SHOW ME HOW YOU GOT THE ANSWER FOR EACH ANSWER PLEASE ESPECIALLY THE LESS:ACCUMULATED DEPRECIATION 3. On January 2, 2022, Pet Retreat purchased fixtures for S16,600 cash, expecting the fixtures to remain in service for six years. Pet Retreat has depreciated the fixtures on a straight-line basis, with $7.000 residual value. On June 30, 2024, Pet R. sold the fixtures for $23,600 cash. Record both depreciation expense for 2024 and sale of the fixtures on June 30, 2024. (Assume the modified half-month convention is used. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Debit Credit Begin by recording the depreciation expense as of Jun. 30, 2024. Date Accounts and Explanation Jun 30 Depreciation Expense-Fixtures Accumulated Depreciation Fixtures 3,300 3.3 To record depreciation on fixtures . Before recording the sale of the fixtures, let's calculate any gain or loss on the sale of the fixtures. (Enter a loss with a minus sign or parentheses.) . a . Market value of assets received $ 23,600 Less: Book value of asset disposed of Cost S 46,600 Less: Accumulated Depreciation 16300 28900) 3300 Gain or (Loss) Now, record the sale of the fixtures on June 30, 2024. Date Accounts and Explanation Debit Credit Jun. 30 (1) (2) (3) (5) (1) O O Depreciation Expense-Fixtures Maintenance Expenses Accumulated Depreciation—Fixtures Fixtures – O O Book value O Gain on Disposal Cash Loss on Disposal (2) O Depreciation Expense-Fixtures Maintenance Expenses O Accumulated Depreciation-Fixtures Fixtures O Book value O Gain on Disposal O Cash Loss on Disposal (3) O O Depreciation Expense-Fixtures Maintenance Expenses O Accumulated Depreciation-Fixtures Fixtures O O Book value O Gain on Disposal O Cash Loss on Disposal (4) O Accumulated Depreciation-Fixtures Book value O Cash O Depreciation Expense-Fixtures O Maintenance Expenses O Fixtures Gain on Disposal Loss on Disposal To record depreciation on fixtures. (5) O Discarded fixtures with a book value. O Discarded fully depreciated fixtures. O Sold fixtures for cash
Answers
Date Accounts of Pet retreat and Debit Credit on Jun. 30 Depreciation and the Expense-Fixtures result to 3,300
Journal Entries:
Accumulated Depreciation—Fixtures 3,300 To record depreciation on fixtures.
Jun. 30 Cash 23,600
Accumulated Depreciation—Fixtures 16,300
Fixtures 46,600
Gain on Disposal 3,300 To record sale of fixtures.
The first entry records the depreciation expense for the first half of 2024, which is $3,300 ($16,600 cost - $7,000 residual value) divided by 6 years, multiplied by 6 months (modified half-month convention).
The second entry records the sale of the fixtures for $23,600 cash, which is the market value of the asset received. The book value of the asset disposed of is calculated as the cost of $16,600 less the accumulated depreciation of $16,300. Therefore, there is a gain on disposal of $3,300, which is credited to the Gain on Disposal account.
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Related Questions
which one of the following will occur on consolidated financial statements if an intercompany inventory transaction is not eliminated? an understatement of sales. an overstatement of sales. an understatement of purchases. an overstatement of accounts receivable.
Answers
The effects of not eliminating an intercompany inventory transaction on consolidated financial statements, the outcome would be an overstatement of sales.
When an intercompany transaction occurs, it is important to eliminate this transaction in the consolidation process to avoid double-counting. If the transaction is not eliminated, the consolidated financial statements will show inflated sales figures because the transaction will be counted as an external sale instead of an internal one.
1. Intercompany transaction occurs (e.g., one subsidiary sells inventory to another).
2. The selling subsidiary records a sale, and the buying subsidiary records a purchase.
3. During consolidation, the transaction should be eliminated to avoid double-counting.
4. If the transaction is not eliminated, the consolidated financial statements will show inflated sales figures.
As a result, there will be an overstatement of sales on the consolidated financial statements. This can mislead users of the financial statements, as they may perceive the company to be generating more revenue than it actually is. Moreover, other financial metrics such as gross profit and net income will also be overstated, further distorting the company's financial performance.
In summary, not eliminating an intercompany inventory transaction on consolidated financial statements will lead to an overstatement of sales, which can have a negative impact on the accuracy and reliability of the financial information presented.
