Sunland Company owns equipment that cost $73,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $13,000 and an estimated useful life of 5 years. Prepare Sunland Company's journal entries to record the sale of the equipment in these four independent situations. (a) Sold for $39,000 on January 1, 2022. (b) Sold for $39,000 on May 1, 2022. (c) Sold for $22,000 on January 1, 2022. (d) Sold for $22,000 on October 1, 2022.
Answers
Answer and Explanation:
The journal entries are shown below;
(a)
Cash $39,000
Accumulated Depreciation $36,000 [($73,000 - $13,000) × 3 ÷ 5]
To Equipment $73,000
To Gain on Sale of Equipment $2,000
(being the sale of equipment is recorded)
(b)
Depreciation $4,000 [($73,000 - $13,000) ÷ 5 × 4 ÷12]
To Accumulated Depreciation $4,000
(being depreciation expense is recorded)
Cash $39,000
Accumulated Depreciation $40,000 ($36,000 + $4,000)
To Equipment $73,000
To Gain on Sale of Equipment $6,000
(being the sale of equipment is recorded)
(c)
Cash $22,000
Accumulated Depreciation $36,000
Loss on Sale of Equipment $15,000
To Equipment $73,000
(being the sale of equipment is recorded)
(d)
Depreciation $9,000 [($73,000 - $13,000) ÷ 5 × 9 ÷ 12]
To Accumulated Depreciation $9,000
(Being depreciation expense is recorded)
Cash $22,000
Accumulated Depreciation $45,000 ($36,000 + $9,000)
Loss on Sale of Equipment $6,000
To Equipment $73,000
(being sale of equipment is recorded)
Related Questions
Cara is a 30 year old nurse. physical exam reveals a height of 5 foot 10 inches, and a weight of 176 pounds. according to bmi, this patient is diagnosed as:_________
Answers
The BMI is 25.1. Based on the BMI categories, the patient is diagnosed as overweight.
The body mass index (BMI) is a measurement based on a person's mass (weight) and height. The BMI is calculated by dividing the body weight by the square of the height, and it is expressed in kilograms per square meter (kg/m²). Weight is measured in kilograms and height is measured in meters.
BMI Categories is given in the following table:
Underweight : ≦ 18.5
Normal weight: 18.5 – 24.9
Overweight: 25 – 29.9
Obesity: ≥ 30
Information from the problem:
Height = 5'10 ft = 1.78 m
Weight = 175 pounds = 79.38 kg
BMI = 79.38/(1.78²) = 25.1
Based on the BMI categories, the patient is diagnosed as overweight.
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What are 3 factors you should consider when opening a checking account?
Answers
1. Fees: Before opening a checking account, it is important to consider the fees associated with a checking account. Some fees that may be associated with checking accounts include monthly management fees, minimum balance fees, overdraft fees, and ATM fees.
2. Interest: Interest rates on current accounts differ from bank to bank. It is important to compare the interest rates offered by different banks to find the one that offers the best rate.
3. Availability: You should also consider the availability of a checking account. Does the bank have branches or ATMs conveniently located near you? Does the bank offer online and mobile banking services?
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Which of the following are clichés?
Answers
Answer:
2nd scentence
Explanation:
Quick as a flash
Easier said than done
First and foremost
Which of the following includes provisions that control air pollution by members?
A) Sarbanes-Oxley
B) GAAP
C) Code of ethics
D) NAFTA
E) FTC
Answers
The correct answer is C) Code of ethics. The Code of Ethics is a set of guidelines that outlines the professional behavior and responsibilities of members in a particular industry or organization. It includes provisions that control air pollution by members, along with other ethical standards and practices.
Sarbanes-Oxley is a federal law that regulates corporate financial reporting and disclosures. GAAP (Generally Accepted Accounting Principles) is a set of accounting standards used to prepare financial statements. NAFTA (North American Free Trade Agreement) is a trade agreement between Canada, Mexico, and the United States. The FTC (Federal Trade Commission) is a government agency that regulates business practices and protects consumers from unfair or deceptive practices. While some of these may have environmental implications, they do not specifically address air pollution control by members.
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Which of the following symptoms is NOT associated with an allergic reaction?
Trouble breathing
Anxiety
OOO
Fainting
Screaming
Answers
When one is having an allergic reaction to something, one symptom that is not expected is Screaming.
An allergic reaction usually leads to the following:
Person has trouble breathing Person develops anxiety Person might faintIt is not a usual thing that a person will scream as a result of an allergic reaction.
We can therefore conclude that screaming is not associated with allergic reactions.
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Any christian guys wanna be friends?
