Answer:
The debit balance for the vehicles account was $20,000, and the credit balance of accumulated depreciation account was $18,000.
- Dr Vehicles account 20,000
- Cr Accumulated Depreciation Vehicles account 18,000
then the van was sold for $2,000
- Dr Cash account 2,000
- Cr vehicles account 2,000
Since the carrying value of the van was $2,000 (= $20,000 - $18,000) and the van was sold for $2,000, Patel had no gain or loss from this transaction.
<h3><u>Changes considered to reduce the cost of the project: </u></h3>
Cost Estimates of a Residential Design have the following elements:
1) Quantity Takeoff
2) Labor Hours
3) Labor Rates
4) Material Prices
5) Equipment Costs
6) Subcontractor Quotes
7) Indirect Costs
8) Profit Margin
Quantity Takeoff is the very basic element required in Residential Building. Labor hours and rates depends on the location, work difficulty, market value, and other extrinsic factors. Material prices and Subcontractor Quotes again depends on location, supply and demand. Equipment Costs depends on the location, place of purchase, transportation cost, size of equipment, etc. Indirect costs are overheads for labor and contractors.
As we can check the above elements, we cannot change Quantity takeoff, as no one wants to compromise in the quality. However, we can try to slightly negotiate with Labor rates and Subcontractor Quotes. Again, as mentioned the budget is significantly high, so we need to work on reducing 2 costs, which are Equipment Costs and Material Prices.
Answer:
YNW's ah family YNW's ah family
Explanation:
Answer:
C. Debit Cost of goods Sold $5,000;
Credit Inventory $5,000
Explanation:
Preparation of the necessary adjusting entry to record inventory shrinkage
Since we assumed that the physical count of inventory showed $158,000 of inventory on hand and the inventory records reported $163,000 the first step to do is to find the difference between the two amount which is ($163,000-$58,000) given us a different of $5,000 which will now be recorded as:
Debit Cost of goods Sold $5,000
(163,000-158,000)
Credit Inventory $5,000
Answer:
not until the early 19th century were a few countries able to establish sustained long-run economic growth.
Explanation:
Industrial revolution (industrialization) can be defined as a period of significant change in economic and social manufacturing process characterized by the use of handicrafts and agrarian methods to the use of power-driven equipments and machines. Basically, the industrial revolution began in Great Britain (England) between 1760 to 1840 and eventually spread across other countries of the world.
Prior to industrialization, humans and animals were largely used as a means to generate power, execute tasks or do certain things during the production and distribution process.
However, in the advent of industrialization and technological advancement, machines were invented to replace human and animal power.
Some examples of such inanimate sources are Steam plants, Nuclear plants, Wind etc.
In human history, we know that not until the early 19th century were a few countries able to establish sustained long-run economic growth.