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Use the graph to answer the question that follows.
Which statement describes the shift from D1 to D2?
Demand for the product increased.
Less of the product is being produced.
Demand for the product decreased.
More of the product is being produced.
Answers
The statement that describes the shift from D1 to D2 is the demand for the product increased.
What does the shift from D1 to D2 signify?The graph represented in the image is that of a demand curve. A demand curve is a curve that shows the relationship between price and quantity demanded.
The demand curve is negatively sloped because the higher the price, the lower the quantity demanded. This is in line with the law of demand.
When the demand curve shifts to the right, it indicates an increase in demand. When the demand curve shifts to the left, it indicates a decrease in demand.
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Answer:
Demand for the product increased!
Explanation:
option A
there is no right or wrong answer
Answers
Having an accountability partner can be a powerful motivator when
trying to implement new habits in your life.
Answers
Answer:
The given statement is "True". A further explanation is given below.
Explanation:
An accountability partner could be compared to something like a working relationship during which you permit to apprentice each other rather than provide constructive criticism mostly on appropriate period. Collaborating with either the responsibility partner could indeed help you create daily behaviors. Unconsciously, living creatures also have to be squeezed to start up making coordinated actions along the lines of their objective.Accomplishing your scoring opportunity would become a hardship if you're separated from your group.
which word best describes the writing process in business writing ?
Answers
Answer: Brainstorm Pre-write. Write rough draft. Peer-review. Revise ideas. Edit Publish Establish constructive purposes for student writing. Find real audiences, beyond the teacher, for students' writing
A step taken so that a reasonable person could assume that a business took appropriate safety measures is called ___________
Answers
Answer: Risk assessment
Explanation: This is known as risk assessment, the overall process of identifying all the risks to and from any activity and assessing the potential impact of each risk. This is achieved by assessing the likelihood that each risk will occur, and then combining the result according to an agreed rule to give a single measure of potential impact.
To have a thought about what aspect of a business, might cause harm and decide whether you are taking reasonable steps to prevent that harm is known as a risk assessment.
samsung is sharing in the costs of the most recent best buy advertising campaign. samsung lcd televisions will be highlighted in all ads. this is an example of .
Answers
Samsung is sharing in the costs of the most recent best buy advertising campaign. Samsung lcd televisions will be highlighted in all ads. this is an example of cooperative advertising.
What kind of marketing focuses on the identity and reputation of a company or sector?Institutional advertising is a type of marketing that makes use of sponsored media to advance the reputation, goals, or name of your organization. Institutional advertising can be used to spread knowledge about a problem or cause, to spark interest in a good or service, or even just to build brand recognition and loyalty.
Which of the following outcomes from a sales promotion multiple choice question is preferred?Customers utilize a coupon to test a new product once, and if they like it, they go on to buy it again and again.
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an intermediary that sells to other intermediaries, usually to retailers in consumer markets, is referred to as multiple choice an agent. a retailer. a wholesaler. a broker. a distributor.
Answers
An intermediary that sells to other intermediaries, usually to retailers in consumer markets, is referred to an agent is a retailer.
The retailer is a person or business that sells the products and services to the customer at the market place. The retailers buys the bundle of stocks at the manufacturing price and sell it to the public at the market price.
The retail platforms or outlets in which the customer can decide what they are buying as opposed in the online stores. The demerit of retailers is the lower profit margin. As compared to sell it to the other retailers or small retailer at shops, to sells the products to the customers.
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You have become a trusted resource for your organization, and they have asked for your advice on gaining a competitive advantage in the field. More specifically, they would like your analysis and recommendations on ways to bring their company culture, demographics, and technologies up to current industry practices and beyond. Review the demographic and technological information about your company. If the information is not public, base your decisions on a similar company and research. This information will assist you as you complete your Organizational Presentation in Step 2 of this assessment.
Answers
Improving company culture, demographics, and technologies can contribute to gaining a competitive advantage.
To enhance company culture, it is essential to foster an environment that values employee engagement, collaboration, and innovation.
This can be achieved through initiatives such as promoting open communication channels, encouraging continuous learning and professional development, recognizing and rewarding employee achievements, and creating a diverse and inclusive workplace culture.
