A trucking company sold its fleet of trucks for $56,300. The trucks originally cost $1,471,000 and had Accumulated Depreciation of $1,282,000 recorded through the date of disposal. What gain or loss did the trucking company record when it sold the fleet of trucks

Answer:

is useful to the IRS in assessing taxes to business entities.

Explanation:

The financial accounting standards board (FASB) is a private, non-profit organization saddled with the responsibility of establishing and maintaining standard financial accounting and reporting for general guidance of individuals such as investors, issuers and auditors.

Financial reporting can be defined as the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors.

The objective of financial reporting include all of the following to provide information that:

1. Is useful to those making investment decisions. This information would help creditors to determine whether they should lend to a client or not; or assist investors in deciding whether they should invest in a business or not.

2. Is useful to those lending out money to business entities. When investors and creditors are well furnished with financial information about an organization, they would be able to assess the amounts of cash, timing, and uncertainty of cash flows from dividends  or interest.

3. Is useful to creditors in making decisions about providing resources to business entities.

In conclusion, the financial report is not useful to the Internal Revenue Service (IRS) in assessing taxes to business entities.

Answer:

E. There is no superior​ system; each country has to decide what is best.

Explanation:

The exchange rate system refers to the method that is used to determine the exchange rate among the countries. The exchange rate helps in determining the rate of domestic currency in accordance with the other country's currencies. The exchange rate determines the rate that is used in the exchange of one currency with another. The foreign exchange market helps in determining the exchange rates of the countries.

Increasing real wages, reducing interest rates, and an increase in global growth are some of the factors that help in the improvement in economic growth. At the same time, there is no superior or inferior method of exchange rate systems that a country may adopt to improve economic growth.

Answer:

$2,400,000

Explanation:

Based on the information given, How much of the $3 million note that is classified as long-term in the December 31 financial statements will be $2,400,000 because we were told that

Parton owes the amount of $3 million which is due on February 28 while the company borrows the amount of $2,400,000 on February 25 (5-year note) which means that the amount that the company borrowed on February 25 on a 5 year note will be classified as long-term in the December 31 financial statements.

Answer: Aggregate Demand Decreases

Explanation:

When the Central Bank sells bonds, it is engaging in Open Market Operations to reduce the amount of money in the Economy by taking money out of people's hands ( the money they will use to buy the bonds).

When money supply in the economy decreases, it will have the opposite effect on Interest rates as they will increase because money is no longer readily available.

When this happens both businesses and Individuals will reduce the amount of money they borrow for investment and consumption respectively which are both components of Aggregate Demand.

Aggregate Demand therefore decreases and the AD curve shifts to the LEFT to depict this.

Answer:

A

Explanation:

Larry, the sole shareholder of Brown Corporation, sold his stock to Ed on July 30 for $270,000. Larry's basis in the stock was $200,000 at the beginning of the year. Brown had accumulated E & P of $120,000 on January 1 and has current E & P of $240,000. During the year, Brown made the following distributions: $450,000 cash to Larry on July 1 and $150,000 cash to Ed on December 30

a. How much of the current E & P is allocated to Larry’s distribution?

$

b. How much of the current E & P is allocated to Ed’s distribution?

$

c. How much of the $450,000 distribution is taxed as dividend income to Larry?

$

d. How much of the $150,000 distribution is taxed as dividend income to Ed?

$

e. Larry recognizes a capital gain of $ on the sale of the stock.

Answer:

The margin of safety in dollars is $611,200 and the margin of safety percent is 32%

Explanation:

In order to calculate the margin of safety in dollars and as a percent of expected sales If the company expects sales of 10,000 units we would have to calculate the following:

margin of safety in dollars=Margin of Safety units*sold price

sold price=$191 per unit

Margin of Safety units = Sales - Breakeven units

sales=10,000 units

Breakeven units = Fixed cost/Contribution margin per unit

B reakeven units= $455,600/($191-$124) =

B reakeven units= 6800

Margin of Safety units =10,000 - 6.800

Margin of Safety units =3,200

Therefore, Margin of Safety in dollars = 3,200*$191

Margin of Safety in dollars =$611,200

Margin of Safety percent=Margin of Safety units/sales

Margin of Safety percent= 3,200/10,000

Margin of Safety percent=32%

The margin of safety in dollars is $611,200 and the margin of safety percent is 32%

Answer:

The answer is Yes.

