As per the information provided, we can compute the question as follows:
By using the formula,
Annual depreciation rate under Units of production = Depreciable amount/expected overall production
It is given that,
Purchase value is $400,000
Residual value is $50,000
Expected production is 700,000 units
Depreciable Amount = $(400,000 - 50,000)
= $350,000
Annual depreciation rate
[tex] = \frac{350,000}{700,000}[/tex]
= $0.50
Hence, the Accumulated depreciation from 2019 to 2021 = (100,000 + 160,000 + 80,000) × $0.50
= $170,000
Now by using the formula,
Book value of asset = Cost price - Accumulated depreciation
= $400,000 - $170,000
= $230,000
Now, further solving by using the formula
Loss on sale of equipment = Book value - Sales price
= $230,000 - $210,000
= $20,000
The journal entry that is to recorded for the sale being:
Cash $210,000 (debit)
Accumulated Depreciation $170,000 (debit)
Loss on sale $20,000 (debit)
Equipment $400,000 (credit)
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Toonit, Inc., a May 31 fiscal year-end S corporation, files an S corporation termination on September 1, 2020. Toonit will no longer be treated as an S corporation on:
Toonit will no longer be treated as an S corporation on June 1, 2021 if no termination date is specified.
The shareholders must approve the termination of a S corporation's status willingly. To revoke S company status, any combination of shareholders holding at least 50% of the outstanding stock must consent.
Once a termination agreement has been struck, the following actions are taken.
The statement shall set forth the number of shares issued and outstanding as of the date of the election to become a S corporation.
The statement will list the shareholders, how they voted on the termination, and how many shares they had at the time of the vote.
The Statement shall be executed by each of the Shareholders identified therein.
The statement is sent to the Internal Revenue Service after being signed.
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which of these are the two axes on which marketing channels can be viewed? (choose every correct answer.)
The two axes on which marketing channels can be viewed are Passive and interactive and Limited and expanded.
What does Marketing Channel means?
Marketing channels are the channels through which companies promote and distribute their products and services to customers. Traditional methods such as direct mail, television, and radio can be used, as well as newer methods such as online advertising, social media, and search engine marketing. Marketing channels connect producers and consumers and are an important part of the marketing process.
What does Advertising Necessary?
Advertising is necessary to help companies build awareness and create a positive image of their brand. It also helps businesses reach more potential customers, increase sales, and grow their business. Advertising can be used to inform customers about products and services, build loyalty, and create an emotional connection with customers.
Therefore the option B. Passive and interactive and option C. Limited and expanded are the correct answer.
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As related to organizational culture, researchers are finding that the higher the level of learning and knowledge acquisition, the greater the level of financial performance, but the lower the level of nonfinancial performance.
True
False
It is untrue that higher levels of education and learning translate into higher levels of financial performance but lower levels of non-financial performance. Hence, the statement is false.
What is financial performance?Financial performance is a gauge of how effectively a company can utilize resources from its main line of business and generate income. The phrase is also used as a broad indicator of a company's long-term financial stability.
Investors can learn information about a company's general health from its financial performance. It provides a quick snapshot of the country's economic situation and managerial performance.
Financial performance is compared by analysts and investors between similar companies in the same industry or between industries or sectors as a whole.
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Rosa is calculating the operating expenses for her income statement. She has a mortgage payment of $3,000; utilities that cost $2,000; interest on her loan that is $1,000; and sales that equal $8,000. How much are Rosa’s operating expenses?
A.
$14,000
B.
$2,000
C.
$6,000
D.
$4,000
Rosa's operating expenses, based on the different expenses that she incurred in her income statement, is C. $6,000
How to find the operating expenses ?An expense a business faces as a result of ongoing operations is referred to as an operating expense.
An income statement keeps track of a company's earnings and outlays over a specific time period to show how profitable it is.
Rosa's operating expenses would then be :
= Mortgage payment + Utilities + Interest on loans
= 3, 000 + 2, 000 + 1, 000
= $ 6, 000
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The primary reason Coca-Cola sponsors musical performances at various venues across the UnitedStates is to create publicity. True/False
The correct answer is true.
