For example, in the following picture the formula =TRANSPOSE(A1:B4) takes the cells A1 through B4 and arranges them horizontally.

Step 1: Select blank cells

First select some blank cells. But make sure to select the same number of cells as the original set of cells, but in the other direction. For example, there are 8 cells here that are arranged vertically:

Cells in A1:B4

So, we need to select eight horizontal cells, like this:

Cells A6:D7 selected

This is where the new, transposed cells will end up.

Step 2: Type =TRANSPOSE(

With those blank cells still selected, type: =TRANSPOSE(

Excel will look similar to this:

=TRANSPOSE(

Notice that the eight cells are still selected even though we have started typing a formula.

Step 3: Type the range of the original cells.

Now type the range of the cells you want to transpose. In this example, we want to transpose cells from A1 to B4. So the formula for this example would be: =TRANSPOSE(A1:B4) -- but don't press ENTER yet! Just stop typing, and go to the next step.

Excel will look similar to this:

=TRANSPOSE(A1:B4)

Step 4: Finally, press CTRL+SHIFT+ENTER

Now press CTRL+SHIFT+ENTER. Why? Because the TRANSPOSE function is only used in array formulas, and that's how you finish an array formula. An array formula, in short, is a formula that gets applied to more than one cell. Because you selected more than one cell in step 1 (you did, didn't you?), the formula will get applied to more than one cell. Here's the result after pressing CTRL+SHIFT+ENTER:

6 0
2 years ago
A difference between explicit and implicit costs is that a) explicit costs must be greater than implicit costs. b) explicit cost
Andrej [43]

Answer:

Implicit costs do not require a direct monetary outlay by the firm, whereas explicit costs do.

Explanation:

Rent, salary, and other operating expenses are considered explicit costs. They are all recorded within a firm's financial statements, meaning they are present and clearly shown or reported as a separate cost. The main difference between the two types of costs is that implicit costs are opportunity costs, meaning that it is present but it is not initially shown or reported as a separate cost, while explicit costs are expenses paid with a company's own tangible assets. In other words, explicit costs are always shown, implicit costs are not, at least initially, exactly like the meaning words suggest.

8 0
3 years ago
If your purchases of shoes increase from 9 pairs per year to 11 pairs per year when your income increases from $19,000 to $21,00
fiasKO [112]

Answer:

Option (a) is correct.

Explanation:

Here, shoes are normal goods as there is a positive relationship between the income level of the consumer and the quantity demanded for shoes. It can be seen that as the income of the consumer increases from $19,000 to $21,000 then as a result the quantity of pairs of shoes demanded increases from 9 to 11 pairs. Normal goods are generally have positive income elasticity of demand.

Therefore, the shoes are normal goods in this case.

7 0
2 years ago
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