20 POINTS TO SUB TO MY CHANNEL RICECRISISYT

On December 31, 2020, Blossom Inc. has a machine with a book value of $1,034,000. The original cost and related accumulated depr

dangina [55]

Answer:

A)

Loss on Fire 280,720 debit

Acc depreciation 506,000 debit

Cash 643,280 debit

Equipment 1,430,000 credit

B)

Acc depreciation 526,000 debit

Cash 1,555,480 debit

Equipment 1,430,000 credit

Gain at disposal 608,480 credit

C)

charitable contribution 1,645,600 debit

accumulated depreciation 500,500 debit

equipment 1,430,000 credit

gain on disposal 716,100 credit

<u>Questions</u>

A Fire completely destroys the machine on August 31, 2021. An insurance settlement of $643,280 was received for this casualty. Assume the settlement was received immediately.

B On April 1, 2021, Tritt sold the machine for $1,555,840 to Dwight Yoakam Company.

C On July 31, 2021, the company donated this machine to the Mountain King City Council. The fair value of the machine at the time of the donation was estimated to be $1,645,600.

Explanation:

In all cases, the company will write-off the equipment and acc depreciation

A.-

complete depreciation for 2020: 66,000

depreciation until August 31th: 66,000 x 8/12 = 44,000

Total depreciation 104,000

book value 1,034,000 - 104,000 = 924,000

loss: 924,000 - 643,280 = 280,72‬0

b)

complete depreciation for 2020: 66,000

depreciation until April 31th: 66,000 x 4/12 = 22,000

Total depreciation 88,000

book value 1,034,000 - 88,000 = 946,000

1,555,480 - 946,000 = 608,480

c)

complete depreciation for 2020: 66,000

depreciation until July 31th: 66,000 x 7/12 = 38,500

Total depreciation 104,500

book value 1,034,000 - 104,500 = 929,500

gain: 1,645,600 - 929,500 = 716.100

3 0

3 years ago

China allows U.S. companies to ally with Chinese firms by purchasing minority ownership positions in the Chinese firms. These re

Snowcat [4.5K]

Answer:

C) equity strategic alliances.

Explanation:

100% correct

6 0

2 years ago

Suppose the economy's production function is ???? = ????K 0.3???? 0.7 . If K = 2000, N = 100, and A = 1, then Y = 246. If K and

densk [106]

Answer:

Y=38.8

Y will increase by 38.8

Y=246+38.8

Y=284.8

Explanation:

Y=A. F(K, L)

Y=A. K^0.3, L^0.7

Then

Y=246

A=1

K=2000

N or L=100

Solutions

200=1(2000^0.3, 100^0.7)

Now the question says both k & N are increased by 0.20

Therefore

Y=1(2400^0.3, 120^0.7)

Y=1(10.3 + 28.5)

Y=38.8

4 0

3 years ago

Riley operates a plumbing business and this year the 3-year old van he used in the business was destroyed in a traffic accident.

natima [27]

Answer:

D. $4,600

Explanation:

Riley's casualty cost deduction comes from the substraction between the adjusted basis, which is the net cost of an asset after adjusting for various tax-related items, and the amount the insurance paid Riley.

6 0

3 years ago

Using accrual accounting, expenses are recorded and reported only: _A. when they are incurred and paid at the same time. B. if t

sleet_krkn [62]

Answer:

C. when they are incurred, whether or not cash is paid.

Explanation:

In accrual accounting, expenses are recorded in the moment they are incurred, even if they have not been paid for.

In fact, the term "accrued expense" means an expense that has been incurred, but not yet paid.

One common example of an accrued expense is accrued wages:

Suppose that a firm hires a worker on March 1, for a wage of $1,000 dollars per month, that is due to be paid at the end of the month (March 31). This worker is earning $33 per day. By March 4, the firm should have recorded accrued wages for $132 ($33 x 4 days) even if no payments will be made until March 31.

4 0

3 years ago