Explanation:

Yes, the given statement is accurate because nowadays people are more concerned and insecure about privacy. Since it is given that Ricoh is a strong brand that means people are already believing in it and its privacy policy attracts more consumers. Therefore, it can be said that is will affect the IT industry at the macroeconomic level.

Answer:

The option (d) is correct

Explanation:

Solution

From the given question, option (d) is correct because Bond A has a lower term of maturity, issued by a financially weak corporation and compared to government security it is offering lower returns implies it has a lower interest rate than bond B having identical characteristics expect the above.

Answer:

Hello from your question there is a mix up of the figures for the BTCF AFTER 2 years and the BTCF given in the table so i would work with the value contained in the table i.e ( 25579  )

answer : 71052

Explanation:

Declining balance amount can be expressed/calculated using this formula a

[tex]\frac{1.5}{N} ; d_{k} = B ( 1 - k )^{k-1} (R ) ;\\ Bv_{k} = B ( 1 - R )^{k}[/tex]    also R = 1.5 / 5 = 0.3 , k = 2 years

therefore Bv[tex]_{2}[/tex] = 20000 ( 1 - 0.3 [tex])^{2}[/tex] = 9800

Mv = 25579

Recapturing depreciation = Mv - Bv = 25579 - 9800 = 15779

BTCF is calculated as = ( capital investment + GI - expense incurred )

TI = GI - Expense - Depreciation + Depreciation recapture + capital gain

ATCF = BTCF - taxes

taxes = TI (l)

The future worth of the after-tax cash flow at the end of Year 2

Fw = -20000(f/p,12%,2) + 36600(f/p,12,1) + 35880 + 19268

= -20000(1.2544) + 36600(1.1200) + 55148 = 71052

attached below is the complete table used for the calculation

Answer:

The amount of accumulated depreciation at December 31, 2019 is $31,080

Explanation:

Straight line method, charges a fixed amount of depreciation over the use of an asset in the business.

Depreciation Expense Using Straight line method is calculated as :

Depreciation Expense = (Cost - Salvage Value) / Estimated useful life

First step is to determine the cost of the equipment.

Calculation of Cost of Equipment :

Purchase price     $78,000

Freight charges      $4,400

Installation costs   $10,400

Total Costs           $92,800

Then calculate the depreciation expense :

Depreciation Expense = ($92,800 - $15,100) / 5 years

                                     = $15,540

Accumulated depreciation by December 31, 2019 is calculated as :

Accumulated depreciation = $15,540 × 2

                                             = $31,080

Conclusion :

The amount of accumulated depreciation at December 31, 2019 is $31,080.

Answer: C. Crystal develops a new product and patents it.

Explanation:

A Patent is one of the ways that a monopoly can be formed in an industry. A Patent is a government issued guarantee that other entities should not tamper with the product that was patented unless they get permission from the patentee to do so.

Patents in the United States usually last for 20 years and in that time only the people who patented it may use it. This is a Government enforced barrier to entry as other companies cannot make the product in question thereby creating a monopoly for the people that did patent it.

Answer:

Cost of preferred stock=5.17%

Explanation:

A preferred stock entitles its investor to a fixed amount of dividend for the foreseeable future. The dividend payable by a preferred stock is similar to a perpetuity. Hence, the price of the stock would be the same as the present value of the dividend payable for the foreseeable future.

