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Snezhnost [94]
2 years ago
15

Abbott Landscaping purchased a tractor at a cost of $30,000 and sold it three years later for $16,200. Abbott recorded depreciat

ion using the straight-line method, a five-year service life, and a $4,000 residual value. Tractors are included in the Equipment account.
Assume the tractor was sold for $12,400 instead of $19,800. Record the sale.
Business
1 answer:
Viefleur [7K]2 years ago
3 0

Answer:

                                                                    Debit Credit

Cash                                                         $16,200  

Accumulated depreciation-equipment $15,600  

Gain on sale of equipment                                  1,800

Equipment                                                        30,000

(To record sale of equipment)  

Explanation:

According to the given data we have the following:

Equipment=$30,000

Cash=$16,200

Therefore,The accumulated depreciation would be=($30,000-4,000)/5*3

The accumulated depreciation would be=$15,600

Therefore, the sale to record would be as follows:

                                                                      Debit Credit

Cash                                                         $16,200  

Accumulated depreciation-equipment $15,600  

Gain on sale of equipment                                  1,800

Equipment                                                        30,000

(To record sale of equipment)  

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Thomas Martin receives an hourly wage rate of $15, with time and a half for all hours worked in excess of 40 hours during a week
baherus [9]

<u>Answer:</u> $735

<u>Explanation:</u>

Calculation of regular earnings

Earnings at regular rate= Wage rate per hour x hours of work

= (15 x 40)

=$600

Calculation of additional hours income

Earnings at overtime rate=( 6(15 x 1.5))

=$135

Total gross pay = 600+135

=$735

The gross pay for martin is $735. The other deductions are made in the gross pay to arrive at the net pay. Deductions such as federal income tax, security tax rate and medicare tax rate is deducted from gross pay to find net pay.

5 0
3 years ago
The provisions of the Mayflower Compact would influence later documents
stealth61 [152]

Answer:

The provisions of the Mayflower Compact would influence later documents

like the Articles of Confederation. Which of the following is not a reason the

colonists created and signed the verry Mayflower Compact?

Explanation:

The provisions of the Mayflower Compact would influence later documents

like the Articles of Confederation. Which of the following is not a reason the

colonists created and signed the verry Mayflower Compact?

7 0
2 years ago
Amounts collected by the lender and held in a trust or impound account for future payment are called what?
Aleonysh [2.5K]

The amounts collected by the lender and held in a trust or impound account for future payment are called Reserves.

Reserves are earnings that have been appropriated or set apart, for use for a selected cause in addition down the road. A few examples of specific reserves include capital redemption reserves, contingency reserves, debenture redemption reserves, and dividend equalization reserves. each of these reserves has a particular purpose, but, if important, specific reserves can every so often be used for bills that are not their meant functions.

Reserves may be funded by way of annual working surpluses, or thru a funding plan. These price ranges are considered to be "savings bills" so no fees can be charged without delay to them; the simplest transfer object codes must be utilized to reserve money owed.

A lender is a man or woman, a set (public or non-public), or an economic institution that makes finances available to a person or business with the expectation that the price range could be repaid. Compensation will include the charge of any hobby or costs.

Learn more about economic institutions here brainly.com/question/4230044

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5 0
1 year ago
Lisa has $1,000 in cash today. Which one of the following investment options is most apt to double her money? A. 6 percent inter
Zepler [3.9K]

Answer:

D. 8 percent interest for 9 years

Explanation:

We would use the formula future value formula below to determine which of the investment options would double her money:

FV=PV*(1+r)^n

PV is the amount invested which is $1000

r is the interest rate expected to be earned while n is the number of years First option:

FV=$1000*(1+6%)^3

FV=$1,191.02  

Second option:

FV=$1000*(1+12%)^5

FV=$1,762.34  

Third option:

FV=$1000*(1+7%)^9

FV=$ 1,838.46  

Fourth option:

FV=$1000*(1+8%)^9

FV=$2000

Last option:

FV=$1000*(1+6%)^10

FV=$ 1,790.85  

8 0
3 years ago
You are choosing between these four investments and you want to be​ 95% certain that you do not lose more than 8.00 % on your in
MakcuM [25]

Answer:

option B

Explanation:

In other to know how return fluctuation can be predicted with for instance, x%, predictability, one has to look at the normal distribution curve of return (average returns) to standard deviation of those returns. (check the attached file for additional details).

Hence, to be 95% sure that investment losses are less than 8% one needs to look at 95% of all returns which infact Mean return plos or minus 20. If the lower bound of this interval is less than 8% then the investment needs to be selected

check attached file for additional details

8 0
3 years ago
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