1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Andru [333]
2 years ago
6

The entity’s manufacturing division, whose assets constituted 75% of its total assets at September 30, Year 5 (end of year), was

sold on November 1, Year 5. The new owner assumed the bonded indebtedness associated with this property. How should this event be presented in the financial statements?
Business
1 answer:
belka [17]2 years ago
5 0

The event should be presented in the financial statements as follows:

1. The assets side of the balance sheet will be reduced by 75%, with its accompanying accumulated depreciation.

2. The bonded liability on the balance sheet is eliminated by the relevant amount.

3. The journal entry should debit the Bonded Liability and accumulated depreciation, while the assets worth 75% are credited.

4. If the bonded indebtedness is more than 75% of the assets, the company records a profit on disposal on the income statement. Otherwise, it records a loss. If they are equal, there is no profit or loss.

Thus, the difference between the debit and credit entries constitutes either profit or loss on disposal.

Learn more: brainly.com/question/17329408

You might be interested in
Alison incurs the following research expenditures. In-house wages $125,000 In-house supplies 12,500 Paid to ABC, Inc., for resea
Rom4ik [11]

a. The amount of Alison's qualified research expenditures for the tax year is $251,250.

b.  Alison's incremental research activities credit is $20,250.

a. Alison's qualified research expenditures:

Qualified research expenditures=In-house wages+ In-house supplies+ (Research services× 65%)

Qualified research expenditures=$125,000+$12,500+ ($175,000×65%)

Qualified research expenditures=$125,000+$12,500+$113,750

Qualified research expenditures=$251,250

b.  Alison's incremental research activities credit:

Incremental research activities credit=(Qualified research expenditures-Base amount)×20%

Incremental research activities credit=($251,250-$150,000)×20%

Incremental research activities credit=$101,250×20%

Incremental research activities credit=$20,250

Inconclusion  the amount of Alison's qualified research expenditures for the tax year is $251,250 and Alison's incremental research activities credit is $20,250.

Learn more about qualified research expenditures here:brainly.com/question/8174418

4 0
3 years ago
In a retail cash sales environment, which of the following controls is often absent?
JulijaS [17]

Answer:

The correct answer to the following question is option b) Separation of functions.

Explanation:

In a retail environment , the cash management process starts when a customer pays the cashier for the product or services he or she has purchased. The cashier then counts the cash in till drawer and then at end of the day cashier takes that cash to the third party who can be either manager or owner or a supervisor. Then cashier would receive a receipt against the cash for till drawer.

Now supervisor would collect cash from all the cashier and prepare the cash to be deposited in bank. So from this process it is quite clear that here there is separation of functions here and while all other options given in the question are present in the process.

6 0
3 years ago
Neot was just​ promoted, and what​ she's most excited about is that she now gets a corner office and a designated spot in the em
Delicious77 [7]

Answer:

Esteem needs.

Explanation:

An individual's esteem need according to Maslow is the need for respect, self esteem, status, and self confidence. Everyone wants to be valued and accepted by people, and this is esteem need. Esteem is an internal need but it is influenced by external environment when people validate and approve of a person.

North has just been promoted and along with this status change comes a corner office and a designated parking spot. This shows she is accepted and valued by the organisation.

3 0
3 years ago
ABC Mechanics charges an estimate fee of $100 plus $40 per hour, x, in labor. XYZ Mechanics charges an estimate fee of $65 plus
Dima020 [189]

Answer:

5 hours  would work! Hope it helps!

Explanation:

100 off top!

40 in labor for each hour

40 times 5 is 200

so that would cost 300

for xyz

65 off top and 50 in labor for each hour

5 times 50 is 250

250 plus 65 is 315 !

7 0
3 years ago
The Poison Apple Diner had an average dinner cover charge of $8.75 during the month of September, when 3,000 atrons were served.
skelet666 [1.2K]

Answer:

0.583

Explanation:

Data provided in the question;

Average dinner charges = $8.75

Initial demand = 3,000 atrons

Increase in price = $0.50

Final demand = 2,900

Thus,

change in demand = 3,000 - 2,900 = 100

Now,

The price elasticity of demand = \frac{\textup{Percentage change in demand}}{\textup{Percentage change in price}}

also,

Percentage change in demand = \frac{\textup{Change in demand}}{\textup{Initial demand}}\times100\%

= \frac{\textup{100}}{\textup{3000}}\times100\%

= 3.33%

Percentage change in price =  \frac{\textup{Change in price}}{\textup{Initial price}}\times100\%

= \frac{\textup{0.50}}{\textup{8.75}}\times100\%

= 5.714

thus,

The price elasticity of demand = \frac{\textup{3.33}\%}{\textup{5.714}\%}

= 0.583

3 0
3 years ago
Other questions:
  • A professor wanted to compare two types of teaching styles. One type is by tutorials and the other is giving a lecture. It is a
    6·1 answer
  • Larry has booked a hotel room for a conference at a rate of $100 per day for five days. when he arrives to check in, larry is to
    15·1 answer
  • Select cost information for Seacrest Enterprises is as follows: 1,000 units of output 5,000 units of output Total Cost/Unit Tota
    11·1 answer
  • ‘Bottom of the pyramid’ innovation refers to ancient Egyptian approaches to new
    10·1 answer
  • LO 2.1Which of the following is the primary source of revenue for a service business?
    5·2 answers
  • In an Apple market-product grid for its personal computer line, the professional segment of medium/large businesses seems willin
    11·1 answer
  • Marketers often use blogging as a platform to get their messages to spread rapidly online, also known as
    6·1 answer
  • In the ____________, households work and receive payment from firms. financial investment market financial capital market labor
    8·1 answer
  • Garcia Co. sells snowboards. Each snowboard requires direct materials of $113, direct labor of $43, and variable overhead of $58
    11·1 answer
  • Pamper Me Salon Inc.’s general ledger at April 30, 2017, included the following: Cash $5,000, Supplies $500, Equipment $24,000,
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!