Yes, The primary reason Coca-Cola sponsors musical performances at various venues across the US is to create publicity.
What does means of performance?Performance; noun That which is performed; a thing done through; an achievement; a document; an act; a feat; especially, an action of an extensive or public character. performance noun A live show.
What is publicity?
Publicity is usually referred to as the outcome of public relations, in condition of providing compatible information to media and any third party outlets; these may inclusive bloggers, mainstream media, as well as new media natures such as podcasts.
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nike developed the new source selection process to help determine whether to a new factory by evaluating, selecting, and monitoring suppliers according to sustainability criteria.
Through Better Buying, an anonymous rating project that gathers supplier feedback on purchasing methods, Nike gathers feedback from suppliers. Our suppliers were invited to participate through a partnership between Nike and Better Buying, and we utilize the data to assist inform system and process changes according to sustainability criteria.
Nike has water conservation strategies in place throughout their supply chain and employs some eco-friendly materials, such as organic and recycled cotton and polyester. The business also established a 2025 deadline for getting rid of dangerous ingredients, and the good news is that it is on schedule to achieve that goal. The first step toward a formal commitment to sustainability criteria was taken by Nike in 1998 when it adopted its first Corporate Environmental Policy. 3 The dedication of Nike to serving the requirements of athletes worldwide is a defining characteristic of its success. This priority has been accelerated by a number of important factors, including the expanding global demand for sports, acceptance of active lifestyles, and demographic changes.
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a jeans maker is designing a new line of jeans called slams. slams will sell for $330 per unit and cost $260.70 per unit in variable costs to make. fixed costs total $60,500.
$516,880 would be the Contribution margin if a jeans maker is designing a new line of jeans called slams. slams will sell for $330 per unit and cost $260.70 per unit in variable costs to make. fixed costs total $60,500.
Cost volume profit analysis:
Cost volume profit analysis is the analysis is the analysis shows of changes in sales and its cost results in changes in its respective profit.
Any change that results in increased profit is desirable to implement.
Contribution margin is the amount left after reducing sales prices from its variable costs of the product.
Step 2: calculation and explanation
1. Calculation of contribution margin per unit as follows:
Particulars
Amount in $
Selling price per unit
$355
Less: variable cost per unit
($262.70)
Contribution margin per unit
$92.3
2. Computation of contribution margin ratio as follows:
Particulars
Amount in $
Contribution margin per unit a.
$92.3
Selling price per unit b.
$355
Contribution margin ratio
c. = a./b.
0.26
3. Computation of income if 5,600 units were produced and sold as follows:
Particulars
Amount in $
Selling price
[5,600 units * $355 per unit]
$1,988,000
Less: variable cost
[5,600 units * $262.70 per unit]
($1,471,120)
Contribution margin
$516,880
Less: fixed cost
($63,000)
Income
$453,880
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FILL IN THE BLANK as a manufacturer of ready-to-drink iced tea, nestea sells a highly standardized product to consumers all over the united states. you would expect nestea to rely on__________ to promote its product.
Nestea distributes a highly consistent product to customers across the country as a producer of ready-to-drink iced tea. You could anticipate that Nestea would rely on sales and advertising to market its goods.
Provide a standardized example:
Standardization is to establish some consistency or uniformity for specific procedures or activities within the chosen region. The generally accepted accounting principles (GAAP), which must be followed by all businesses listed on U.S. stock markets, serve as an example of standardization..
What justifies product standardization?
The standards make guarantee that the products or services produced in a certain industry are of a consistent quality and equal to those of other companies offering similar goods or services. Additionally, standardization promotes interoperability and safety.
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Tuscan incorporated had a retained earnings balance of $60,000 at December 31 of the prior year. In the current year, Tuscan reported the following results. • Reported net income of $100,000. • Cash dividends of $33,000 declared and paid. • Tuscan discovered this year that it made a math error three years ago to correct for this. $12,000 (net of tax) must be added to the current year's beginning retained earnings balance. • Revised an estimate of a machine's salvage value. Depreciation increased by $1.000 per year. Calculate the retained earnings balance at December 31 of the current year. (Amounts to be deducted should be indicated with a minus sign.)
