Answer:
Answer for the question:
This information relates to McCall Real Estate Agency. Oct. 1 Stockholders invest $31,400 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $32,760. 3 Buys office furniture for $3,840, on the account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $10,230 (not paid by Roads at this time). 10 Receives cash of $240 as commission for acting as rental agent renting an apartment. 27 Pays $730 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $2,730 in salary for October.Prepare the debit-credit analysis for each transaction. (If there is no transaction, then enter no effect for the account and 0 for the amount.)
Is given in the attachment.
Explanation:
Answer:
B) Land costs; air and rail systems
and
D) Labor cost; proximity to customers
Explanation:
Answer:
b. $3,000 loss
Explanation:
For computing the gain or loss, first we have to determine the depreciation expense so that we can find the book value of an asset
So, under the straight-line method, the depreciation expense would be
= (Original cost - residual value) ÷ (useful life)
= ($15,000 - $1,000) ÷ (4 years)
= ($14,000) ÷ (4 years)
= $3,500
For two years, the depreciation would be
= $3,500 × 2 years
= $7,000
In this method, the depreciation is same for all the remaining useful life
Now the book value would be
= Acquired value of an asset - accumulated depreciation
= $15,000 - $7,000
= $8,000
So, the gain would be
= Sale value - book value
= $5,000 - $8,000
= $3,000 loss
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