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kvasek [131]
3 years ago
13

Whispering Winds Corporation owns equipment that cost $64,800 when purchased on April 1, 2013. Depreciation has been recorded at

a rate of $10,800 per year, resulting in a balance in accumulated depreciation of $51,300 at December 31, 2017. The equipment is sold on July 1, 2018, for $12,960. Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale
Business
1 answer:
Aleonysh [2.5K]3 years ago
7 0

Answer:

(a) update depreciation for 2018

Debit ; Depreciation $10,800

Credit Accumulated Depreciation  $10,800

(b) record the sale

Debit : Cash $12,960

Debit : Accumulated Depreciation $62,100

Credit : Profit and Loss $10,260

Credit : Equipment at Cost $64,800

Explanation:

(a) update depreciation for 2018

Recognize deprecation

(b) record the sale

Recognize proceeds from sale and profit or loss from sale

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(c)
Allisa [31]

Answer:

The reasons are 1. Increase the wages, 2. More variety or substitute's along with increase more jobs skilled and unskilled

Explanation:

1. Increase the wages- As it will lead to better living standard

2. More variety or substitute's along with increase more jobs skilled and unskilled

8 0
3 years ago
Read 2 more answers
Suppose that you read in The Wall Street Journal that a bond has a coupon rate of 9 percent, a price of 71 3/8, and pays interes
olga nikolaevna [1]

Answer:

This question is missing the options given below:

A. 11%

B.13%

C. 15%

D. 17%

E. 20%

The correct answer is option B,the bond current yield is 13%

Explanation:

Bonds Current Yield = Year one cash flow / Current  Price x 100 = 9 / 71.375 x 100 = 12.60% or approximately 13%

Note that 71 3/8 is the same as 71.375% as 3/8 gives 0.375 and when added to 71% gives 71.375%

The year cash flow is calculated as :9% of bond par value($100)=$9

8 0
3 years ago
If the quantity supplied is the same regardless of price then the supply curve would be:___________
Eva8 [605]

Answer:

perfectly inelastic

Explanation:

A supply of the product is considered to be perfectly inelastic in situations whereby the changes in the price of a commodity do not affect the quantity supplied, then such a supply curve is termed as perfectly inelastic. It is often depicted as a vertical line at the quantity supplied against all the prices in a graphical representation form.

Hence, If the quantity supplied is the same regardless of price then the supply curve would be: PERFECTLY INELASTIC

7 0
3 years ago
A manufacturer reports the following information below for its first three years in operation.
Usimov [2.4K]

Answer:

e. $111,000

Explanation:

Absorption costing income for year 3 = Income under variable costing - {Beginning inventory (units) * Fixed manufacturing overhead per unit} + {Ending inventory (units) * Fixed manufacturing overhead per unit}

Absorption costing income for year 3  = 115,000 - (500*8) + (0*8)

= 115,000 - 4,000 + 0

= $111,000

4 0
3 years ago
The owner of Firewood To Go is considering buying a hydraulic wood splitter which sells for $50,000. He figures it will cost an
Minchanka [31]

Answer:

The utilization of 70%.

Explanation:

utilization = 35/50

                = 70%

Therefore, the utilization of 70%.

4 0
3 years ago
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