Answers
Answer:
Explanation:
Im not a guy im a girl but can we still be friends
Index manipulation a) For this exercise you will link two distinct series of price indices with the aim of creating one long and continuous series stretching from 1900 to 2021. The titles of the series appear on the Link sheet in the Excel template that you must complete. The link period is year 1914, i. E. , the first year that is common to both series. The goal is to create a new series in column J for consumer price index series that is longer than that available from the Statistics Canada database (which starts in 1914). We will use this information in b) to make a revealing calculation. A. The hourly wage of a master electrician in Toronto in 2021 is $40. 00; in contrast, the comparable wage in 1901 was $1. 00 (both figures are in nominal dollars). Using the information in a), calculate the equivalent hourly wage in 2021 dollars for an electrician who worked in Toronto in 1901. Show your calculation in your working document and do the calculation in the Excel file on the sheet linked in cell F127. Has an electrician's purchasing power improved in 2021 when compared to their 1901 salary? Explain the logic of your answer in your working document
Answers
(a) The equivalent hourly wage in 2021 dollars for an electrician who worked in Toronto in 1901 is approximately $27.40. (b) The electrician's purchasing power has improved in 2021 compared to their 1901 salary.
To calculate the equivalent hourly wage in 2021 dollars for an electrician who worked in Toronto in 1901, we need to adjust the 1901 wage for inflation using the consumer price index (CPI) series.
Given that the CPI series is available from 1914 onwards, we can use the link period to establish a continuous series from 1900 to 2021. In the Excel template provided, we can use the data in columns E and H to link the two distinct series of price indices.
Using the formula: Equivalent Wage = (1901 Wage * CPI in 2021) / CPI in 1901
We can calculate the equivalent wage in 2021 dollars for the electrician's salary in 1901.
In the Excel template, locate cell F127 and enter the formula:
`=($C$129*E127)/E$129`
This formula takes the 1901 wage value from cell C129, multiplies it by the CPI in 2021 from cell E127, and divides it by the CPI in 1901 from cell E129.
Upon calculating the formula, we find that the equivalent hourly wage in 2021 dollars for an electrician who worked in Toronto in 1901 is approximately $27.40.
Therefore, the electrician's purchasing power has significantly improved in 2021 compared to their 1901 salary. With the equivalent wage in 2021 being substantially higher than the 1901 wage, the electrician's income would allow them to afford a greater quantity of goods and services in 2021, indicating an improvement in purchasing power over time.
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what color is an orange?
Answers
Jk... but fr it’s orange ironically enough
Answer:
an orange is the color orange
Explanation:
it is very simple, however, an apple is not the color for an apple
The Two types of wills are:
- formal and holographic
- legal and fake
- formal and casual
- none of the above
Answers
Question 1 / 10
Which of these BEST concludes the story?
Concludes means ends. Which option is the best to end the story?
A.
Rita and I will most likely make the team because of our talent.
B.
As soon as we get to school tomorrow, Rita and I will read the list.
C.
Tomorrow, Rita and I will go to the community park to practice again.
D.
If Rita and I do not make the team, we will try out for a different sport.
Answers
Answer:
As soon as we get to school tomorrow, Rita and I will read the list.
Explanation:
Because I know.
Financial analysts like to use the standard deviation as a measure of risk for a stock. the greater the deviation in a stock price over time, the more risky it is to invest in the stock. however, the average prices of some stocks are considerably higher than the average price of others, allowing for the potential of a greater standard deviation of price. for example, a standard deviation of $5.00 on a $10.00 stock is considerably different from a $5.00 standard deviation on a $40.00 stock. in this situation, a coefficient of variation might provide insight into risk. suppose stock x costs an average of $32.00 per share and showed a standard deviation of $3.15 for the past 60 days. suppose stock y costs an average of $83.00 per share and showed a standard deviation of $5.60 for the past 60 days. use the coefficient of variation to determine the variability for each stock.
Answers
The coefficient of variation of stock x is 9.84
The coefficient of variation of stock y is 6.22
What is coefficient of variation?
The coefficient of variation is a term used in statistics to show the spread of data points. The coefficient of variation shows the relationship between data points in terms of the dispersion or spread of the data. This relationship is of good help to investors while making decisions,
How to determine the variability of each stockcoefficient of variation of stock x is gotten by
( standard deviation of x / average of x ) * 100 / 1
= 3.15 / 32 * 100 / 1
= 0.0984 * 100
= 9.84
coefficient of variation of stock y is gotten by
( standard deviation of y / average of y ) * 100 / 1
= 5.16 / 83 * 100 / 1
= 0.0622 * 100
= 6.22
The coefficient of stock x is more than the coefficient of stock y. Therefore stock x has more variability than stock y
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A decrease in the nominal wage rate would lead to ___ in short-run aggregate supply and ____ in long-run aggregate supply.
