Answer: Gain of $12,000
Explanation:
First off, what was the Net book value of the old sailboat?
= Cost Price - Accumulated Depreciation
= 210,000 - 84,000
= $126,000
They paid $101,000 in cash and received a trade in allowance of $138,000 bringing the value to $239,000.
What they should have received as the trade in allowance was the NBV of $126,000. Since they didn't they got a gain of,
= 138,000 - 126,000
= $12,000
Because this transaction has commercial substance, the gain would be $12,000.
Answer:
The quantity of labour demanded increases ad production increases
Explanation:
When price level rises and the money wage rate stays the same, the real money wage rate falls. This makes it cheaper for firms to hire labour. As a result, their demand for labour increases and this leads to an increase in production.
Answer:
44.88 days
Explanation:
Note: The full question is attached
Average amount of accounts receivables = ($16,000+$14,000)/2
Average amount of accounts receivables = $15,000
Average days to collect receivables = Days * AR / Credit sales
= 365 * $15,000 / $122,000
= 44.87704918032787 days
= 44.88 days
Answer:
<u>cost of goods manufactured schedule</u>
Raw Materials ($9,180 + $55,020 - $17,480) $46,720
Direct Labor $51,740
Manufacturing overheads :
indirect labor $6,510
factory insurance $4,700
machinery depreciation $4,380
machinery repairs $1,990
factory utilities $3,740
miscellaneous factory costs $1,980
Add Opening Work In Process $5,670
Less Closing Work In Process ($7,610)
Cost of goods manufactured $119,800
Explanation:
Cost of goods manufactured schedule shows a summary of results (cost) obtained from manufacturing activity during the production period.
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