In terms of demographics, it is important to have a workforce that reflects the diversity of the customer base and target market. This can be achieved through targeted recruitment and hiring practices, implementing diversity and inclusion programs, and providing equal opportunities for career growth and advancement.
Regarding technology, staying up to date with current industry practices and adopting cutting-edge technologies can give your organization a competitive edge. This may include investing in cloud computing, data analytics, artificial intelligence, automation, and digital transformation initiatives.
It is crucial to regularly assess technological needs, conduct market research, and invest in training and development to ensure employees have the necessary skills to leverage these technologies effectively.
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Marcus James was paying $950 per year for full coverage under an auto insurance policy and then decided to change to a liability coverage only policy that cost $650 per year. Three years after changing the coverage, Marcus paid $1,400 to repair damages to his car resulting from an accident that did not involve another vehicle. What was the net cost or savings to Marcus as a result of reducing his insurance coverage to liability only?
Answers
Tickets to a fundraiser are $14 if purchased ahead of time and $25 if purchased at the door. The total amount raised from all ticket sales was $625. If eleven tickets were purchased at the door, how many tickets were purchased ahead of time?.
Answers
($14)(25)=$350
($25)(11)=$275
$350+$275= $625
Put the following events from computer history in the order they happened:
Drag
Drop
Drag events here with oldest at top
The World Wide Web becomes available to the public
Scientists at Bell Laboratories invent the transistor
Apple releases the iPhone
Herman Hollerith develops electronic tabulating machine
International Business Machines, or IBM, is formed
The Apple Il is released for home consumers
Jack Kilby invents the microchip
Answers
The sequencing of the following events with respect to computer history is as follows:
In 1890, Herman Hollerith introduced a machine of electronic tabulation.In 1911, IBM or an International business machine should be developed.In 1947, The scientist invented the transistor at Bell Laboratories.In 1958, Microchip was invented by Jack Kilby.In 1977, Home consumers should be released by the Apple II.In 1993, WWW or World wide web could be accessed by the public.In 2007, iPhone should be introduced by Apple.In this way, the above events should be ordered.
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Answer:
Answer in image
Explanation:
On January 1, 2016, Weaver Company purchased as held-to-maturity debt securities $500,000 face value of Park Corporation's 8% bonds for $456,200. The bonds were purchased to yield 10% interest and pay interest annually. The bonds mature on January 1, 2021. Weaver uses the effective interest method of amortization. What amount should Weaver report on its December 31, 2016, balance sheet as an investment in held-to-maturity debt securities
Answers
Answer:
$461,820
Explanation:
Calculation to determine What amount should Weaver report on its December 31, 2016, balance sheet as an investment in held-to-maturity debt securities
First step
Amortization of discount= Purchased value of bond × interest rate of return - face value of bond × interest rate
Amortization of discount= $456,200 × 10% - $500,000 × 8%
Amortization of discount= $45,620 - $40,000
Amortization of discount= $5,620
Now the amount reported is
investment in held-to-maturity debt securities= Purchased value + discount amortization
investment in held-to-maturity debt securities= $456,200 + $5,620
investment in held-to-maturity debt securities= $461,820
Therefore What amount should Weaver report on its December 31, 2016, balance sheet as an investment in held-to-maturity debt securities is $461,820
Elasticity is the measure of how producers and consumers react to changes in
A supply is
A supply is
when the quantity of a good supplied does not change as the price changes.
when the quantity of a good supplied increases or decreases as the price changes.
Answers
Inelastic
Elastic
i. Rohit after doing his graduation has decided to run a retail shop as a source of livelihood.
ii. He procures the goods from the wholesalers according to the consumer's demand and
maintains a regular supply of goods to his customers.
[5]
TGIS-Raipur
4 / 5
iii. Customers are well satisfied with his services due to which his sales turnover is very high
and he is earning a good return on his capital employed.
iv. Seeing his Successful business, two other retailers have also opened their shops in the same
area giving him tough competition reducing his market share and margin of profits. But
Rohit knows, in spite of his best efforts put into the business, there is always the possibility
of inadequate profits or losses.
a. Identify the economic activity Rohit is engaged in.
b. Enlist the features of identified economic activity with reference to the underlined words
in each sentence given above.