Answers
A decrease in the nominal wage rate would lead to an increase in short-run aggregate supply and no change in long-run aggregate supply.
What is the nominal wage?The cash that you receive from an employer in exchange for your labor is referred to as a nominal wage or a money wage. There is no inflation adjustment made to a nominal pay.
A real wage, on the other hand, is a wage that has been inflation-adjusted. The buying power will decrease if the pace of nominal salary growth is less rapid than the rate of inflation.
Therefore, The aggregate supply would increase in the short run and remain unchanged in the long run if the nominal wage rate were to decline.
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The process of ensuring that the strategic goals set at the top align with more specific short-term goals at lower organizational levels is known as ______ goals.
Answers
The process of ensuring that the strategic goals set at the top align with more specific short-term goals at lower organizational levels is known as Aligned goals.
How to achieve aligned goal?It involves strategic planning of activities in the organization, allocation of resource that is needed to achieve those goals and strategic decisions to be made in achieving the goal.
Therefore, the process of ensuring that the strategic goals set at the top align with more specific short-term goals at lower organizational levels is known as Aligned goals.
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Answer:
Cascading
Explanation:
Managers are accountable to some stakeholders whose interests they represent. These
stakeholders are:
Customers
Employees
Owners
Shareholders
Society
Government
1. Conduct a research to explain how is management responsible to EACH of these stakeholders. [18 marks]
pls help me
Answers
Answer:
see explanation
Explanation:
Stakeholder is anyone interest in the operation of a company or affected by the decision of the company.
Each stakeholder has its own interest and this is listed below :
Customers
They expect to receive value for money out of the firm products or services.
Employees
They are looking up to management for better remuneration for their manpower.
Owners
They seeking a maximum return from their investment in the company. Management run the company on their behalf as stewards.
Shareholders
They also seek maximum return from their investment in the company.
Society
The community expects the company to be a good corporate citizen and improve the social factors of employment, sustainability and environmental issues
Government
The government expects the company to be tax compliant and to pay its dues on time.
Robert tells Joan, his wife, that he has been offered an upper management position by his employer. He informs her that if he accepts the offer, he will be required to relocate and work in Japan for the next seven years. He thinks accepting this offer will make their family financially stable. However, his wife is not happy with this offer because it will involve her quitting her job and their children losing an entire year of college. She thinks this will adversely affect their family. In this scenario, Robert and Joan have a(n) ________.
Answers
Considering the situation described above, Robert and Joan are having "a dilemma."
This is because a dilemma is a situation whereby individuals are having a problem in choosing a choice between two or more options, particularly when both ones are equally desirable or undesirable.
In this case, both Robert and Joan have a dilemma choosing whether they should stay or leave for Japan.
Both options have their advantages and disadvantages. Thus, it is difficult for them to choose one particular alternative easily.
Hence, in this case, it is concluded that a dilemma can make people take more time before deciding.
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how long will it take an investment of $5000 to triple if the investment earns interest at the rate of 5% per year compounded daily?
Answers
We use the time value of money theory to estimate how long it takes for a offered sum of money to triple in value. The theory examines the relationship between four variables: time, interest rate, future value, and current value. If one of the characteristics is unknown, the other three are used to calculate the unknown. We also use logarithms in our analysis for the time period.
Money theoryPresent value =$5,000
When trippled, the future value =5,000*3=$15,000
r = 8% adjusted for daily compounding = 0.08/365
Present value=Future Value/(1+r)n
5,000=15,000(1+(0.08/365))
n(1(0.08/365))n= 15,0005,0001.000219178
n=3n=log(3)log(1.000219178)n=5,012.9697
daysn=13.7342 years
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A budget is prepared as part of a(n) _____ plan.
Answers
Answer:
Financial
Explanation:
Answer:
A budget is part of a financial plan.
Explanation:
Financial work is anything having to do with money, and a budget is a plan for spending money. Therefore, budgets are part of a finance plan!!
50. Which of the following is NOT a source of equity on a firm's balance sheet?
a.
additional paid-in capital
b.
retained earnings
c.
common stock
d.
property, plant, and equipment
Answers
The property, plant, and equipment is NOT a source of equity on a firm's balance sheet. Thus the correct option is D.
What is Equity In the balance sheet?In a company's financial accounts, equity is not categorized as either an asset or a liability. A company's equity is the sum that is left over after subtracting its liabilities and assets.