A preferred stock entitles its owner to a fixed amount of dividend. It is calculated as follows:

Cost of preferred stock = (Preference dividend/stock price ) × 100

Preference dividend = Coupon rate × Nominal value

DATA

Coupon = 4.80%

Nominal Value = 100

Stock price =  $92.78

Preference dividend = 4.80% × 100=4.8

Cost of preferred stock = 4.8/92.78×  100 = 5.17%

Cost of preferred stock=5.17%

Answer:

a.bank reconciliation, addition

b.book side, addition, subtraction

c.book side, subtraction

d.book side, addition

e.bank reconciliation, subtraction

f.bank reconciliation, subtraction

g.book side, subtraction

h.book side, addition

i.book side, subtraction

j.book side, addition

Explanation:

In book side, we enter transactions that were recorded by the company`s bank but not included in the cash book. These include service charges and interest revenue on bank account.Also errors made in cash book are recorded here.

In the bank reconciliation side, we record deposits and receipts entered in the cash book not yet reflecting in the bank statement and other errors related to construction of the bank statement.

Answer: Combination of allowing backorder for short-term demand surges and building anticipation inventories.

Explanation:

From the question, we are informed that the Driftbuster Sno-Mobile repair company has a seasonal demand for its service, and there is a general shortage of skilled Sno-Mobile mechanics in its region.

Based on the situation above, the planning choice is to allow backorder for short-term demand surges and build anticipation inventories. Since demand is seasonal, it's vital for the company to build anticipation inventories. It's also important for the company to create orders for short term surges.

Answer:

economic depletion

Explanation:

Answer:

PV= $74,999.97

Explanation:

Giving the following information:

Interest rate= 0.036/4= 0.009

Number of quarters= 5*4= 20

Future value= $89,719

We need to determine the initial inventment. We will use the following formula:

PV= FV/(1+i)^n

PV= 89,719/ (1.009^20)

PV= $74,999.97

Answer:

Discontinued Product Line:

The overall income will increase by $10,000 ($4,000 + 6,000).

Explanation:

In a decision to discontinue a product line, the relevant costs to consider are the avoidable costs.  These are costs that will no longer be incurred when a line is discontinued.  They are relevant to the decision, unlike costs that will not change as a result of the discontinued product line.

Incremental revenue that will be resulting from a discontinued product line is also relevant.  For example, the additional contribution margin of $6,000 is relevant to the decision of whether to continue or discontinue the product line, all other things remaining equal.

Answer:

For Material 80,000

For Conversion 72,000

Explanation:

The computation of equivalent units of production for the bath linens department for August is shown below:-

                                     Materials               Conversion  

Units completed and

transferred out              60,000                   60,000

Units in process,

August 31                      20,000                   12,000

                                                               (20,000 × 60%)

Equivalent units of

production                   80,000                   72,000

Therefore to reach out the equivalent units of production we simply added the units completed and transferred out with Units in process Aug 31 of material and conversion.

Answer:

2.89 years

Explanation:

The computation of the payback period is shown below:

As we know that

Payback period = Initial investment ÷ Annual cash inflow

where,

The Initial investment is $45,000

And, the annual cash inflow is

= Net income + depreciation expense

= $8,050 + $7,500

= $15,550

So , the payback period is

= $45,000 ÷ $15,550

= 2.89 years

Answer:

Ending inventory (December)   =  $72,270

Ending inventory (January)  =  $67,650

Ending inventory (February)   =  $82,912.50

Beginning Inventory (January ) = $72,270

Explanation:

The ending inventory of chemicals in gallons :

Note : Based on Company policy, this was determined as 15% of next month's production needs.

Ending inventory (December)  = 43,800 × 15% × 5.5 gallons × $2.00

                                                   =  $72,270

Ending inventory (January)  = 41,000 × 15% × 5.5 gallons × $2.00

                                                   =  $67,650

Ending inventory (February)  = 50,250 × 15% × 5.5 gallons × $2.00

                                                   =  $82,912.50

The beginning inventory of chemicals for January is equal to the Ending inventory for December that is $72,270

Explanation:

Every country operate in a different yet similar system of both political and social affairs. In terms of political differences, some countries have parliamentary governments while some countries like the US have presidential governments.

Regardless of how each country operate politically, most of the operational system of these countries are embedded in democracy and the general welfare of its citizens. The differences occur because of these operational systems of each country. They could differ in policies, reforms or laws which are based on the interests of its people and the nation.

