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fiasKO [112]
3 years ago
6

The Ryan Corporation uses the composite method and its composite rate is 7.5% per year. The entry that should be made when plant

assets that originally cost $80,000 and have been used for 10 years are sold for $24,000, is
Business
1 answer:
zhenek [66]3 years ago
7 0

Answer:

Under composite method, the accumulated depreciation account is debited or credited for the difference between the cost of the asset and the cash received from the retirement of the asset.

The journal entry to record the transaction is as below

Date   Account and Explanation                    Debit          Credit

          Cash                                                     $24,000

         <em> Accumulated depreciation - Plant      $56,000</em>

                   Plant assets                                                     $80,000

          (To record sale of plant assets)

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The practice that involves short-term trading of mutual funds seeking to take advantage of short-term discrepancies between the
Diano4ka-milaya [45]

Answer:

A. Market Timing

Explanation:

Based on the information provided within the question it can be said that the term being described within the question is called Market Timing. Like mentioned in the question this term refers to a strategy of buying and selling different financial assets, usually by trying to take advantage of price discrepancies in the short term.

8 0
3 years ago
If short-run marginal cost and average variable cost curves for a competitive firm are given by SMC = 2 + 4Q, and AVC = 2 + 2Q,
sukhopar [10]

Answer:

units of output  = 2 units

fixed cost = 8

Explanation:

given data

SMC = 2 + 4Q

AVC = 2 + 2Q

to find out

how many units of output will it produce at a market price and what level of fixed cost will this firm earn zero economic profit

solution

we know here that  under perfect competition

so at the equilibrium here Price (P)  will be = MC

P = MC = 10

and

SMC = 2 + 4Q ,

P = 2 + 4Q

10 = 2 + 4Q

Q = 2 units

and

at zero economic profit we get

TR = TC    

TR = P × Q

TR = 10 × 2

TR = 20

so

TC = TFC + TVC

20 = TFC + 12    

TFC  = 8

because here [ TVC = AVC × Q ]

[ TVC = (2 + 2 × 2) × 2 ]  

[ TVC = 12 ]

8 0
4 years ago
Lena is a sole proprietor. In April of this year, she sold equipment purchased four years ago for $26,000 with an adjusted basis
viva [34]

Answer:

  1. Lena has a ORDINARY GAIN of $1,500 from the sale of the first equipment.
  2. Lena has a ORDINARY LOSS of $2,700 from the sale of the second equipment.

Explanation:

Lena sold the first equipment for $17,000, and that resulted in an ordinary gain = $17,000 - $15,500 = $1,500. This gain was due to a §1245 depreciation recapture.

Lena sold the second equipment for $5,500, and that resulted in an ordinary loss (§1231 loss) = $5,500 - $8,200 = $2,700.

7 0
3 years ago
Mallory hires Raghav to work for one year as an assistant manager at $5,500 per month, reserving the right to cancel the contrac
amid [387]

Answer: No, because Mallory and Raghav are not bound by the contract.

Explanation: Being bound by a contract entails being linked to a written agreement, the breaching of which could result in consequences lying with the person who breached the contract. However when this contract was entered into, there was a clause that allowed the parties to cancel the contract at any time. When Mallory fired Raghav the contract was subsequently cancelled, making the contract null and void (non - existent). This means that Raghav is not entitled to the outstanding 10 months' salaries.

7 0
3 years ago
poor or Joe Short was convicted in Superior Court, but he and his attorney appealed the conviction? Where was the case appealed
faltersainse [42]

The case was appealed to the superior court which is the highest court in jurisdiction.

<u>Explanation:</u>

In common law system, a superior court is a court of general capability which commonly has boundless ward as to deal with the common and criminal legitimate cases.

The superior court can deal with the criminal and the common civil cases in which they have no boundations since they have the highest jurisdiction in the order so there is no limitation.

7 0
3 years ago
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