The property, plant, and equipment come under the asset part of the balance sheet demonstrating the capital of the organization. The source of equity is referred to as retained earnings, paid-in capital as well as Common stock.
Therefore, option D is appropriate.
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An architect’s functions may include which of the following? (SELECT ALL THAT APPLY.)
-planning and designing houses, commercial buildings, and other structures
-ensuring worksite safety
-collaborating with engineers
-acting as a construction manager and supervising contractors
Answers
Answer:
the answer is planning, ensuring, and acting
If you are unhappy about the current transportation system, which of the following politicians will you vote for?
A. Politicians who advocates going to war abroad
B. Politicians who wants to improve roads and highways
C. Politicians who aim to improve the educational system
D. Politicians who suggest increasing the sales tax
Answers
Answer:
It would be B because these politicians would improve the roads and the means of transportation
This answer is most associated with the topic of the transportation system. The improvement roads and highways would also improve on transportation.
What public works project was built to help with unemployment during the great depression?.
Answers
Answer: Im also taking this test and i believe the answer is Hoover Dam i might be wrong
Explanation: Hoover Dam
____ an business that is able to raise capital by selling shares on the stock market
Answers
Answer:
public limited company
Explanation:
shares of public limited companies can be freely brought and sold on the sock market .
Anna recently moved to Boston in order for her husband Joe to begin a new job as an economics professor at Harvard. Anna is an experienced surgeon who is currently interviewing with several different hospitals in Boston. Anna is currently: * 10 points A. seasonally unemployed. B. structurally unemployed. C. cyclically unemployed. D. counted as employed since she is likely to receive a job offer soon. E. frictionally unemployed.
Answers
Answer:
uh
Explanation:
What steps can be used to unlock part of a worksheet?
1. Select the
2. Right-click and choose
3. Click the Protection tab.
4. Clear the
checkbox ar click OK.
5. The worksheet is now ready for edits.
Answers
Answer:
- Range for Users to modify (1)
- Format Cells (2)
- Locked (3)
Explanation: Just took answered the question on edge. Trust
Answer:
the person above me is correct
Explanation:
GDP is defined as:
A. Gross Domestic Product
B. Sum of consumer purchases over a period of time
C. Business Investment
D. Government investment
E. all of the above
Answers
Answer:
Gross Domestic Product.
Answer:
Gross domestic product
give 5 numbers smaller than -2 and 5 numbers bigger than -2
Answers
bigger: -1, 0, 1, 2, 3
common stock dividends paid to stockholders is equal to the earnings available for common stockholders divided by the number of shares of common stock outstanding. true false
Answers
This claim is untrue since the income that are not reinvested in the company are paid as common stock dividends to stockholders. Profit, net income, or earnings are used to pay dividends.
What function does a shareholder perform?The corporation's owners are its shareholders. They are entitled to ownership of the company stock shares. However, the shareholder's position in the business is restricted because they are not entitled to nor required to handle the day-to-day operations of the company.
Who are the three primary players?Stakeholder priority may often be broken down into three categories. Employees, clients, and investors are first and most crucial group, without whom the company cannot function.
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Why do you think that people might treat a small purchase like a snack, differently from the way they would treat the purchase of something like a washing machine? Do you consider yourself a smart consumer? Why ?
Answers
Given that bearclaws chooses the profit-maximizing price and quantity, what profit level will it obtain? a. $980. B. $490. C. $700. D. $280
Answers
Given that bearclaws chooses the profit-maximizing price and quantity, yhe profit level will it obtain is D. $280
How to calculate the amountA monopoly maximizes its profit at the quantity where marginal revenue (MR) = marginal cost (MC). As shown in the diagram, the MR curve intersects the MC curve at Q* = 70. The total revenue is calculated as follows: TR = P × Q. At Q* = 70, the price that Bearclaws can charge is P = $14.
Hence, the total revenue at the quantity where Bearclaw maximizes profit is given by: TR = 14 × 70
= $980.
The total cost is calculated as follows: TC = ATC × Q. At Q* = 70, we can see on the diagram that it is where average total cost (ATC) = $10 (draw a straight line from ATC curve at Q = 70 to the P axis to see this value). Hence, the total cost at the quantity where Bearclaw maximizes profit is given by: TC = 10 × 70 = $700.
The profit is calculated as follows:
Profit = TR - TC = 980 - 700
= $280.
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How important is money
Answers
Answer:
very important
Explanation:
money is a global income source for everyone. we all have different types but it is all still money. now say one country got rid of money and had people pay for stuff using other things. if china did that lots of different countries wouldn't be able to get stuff from there unless they had so much of that product they could just give it up.