In economic terms, the differences occur when governments prioritize what economic policies or model they choose to implement. Economic systems of a country change according to the need of the times. For instance,  China initially, after its independence, chose to remain a closed economy until it reformed its policies in 1978 to finally open up the country.

Legal systems of countries differ from one another as every country use a civil law system based on its cultural, social, political and historical circumstances. For instance, in US each state has the power to establish its own legal procedures while in some country, every state must follow a uniform civil code.

As we know the political economy refers to both the political and economic systems of a country, management practice of national differences is important to taken into account before securing economic relations with another country. Management practice of national differences helps in finding favorable economic and political systems around the world for a country to make both economic and political partnership with.

Answer:

The only thing that we can know for sure is that the real interest rate on the car loan is 5%.

The real interest rate equals the nominal interest rate - the inflation rate. This formula follows the Fisher Effect proposed by Irving Fisher and used to determine both nominal and real interest rates, and how they relate to the inflation rate.

Answer:

Pose-for-Pics

Trial balance

For the month ended August 31, 202x

                                                   debit                    credit

Cash                                           $6,176

Prepaid insurance                     $2,012.50

Office supplies                          $880

Equipment                                 $33,500

Madison Harris, capital                                          $40,000

Service revenue                                                     $3,331

Insurance expense                   $87.50

Utilities expense                       $675

Total                                          $43,331                 $43,331

Explanation:

Dr Cash 6,500

Dr Equipment 33,500

    Cr Madison Harris, capital 40,000

Dr Prepaid insurance 2,100

    Cr Cash 2,100

Dr Insurance expense 87.50

    Cr Prepaid insurance 87.50

Dr Office supplies 880

    Cr Cash 880

Dr Cash 3,331

    Cr Service revenue 3,331

Dr Utilities expense 675

    Cr Cash 675

Answer:

Powell Warehouse

General Journal

June 1:

Debit Inventory $1,280

Credit Accounts Payable (Catlin Publishers) $1,280

To record the purchase of books, terms 2/10, n/30.

June 3:

Debit Accounts Receivable (Garfunkel Bookstore) $1,100

Credit Sales Revenue $1,100

To record the sale of books on trade terms.

Debit Cost of Goods Sold $800

Credit Inventory $800

To record the cost of goods sold under the perpetual inventory system.

June 6:

Debit Accounts Payable (Catlin Publishers) $80

Credit Inventory $80

To record the credit received for books returned.

June 9:

Debit Accounts Payable (Catlin Publishers) $1,200

Credit Cash Discount $24

Credit Cash Account $1,176

To record the payment on account.

June 15:

Debit Cash Account $1,100

Credit Accounts Receivable $1,100

To record the receipt of payment in full settlement.

June 17:

Debit Accounts Receivable (Bell Tower) $1,100

Credit Sales Revenue $1,100

To record the sale of books on account.

Debit Cost of Goods Sold $950

Credit Inventory $950

To record the cost of goods sold under the perpetual inventory system.

June 20:

Debit Inventory $800

Credit Accounts Payable (Priceless Book Publishers) $800

To record the purchase of books on account, terms n/30.

June 24:

Debit Cash Account $1,078

Debit Cash Discount $22

Credit Accounts Receivable (Bell Tower) $1,100

To record the receipt of payment on account.

June 26:

Debit Accounts Payable (Priceless Book Publishers) $800

Credit Cash Account $800

To record payment on account.

June 28:

Debit Accounts Receivable (General Bookstore) $1,550

Credit Sales Revenue $1,550

To record the sale of books on account.

Debit Cost of Goods Sold $800

Credit Inventory $800

To record the cost of goods sold under the perpetual inventory system.

June 30:

Debit Sales (Returns) $200

Credit Accounts Receivable (General Bookstore) $200

To record the return of books on account.

Debit Inventory $70

Credit Cost of Goods Sold $70

To record the return of books.

Explanation:

Journal entries are the initial records made in the accounting system for business transactions.  They show the accounts affected by each transaction.  Two or more accounts are usually affected.  One account receives value and is debited and the other gives value, and it is credited.