$139,000 is retained earnings balance at December 31 of the current year.
Calculating the problem:The computation of the retained earnings balance at December 31, 2019 is below:
= Beginning retained earning balance + depreciation charged yearly + net income - cash dividend paid
= $60,000 + $12,000 + $100,000 - $33,000
= $139,000
The depreciation in yearly is
= $1,000 × 12 months
= $12,000
Retained earnings:
Retained earnings is the amount of profit left by a company after paying all direct costs, indirect costs, income taxes, and dividends to shareholders. It represents, for example, a portion of the company's equity that can be used to invest in new equipment, research and development, and marketing.
A company's retained earnings is the company's cumulative net income retained by the company at a particular point in time, such as at the end of the reporting period.
How is retained earnings calculated?Retained Earnings is calculated by adding (or subtracting) net income from the previous period's retained earnings and subtracting net dividends paid to shareholders.
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1.All of the following are likely to be the benefits of a college graduate except:a.Earn less money overtimeb.Better job stabilityc.Greater job satisfactiond.Improved health andwellness
The following are almost certainly the advantages of being a college graduate: enhanced wellbeing and health. Ans. D
What are the advantages of graduating from college?According to the Bureau of Labor Statistics, individuals with higher levels of education "often earn more and have fewer opportunities than individuals with lower levels of education."According to statistics, people with a college degree will earn 84 percent more money overall than those with only a high school education.
What advantage of a higher education is most significant?The chance to impact your community and boost professional stability and satisfaction are just two of the many benefits of attending college. Having a college education can indeed be essential to your future success as more and more professions call for additional education.
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which of the following is correct about the powers of a state board of accountancy? a state board
Purpose and Role of State Boards of Accountancy. State Boards of Accountancy are created in state statute to assist state government in the licensing and regulation of the public accounting profession.
What do you mean by accountancy?
Accounting is the practice of logging, categorizing, and summarising financial transactions for a company. It gives the management input on an organization's financial performance and status. The following lists the major accounting tasks.
Recordation
Issuing customer invoices, paying supplier invoices, documenting client cash receipts, and paying staff are some common important events that are conducted often while recording company transactions. The billing clerk, payables clerk and cashier, and payroll clerk are in charge of these duties, respectively.
There are also some company transactions that are not repeated in nature and must be recorded in the accounting records using journal entries.
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If the line measuring a stock's historic returns against the market's historic returns has a slope greater than 1.0, then the: A) Stock is currently under priced. B) Market risk premium is increasing. C) Stock has a significant amount of unique risk D) Stock has a beta exceeding 1.0.
If the line measuring a stock's historic returns against the market's historic returns has a slope greater than 1.0, then the: Stock has a beta exceeding 1.0. Option D.
What is a stock?All of the shares used to split ownership of a corporation or company constitute stock in the financial world. A single share of stock represents a fractional ownership interest in the company based on the total number of shares.
Stocks signify ownership in a corporation that is publicly traded. You take a stake in a firm when you purchase its shares. If a corporation has 100,000 shares, for instance, and you purchase 1,000 of them, you will own 1% of the business.
Companies issue stock shares to raise capital to fund operational expenses and drive expansion, and investors purchase those stock shares in order to have the chance to make a profit.
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8 . problems and applications q3 the chapter notes that the rise in the u.s. trade deficit during the 1980s was due largely to the rise in the u.s. budget deficit. on the other hand, some in the popular press have claimed that the increased trade deficit resulted from a decline in the quality of u.s. products relative to foreign products.
If there may be a decline within side the excellent of goods, then it's going to bring about decrease or decreased internet exports at any given alternate price.
The required details for exchange rate in given paragraph
This might be proven as a discount within side the call for for US bucks so call for shifts left depreciating the United States greenback. Real alternate price declines within side the economy. Since there may be no trade in internet capital outflow there isn't always trade in internet exports because it usually falls after which rises. The declare is fake due to the fact excellent of merchandise can't be held chargeable for reducing exchange and growing exchange deficit. The 2nd declaration is likewise fake due to the fact a decline in alternate price makes imports high priced so requirements of residing are decrease. An alternate price is the price at which one foreign money might be exchanged for some other foreign money. Currencies are maximum generally country wide currencies, however can be sub-country wide as within side the case of Hong Kong or supra-country wide as within side the case of the euro.