Answers
Answer:
b
Explanation:
just had the same question
Answer:
a-business is the economic activity
b-features are
profit earning- as it js essential for survival growth and expansion of business
dealings in goods and services on a regular basis - and not merely one single transactions of sale or purchase
Al manages both Brown River Apartments and Orange Acres Condominiums. These complexes are not owned by the same person. In this situation, what does Al need
Answers
Given that Al manages these apartments and condo what he needs is a real estate license.
What is a real estate license?This is a license that would establish him as an agent or as someone that does real estate transactions.
This license is an authorization that is given by the state government that gives Al the the right to manage the estates.
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Which of the following is most likely a true statement about baby boomers?
A) They are the first generation to have grown up with computers.
B) They constitute the largest demographic group in the United States.
C) They were born between 1965 and 1976.
D) They are the most educated generation of Americans.
E) They are the wealthiest generation in U.S. history.
Answers
The most likely true statement about baby boomers is that they constitute the largest demographic group in the United States. Option B is the correct answer.
Baby boomers were born between 1946 and 1964 and currently represent approximately 22% of the U.S. population. While they may not be the first generation to have grown up with computers, they did experience significant technological advancements in their lifetime, including the rise of personal computers and the internet.
While they may not be the most educated generation, they do hold a significant amount of wealth and spending power, making them an important consumer demographic.
Therefore, the correct answer is option B.
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How has Apple been able to sustain its competitive advantage in the smartphone industry?A. by reducing its network effects B. by targeting its new products and services toward laggards C. by driving the price for the end user to zero d. by regularly introducing incremental improvements in its products
Answers
The correct answer is D. By regularly introducing incremental improvements in its products.
Explanation:
Apple is a worldwide company that specializes in technology this includes smartphones, computers, smart watches, among others. Besides this, Apple is one of the most powerful and popular companies in this area and this reputation has been preserved for years. One of the factors that make Apple able to sustain its competitive industry is the fact this company is constantly improving its products and launching these to the products. Indeed, every year the company launches new improved versions of smartphones, computers, etc. which is essential because this keeps the interest in consumers.
Which kind of budget would cause the largest increase in a country's national
debt?
A. One that decreases taxes and decreases spending
B. One that increases taxes and decreases spending
C. One that decreases taxes and increases spending
D. One that increases taxes and increases spending
Answers
Answer: One that decreases taxes and increases spending
Explanation: got it wrong
The kind of budget that would cause the largest increase in a country's national debt is One that decreases taxes and increases spending. Thus the correct option is C.
What is the budget?A budget refers to making financial planning for the expenses that are going to occur and controlling the spending of an individual. The budget gives an estimate of the expenses.
A tax is a specific sum of money that is taken in by a government from its constituents and afterward used to fund projects like the construction of hospitals, roads, and transit systems, among other things.
A budget that decreases taxes and increases spending helps in lowering unemployment by raising opportunities for employment and increasing the standard of living of people.
Therefore, option C is appropriate.
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Making good decisions is what market research is all about. False True
Answers
Answer:
True
.............................................
As of 2001, Enron was the largest corporate bankruptcy in U. S. history. That means it _____.
lost the largest amount of money
took the most time to settle
affected the most amount of people
involved the largest company
ANSWER:
-lost the largest amount of money
you're welcome and keep up the good "studying" everybody :))
Answers
As of 2001, Enron was the largest corporate bankruptcy in U. S. history. That means it : a. lost the largest amount of money.
What is Enron's bankruptcy?Enron's bankruptcy in 2001 was the largest in U.S. history at the time, with the company's assets totaling $63.4 billion and debts totaling $31.2 billion. The bankruptcy was the result of massive accounting fraud and corporate mismanagement, which led to the company's eventual collapse.
Enron's bankruptcy had far-reaching consequences, including the loss of jobs and retirement savings for many of its employees, and it led to increased scrutiny of corporate accounting practices and the regulation of financial markets.
Therefore the correct option is A.
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Help what’s the answer?
Answers
Because if the market is purely competitive than many producers will be trying to get the consumers to come and buy their goods, by lowering prices and making it seem that their products are better than their competitors.
True or False: The income statement records all the revenues and expenses for a given period and shows whether the firm is making a profit or is experiencing a loss.
Answers
The given statement is true becasue the income statement records all the revenues and expenses for a given period and shows whether the firm is making a profit or is experiencing a loss.
The income statement is a financial statement that summarizes a company's revenues and expenses over a specific period of time, usually a quarter or a year. It shows the company's profitability by subtracting expenses from revenues. If the result is a positive number, the company is making a profit, and if the result is negative, the company is experiencing a loss.