Answer:

Palisade Creek Co.

Date   Description                                Ref.             Debit           Credit

May 1 Cash                                             110           $ 83,600

May 1 Accounts Receivable                   112           233,900

May 1 Merchandise Inventory                115          624,400

May 1 Estimated Returns Inventory       116            28,000

May 1 Prepaid Insurance                        117             16,800

May 1 Store Supplies                              118              11,400

May 1 Store Equipment                         123          569,500

May 1 Accumulated Depreciation-

Store Equipment                                   124                               56,700

May 1 Accounts Payable                       210                              96,600

May 1 Customers Refunds Payable     212                              50,000

May 1 Common Stock                           310                             100,000

May 1 Retained Earnings                       311                            585,300

May 1 Dividends                                     312         135,000

May 1 Sales                                             410                       5,069,000

May 1 Cost of Merchandise Sold           510    2,823,000

May 1 Sales Salaries Expense               520       664,800

May 1 Advertising Expense                   521         281,000

May 1 Miscellaneous Selling Expense 529           12,600

May 1 Office Salaries Expense             530         382,100

May 1 Rent Expense                              531           83,700

May 1 Miscellaneous Administrative

Expense                                                539            7,800

Total                                                              $5,957,600   $5,957,600

Explanation:

The above account can be regarded as an Opening Journal for the month.  The amounts for assets and expenses are listed on the debit side while the amounts for liabilities, equity, and revenue are listed on the credit side.  In accordance with the accounting equation the two sides will always be equal.  It is from this opening journal that the month's transactions are posted to reflect changes that occur in the month.  The posting of the transactions are not required for this question.

Answer:

The amount you will have in eight years is $29,679.56

Explanation:

In order to calculate the amount you will have in eight years we would have to use the following formula:

amount you will have in eight years=PV*(1+r)∧n

According to the given data:

PV=$20,000

r=6.8%

n=6

Therefore, amount you will have in eight years=$20,000*(1+6.8%)∧6

amount you will have in eight years=$29,679.56

Answer:

Margin in Dee's account when she first purchase the stock is $8,000

Explanation:

The total value of stock purchased = $40 × 300 shares = $12,000

Since the amount borrowed from the broker is $4,000. Therefore, Dee's margin will be calculated as;

= Total purchase price - Net borrowing

= $12,000 - $4,000

= $8,000

Answer:

The answer is option (A) customer

Explanation:

Solution

Percentage of market share and rate of​ on-time deliveries are indicators of the​ customer perspective or view

Customer: A customer is a person or business that  buys another company's goods or services. most public-facing businesses participate with other companies to attract customers, either by forcefully advertising their products or by reducing prices to broaden their customer bases.

Answer:

4. Resources.

Explanation:

In this scenario, Mark and Joseph are junior photographers with Iclick Studios. Both of them are professional and sincere. However, Mark is recognized as the top performer among Iclick's entry-level employees. This was possible because he acquired the license to use the latest photo editing application, while Joseph did not. According to the performance formula, the resources acquired helped Mark achieve this feat.

Resources in economics can be defined as a set of tangible assets or materials that are used for the production of goods or used for the rendering of services that meets the insatiable needs of people at a specific period of time.

In Economics, resources can either be any of the four (4) factors of production and these are;

1. Land.

2. Entrepreneurship.

3. Labor.

4. Capital.

In this context, Mark is the top performer among Iclick's entry-level employees because he acquired the license to use the latest photo editing application (a scarce but desired resources), while his colleague, Joseph did not.

Answer:

debit to Bad Debts Expense and credit to Allowance for Doubtful Accounts

Explanation:

Based on the information provided for this scenario it can be said that the entry to record this adjusting entry would include a debit to Bad Debts Expense and credit to Allowance for Doubtful Accounts. Meaning that the bad debts expense is increasing while the same amount is being taken from the allowance for doubtful accounts. This is what the allowance method is used for, it provides an advance for uncollectible accounts, by setting aside money in a reserve account.