The amount of the gain or loss on disposal of the fixed asset is $2,000.
<h3>Gain or loss on disposal </h3>
First step
Book Value = Original Cost of Equipment - Accumulated Depreciation
Book Value = $30,000 -$28,500
Book value= $1,500
Second step
Gain=Sale Price -Book Value
Gain=$3,500-$1,500
Gain=$2,000
Inconclusion the amount of the gain or loss on disposal of the fixed asset is $2,000.
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Answer:
Debit to Salaries and Wages Expense for $40,000
Explanation:
Based on the information given we were told that Salaries and wages was the amount of $40,000 which means that The Appropriate journal entry to record the monthly payroll on June 30 would include a DEBIT TO SALARIES AND WAGES EXPENSE FOR $40,000
Debit to Salaries and Wages Expense for $40,000
(To record monthly payroll)
Answer:
Whispering Winds Gross profit is $402,100
Explanation:
Multi step income statement differentiate the the operating revenue and expenses from non operating revenue and expenses. It shows the gross profit, operating profit and net profit separately.
Whispering Winds Corp.
Income statement for the year 2019
Net sales $973,000
Less: Cost of goods sold <u>$570,900</u>
Gross Profit $402,100
Less:Operating expenses <u>$220,300</u>
Operating Profit $181,800
Less: Interest expense <u>$14,600 </u>
Profit before Tax $167,200
Answer: $2.78
Explanation:
Average variable cost is calculated by dividing the total variable cost of producing a certain number of units of a good by that same number of units.
Average variable cost = Variable cost of producing 18 sneakers / 18
= 50 / 18
= 2.7778
= $2.78
Answer:
Railroads were the first "big businesses" in the United States.
Explanation:
