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4 years ago

Metro Company trades its used machine for a new model at Denver Solutions Inc.

Business

1 answer:

zalisa [80]4 years ago

4 0

Answer:

Cost of new machine:

= List price of new machine - Trade allowance + Fair value of old machine

= $16,000 - $9,000 + $6,000

= $13,000

Therefore, the journal entry is as follows:

Cost of new machine A/c Dr. $13,000

Accumulated depreciation (Book Value) A/c Dr. $4,000

Loss on exchange of machine A/c Dr. $2,000

To Old Machine (Book Value) $12,000

To Cash (16,000 - 9,000) $7,000

(To record the machine exchange)

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When interest rates are high, consumers have a greater incentive to ______ more, but when interest rates are low, consumer have

viva [34]

When interest rates are high, then the consumers have a greater incentive to save more, but when interest rates are low, consumer have a greater incentive to borrow more.

<h3>What is Interest Rate? </h3>

This refers to the charge which is given for a particular loan which is replayed after a certain time.

With this in mind, high interest rates are not appealing to customers so they rather save and then borrow when the interest rates are low.

Read more about interest rates here:

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2 years ago

How long will it take money to double if compounded continuously

allsm [11]

Answer:

The basic rule of 72 says the initial investment will double in 3.27 years.

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3 years ago

At the end of the first month of operations, the Lamar Company's accountant prepared financial statements that showed the follow

Sedaia [141]

Answer:

Assets = $87,350

Liabilities = $30,450

Stockholders' Equity = $56,900

Net Income = $7,900

Explanation:

The correct amounts of assets, liabilities and stockholders' equity at month-end and net income for the month can be determined as follows:

Assets = Recorded asset value - Depreciation + Unbilled service revenue = $90,000 - $4,500 + $1,850 = $87,350

Liabilities = Recorded liabilities + Unpaid wages = 30,000 + 450 = $30,450

Stockholders' Equity = Recorded Stockholders' Equity - Depreciation + Unbilled service revenue - Unpaid wages = $60,000 - $4,500 + $1,850 - $450 = $56,900

Net Income = Recorded net income - Depreciation + Unbilled service revenue - Unpaid wages = 11,000 - $4,500 + $1,850 - $450 = $7,900

Note that from the above calculations, we can obtain:

Liabilities + Stockholders' Equity = $30,450 + $56,900 = $87,350

This therefore confirms the accounting equation that:

Assets = Liabilities + Stockholders' Equity = $87,350

8 0

3 years ago

A sales training workshop devoted to communicating the importance of obtaining marketing information from customers would be aim

stich3 [128]

Answer:

the considerate.

Explanation:

The considerate -

According to english language , the meaning of considerate is being very polite , calm and caring.

Hence, from the scenario of the question,

The salespeople need to adapt considerate , i.e. tries to be calm and compose , in order to sell their product , which act as their strategy of selling the product.

Hence,

The correct term is the considerate.

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3 years ago

Partners Gary and Elaine have agreed to share profits and 1osses in an 80:20 ratio respectively, after Gary is allowed a salary

Verizon [17]

Answer:

E) None of the above

Explanation:

In partnership, the partners earn profit. The salary allowances are considered as though paid to a third party and are considered before arriving at the net income.

As such, given that net income is $30,000 and is to be shared in the ratio 80:20 between Gary and Elaine respectively.

Elaine's share = (20/100) × $30,000

= $6,000

5 0

3 years ago