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denis-greek [22]
3 years ago
13

What characteristics are common to public schools

Business
1 answer:
likoan [24]3 years ago
5 0

Answer:

A clear and shared focus. ...

High standards and expectations for all students. ...

Effective school leadership. ...

High levels of collaboration and communication. ...

Curriculum, instruction and assessments aligned with state standards. ...

Frequent monitoring of learning and teaching. ...

Focused professional development.

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Loban Company purchased four cars for $9,000 each and expects that they will be sold in 3 years for $1,500 each. The company use
VLD [36.1K]

Answer:

a). The journal entries required to record the acquisition of the four cars are as follows:

     i)  credit motor vehicle account with the amount paid to purchase the four cars = $ 36,000

     ii) Credit bank  account with the the amount paid to purchase the four cars = $ 36,000

b). The journal entries required to record the 1st year's depreciation expense :

     i)  Debit the motor vehicle expense account with the amount accruing for the periods expense =$ 10,000 .

     ii) Credit the accumulated depreciation with the same amount = $ 10,000 .

b)   The journal entries required to record the gain on disposal of the motor vehicle is as follows:

    i) Debit the Cash account by amount gained = $ 500 .

    ii) Debit the Accumulated depreciation account by amount = $ 500 .

     iii) Credit the Motor vehicle account by amount = $ 500 .

     iv) Credit the Gain on disposal account by amount = $ 500 .

Explanation:

<u>a).  Determining the depreciation expense</u>

<u>Step 1 </u>

Get the purchase price for all the four cars using the expression below;

Total purchase price=purchase price per car×number of cars purchased

where;

purchase price per car=$9,000

number of cars purchased=4

replacing;

Total purchase price=(9,000×4)=36,000

Total purchase price=$36,000

<u>Step 2 </u>

Determine the salvage value after the useful life as shown;

Salvage value=selling price per car×number of cars

where;

selling price per car=$1,500

number of cars=4

replacing;

Salvage value=(1,500×4)=6,000

Salvage value=$6,000

<u>Step 3 </u>

Determine the depreciation base as shown;

depreciation base=total purchase price-salvage value

where;

total purchase price=$36,000

salvage value=$6,000

replacing;

depreciation base=(36,000-6,000)=$30,000

annual depreciation cost=depreciation base/useful life

annual depreciation cost=30,000/3

annual depreciation cost=$10,000

The first year's depreciation expense=$10,000  

Therefore, expected journal entries are as follows:

    i)  credit motor vehicle account with the amount paid to purchase the four cars = $ 36,000

     ii) Credit bank  account with the the amount paid to purchase the four cars = $ 36,000

b). The journal entries required to record the 1st year's depreciation expense :

     i)  Debit the motor vehicle expense account with the amount accruing for the periods expense =$ 10,000 .

     ii) Credit the accumulated depreciation with the same amount = $ 10,000 .

b)<u>.  Determining whether car was sold at a loss or gain.</u>

Car book Value = Acquisition cost - Accumulated depreciation

Car book Value = 9,000 - 2,500 = $ 6,500

Loss /Gain =  Consideration price( disposal price)  - Acquisition cost

Loss /Gain = $7,000 - $6,500 = $ 500

The company realized a gain of = $ 500

Therefore, expected journal entries are as follows:

i) Debit the Cash account by amount gained = $ 500 .

ii) Debit the Accumulated depreciation account by amount = $ 500 .

iii) Credit the Motor vehicle account by amount = $ 500 .

iv) Credit the Gain on disposal account by amount = $ 500 .

7 0
3 years ago
If the money supply is $6,000, velocity is 5, and Real GDP is 10,000 units of output, then the price level is _____________. If
atroni [7]

Answer and Explanation:

The computation is shown below:

The Price level in the normal case

= Money supply ÷ Real GDP × Velocity

= $6,000 ÷ 10,000 units × $5

= $3

Now in the case when the money supply doubled i.e $12,000

So, the price level is

= Money supply ÷ Real GDP × Velocity

= $12,000 ÷ 10,000 units × $5

= $6

When the money supply doubles, the price level is also doubled that indicated the direct relationship between the price level and money supply

8 0
3 years ago
Presented below are four statements which you are to identify as true or false.
vagabundo [1.1K]

Answer:

1. True.

2. False.

3. True.

4. False.

Explanation:

GAAP is an acronym for Generally Accepted Accounting Principles. It comprises of the accounting standard, procedures and principles used by public institutions in the United States of America. The GAAP is issued by the Financial Accounting Standards Board (FASB) and adopted by the U.S. Securities and Exchange Commission (SEC).

GAAP includes each of the following pronouncements:

  • Statements of Financial Accounting Standards.
  • Accounting Research Bulletins.
  • Accounting Principles Board Opinions.

For external reporting purposes, US Generally Accepted Accounting Principles (GAAP) allows companies to use only the traditional format of the income statement.

When accountants prepare and compile financial statements for public firms, it must be in line with United States of America, Generally Accepted Accounting Principles (GAAP).

Also, the financial accounting standards board (FASB) is a private, non-profit organization saddled with the responsibility of establishing and maintaining standard financial accounting and reporting for general guidance of individuals such as investors, issuers and auditors.

<em>Additionally, Securities and Exchange Commission (SEC) reviews registration statements of bond issuers, investment advisers etc, to ensure they comply with current laws and regulations. </em>

1. <u>True</u>: GAAP is the term used to indicate the whole body of FASB authoritative literature.

2. <u>False</u>: Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. All companies are required to follow the disclosure requirements at all times.

3. <u>True</u>: The primary governmental body that has influence over the FASB is the SEC.

4. <u>False</u>: The FASB has a government mandate and therefore does not have to follow due process in issuing a standard. FASB has to follow due process all the time in issuing standards.

6 0
3 years ago
A man in San Rafael County was discovered committing workers' compensation fraud. He had been observed working while at the same
LuckyWell [14K]

Answer:

1. Yes

2. - privacy concerns

- may lack full details.

Explanation:

1. In this scenario the automobile auction house would need to show video evidence of his (San Rafael's) fraud activities to the investigator.

2. Privacy concerns such as how the information gotten from video surveillance is used may pose a challenge.

There's also the reality of a lack of full details. For instance, San Rafael may be deaf a disability that cannot be reflected well on a surveillance video that shows him working.

6 0
3 years ago
When assigning employees to an important new advertising client account, you make sure that the team has members with many types
sergiy2304 [10]

Answer:

It is an example of variety diversity

Explanation:

Variety diversity is the term which is defined as the team that involves or comprise of the marketing professional, specialist, head of advertising department, legal expert and advertising professional.

In this case, when the employees assigned important advertising account, then they make sure that the team comprise of different kind of expertise which could help in generating the creative ideas. Therefore, it is example of variety diversity.

7 0
3 years ago
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