The income statement is a critical financial statement that helps investors, creditors, and management evaluate the company's performance and financial health.
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You should be certain that your cover letter duplicates the exact same information found in your résumé. Please select the best answer from the choices provided
T or F
Answers
Answer:
false
Explanation:
A cover letter is supposed to help you get the interview by reinforcing the things described in your resume.
A cover letter is supposed to help you get the interview by reinforcing the things described in your resume. Thus, the given statement is false.
What is a cover letter?A letter of introduction that is connected to or is included with another document, such as a resume or curriculum vitae, is known as a cover letter, inspiration letter, motivating letter, or letter of motivation. In addition to their curriculum vitae or employment applications, job applicants usually include a cover letter to introduce themselves to potential employers and discuss their suitability for the open positions.
Employers may use well-crafted and unique cover letters as one tool for weeding out candidates who are not sufficiently interested in their openings or lack the essential foundational abilities. In order to apply for an internship, students are frequently required to submit a cover letter. Examples of extracurricular and academic experiences have to be included in these cover letters.
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what is the income flow associated with labour?
Answers
Answer:
Explanation:
Factor income is the flow of income that is derived from the factors of production ,the general inputs required to produce goods and services. Factor income on the use of land is called rent, income generated from labor is called wages, and income generated from capital is called profit.
Which situation is an ethical dilemma?
A. reporting the actions of a supervisor regarding his use of a company car for personal errands
B. launching a new product catering to the elite section of society
C. hiring female employees for top management jobs in the company
D.opening a new plant that offers jobs to the economically weaker sections of society
Answers
Answer:
The answer is A. reporting the actions of a supervisor regarding his use of a company car for personal errands
Explanation:
Trust me, I just took the quiz. This is the correct answer.
you work 20 hours a week at $7.25 hour. how much would i make in a week?
Answers
Answer:
145 dollars a week.
Explanation:
Money you earn for an hour's work = $7.25
Money you will earn per week , if you work for 20 hours each week :-
\(\texttt{= 20 × 7.25}\)
\(\texttt{= 145}\)
Therefore , each week you would earn :-
\( = $ 145\)
Write a three- to five-sentence paragraph that defines economics. Based on your definition, explain why it is difficult to consider economics an exact science. You may want to consider how economists approach economics to help you explain your answer.
Answers
Answer: See explanation
Explanation:
Economics is referred to as a social science that is concerned with how goods are produced, how they're distributed and how they're consumed. Economics is the social science that studies why human beings behave the way that they do.
It is difficult to consider Economics as a science because it lacks a hypotheses that's testable. Also, there is lack of consensus and the scientific method is not followed in Economics.
During the financial crisis congress and president obama authorized tax cuts and increases in government spending. according to the phillips curve, in the short run these policies should have_________.
Answers
According to the Phillips curve, in the short run, these policies should have Raised inflation and reduced unemployment.
The Phillips curve is an economic theory that bears the name of William Phillips, who postulated a link between declining unemployment and higher rates of wage growth in an economy. According to the Phillips curve, unemployment and inflation are inversely related. Lower unemployment is correlated with higher inflation, and vice versa.
The short-run Phillips curve will also change as a result of the anticipated inflation rate. Employers are more willing to offer higher wage rates when they anticipate selling their products for greater prices in the future. Workers bargain for higher salary rates when they anticipate inflation.
The Phillips curve's slope reveals how quickly prices are changing. Imagine that the government wants to bring the inflation rate to zero and that the economy is at NAIRU with a 3% inflation rate.
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if the monopolist can engage in perfect price discrimination, what is the average revenue when 7 ties are sold
Answers
When a monopolist engages in ideal price discrimination, the marginal revenue curve lies beneath the demand curve. the demand curve and the marginal income curve are identical.
What is a flawlessly discriminating monopolist?A discriminating monopoly is a monopoly firm that fees one of a kind costs to one of a kind segments of its customer base. An on-line retailer might also charge greater expenses to customers in wealthy ZIP codes and decrease expenditures to these in poorer regions.
Is a perfectly rate discriminating monopolist efficient?The flawlessly charge discriminating monopolist will be allocatively efficient due to the fact the ultimate unit bought will have a fee equal to marginal cost.
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