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zhannawk [14.2K]
3 years ago
10

Mortar Corporation acquired 80 percent of Granite Corporation's voting common stock on January 1, 20X7. On December 31, 20X8, Mo

rtar received $370,000 from Granite for equipment Mortar had purchased on January 1, 20X5, for $400,000 and had been depreciating it over 10 Years and no salvage value. After the sale, the equipment is expected to have a 5-year useful life and no salvage value. Both companies depreciate equipment on a straight-line basis. Based on the preceding information, in the preparation of elimination entries related to the equipment transfer for the 20X8 consolidated financial statements, the debit adjustment to equipment would be: Group of answer choices
Business
1 answer:
Lubov Fominskaja [6]3 years ago
8 0

Answer:

The debit adjustment to equipment would be $30,000.

Explanation:

Amount received for the equipment by Mortar from Granite - $370,000

Purchase price of the equipment = $400,000

Debit adjustment to equipment = Purchase price of the equipment - Amount received for the equipment by Mortar from Granite = $400,000 - $370,000 = $30,000

Therefore, the debit adjustment to equipment would be $30,000.

You might be interested in
Hitzu Co. sold a copier costing $4,800 with a two-year parts warranty to a customer on August 16, 2018, for $6,000 cash. Hitzu u
fredd [130]

Answer:

1) $240 warranty expense

2) $240 warranty liaiblity

3) zero as decreases the warranty laibility

4) 240 beginning - 209 used = 31 ending

5)

cash    6,000 debit

 sales revenues 6,000 credit

--to record sale--

warranty expense 240 debit

  warranty liability          240 credit

--to record prevision for warranty expenses--

warranty liability     209 debit

     inventory                   209 credit

--to record use of the warranty from the customer--

Explanation:

1) sales x expected warranty = 6,000 x 0.04 = 240

2) it will be for the 240 as the accounting works with double-entry

6 0
3 years ago
Suppose we have a 2-person world, with only Stephen and his friend LeBron. Suppose that Stephen can move 70 boxes or bake 28 coo
PIT_PIT [208]

Answer:

Option (c) is correct.

Explanation:

Stephen can move 70 boxes or bake 28 cookies:

Opportunity cost of moving a box = (28 ÷ 70)

                                                         = 0.4 cookies

Opportunity cost of baking a cookie = (70 ÷ 28)

                                                         = 2.5 boxes

LeBron could move 24 boxes or bake 6 cookies:

Opportunity cost of moving a box = (6 ÷ 24)

                                                         = 0.25 cookies

Opportunity cost of baking a cookie = (24 ÷ 6)

                                                             = 4 boxes

Yes, trade is possible.

Stephen has a comparative advantage in baking cookies because of the lower opportunity cost than LeBron, so he is specialized in baking cookies.

On the other hand, LeBron has a comparative advantage in moving boxes because of the lower opportunity cost than Stephen, so he is specialized in moving boxes.

3 0
3 years ago
Various studies indicate that cost savings from a TMS helps an organization reduce freight costs by:____
sveta [45]

Answer:

6 - 10%

Explanation:

The full form of a TMS system is Transportation management system. It is majorly used in supply chain system in large organizations. It is considered to be one of the major technologies that is used in the supply chain management.

It is a logistic platform which used the technology to execute business plan and optimize the movements of incoming and outgoing  of the goods and materials to make the shipment process more efficient and smooth.  

In various studies made, it has been indicated or determined that a TMS system helps the organization to reduce the freight cost by 6 - 10 percent.

7 0
3 years ago
The agreement of the trial balance totals is an indication that all transactions have been properly recorded in the books of acc
Zina [86]

Answer:

No

Explanation:

The trial balance shows the totals of all transactions that have been recorded. It has no way of knowing if there are additional transactions that have not been recorded.

3 0
3 years ago
To promote accountability, which document outlines the method for coordinating response operations?
Kamila [148]

Answer:

Incident Action Plan

Explanation:

6 0
3 years ago
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