The alternate price is likewise seemed because the fee of 1 country's foreign money with regards to some other foreign money.
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business-to- applies to businesses buying from and selling to each other over the internet. multiple choice question.
Business to Business (B2B) Applies to businesses that buy and sell to each other over the Internet.
Business-to-Business :
A business-to-business transaction is a situation in which one company conducts a commercial transaction with another company. This usually happens when: Firms procure materials for production processes for outputs. It provides other companies with raw materials that produce outputs. A business-to-business (B2B) sale is a transaction between two businesses, not between a business and an individual consumer, for the consumer's personal use. B2B sales are characterized by higher transaction totals, more informed buyers, and longer sales cycles due to multi-stakeholder approval processes.
What is a B2B strategy?B2B marketing is a strategy that focuses on companies selling their goods and services directly to other companies. In some cases, B2B companies act that way because they sell products that other companies only want to buy in bulk.
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there are two primary advantages to buying a franchise over other forms of business ownership. first, the franchisor typically provides training, technical expertise, and other forms of support, and second,
There are two primary advantages to buying a franchise over other forms of business ownership. first, the franchisor typically provides training, technical expertise, and other forms of support, and second, the franchisor typically provides training, technical expertise, and other forms of support.
What is a franchise?The franchise is a method of distributing products or services involving a brand or a franchisor who establishes a trading name and business system for the brand and a franchisee who pays the initial cost of a license fee and often the right to do business. Trade in the name of the franchisor and system.A franchise allows an in the franchise to run a business. You pay a franchise fee and receive a format or system developed by the company (the franchisor), the right to use the franchisor's name for a period of time, and support.According to Franchise Business Review, the median annual pre-tax income for US franchisees is $80,000. Only 7% of franchisees earn more than $250,000 a year and 51% make less than $50,000. Legally, a franchisor cannot provide income figures or predict future income.To learn more about franchise from the given link :
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Ros contracts with Spicy Pizza to deliver its products. After the deal has been partially performed, both parties inform each other that they would like to cancel the contract. Ros and Spicy may rescind
a.
their contract to the extent that it is executory.
b.
their contract to the extent that it has been executed.
c.
their entire contract.
d.
none of their contract
C is the correct answer i.e. their entire contract. The word 'rescission' suggests that revoked or off. There's a considerable distinction between the 'termination of a contract and also the 'rescission of a contract'.
Once a contract is terminated, it ceases to be enforceable from the date of termination. However, once a contract is rescinded, it's as if it ne'er existed.
This can happen if there's a breach of contract, or incidence / absence of a such event aside from the breach. when facts return to note, right to annul should be exercised in real time or during a affordable timeframe. Circumstances of a case can outline the affordable timeframe.
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The following is a list of costs incurred by several manufacturing companies: Classify each of the following costs as product cost or period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a seling expense or an administrative expense: Costs Classification a. Annual picnic for plant employees and their families b. Cost of fabric used by clothing manufacturer c. Cost of plastic for a toy manufacturer d. Cost of sewing machinereedies used by a shirt manufacturer e. Cost of television commercials f. Depreciation of copying machines used by the Marketing Department g. Depreciation of microcomputers used in the factory to coordinate and monitor the production schedules h. Depreciation of office building i. Depreciation of robotic equipment used to assemble a product j. Electricity used to operate factory machinery k. Factory janitorial supplies l. Fees charged by collection agency on past-due customer accounts m. Fees paid to lawn service for office grounds
The following is a list of costs incurred by several manufacturing companies: Product costs are those costs associated with the production of a product cost.
A company is a prison entity shaped by using a group of individuals to interact in and perform an enterprise—business or commercial—organization. An enterprise can be organized in diverse approaches for tax and financial liability purposes relying on the corporate law of its jurisdiction.
There are 3 commonplace kinds of corporations—sole proprietorship, partnership, and organization—and each has its own benefits and downsides. In easy terms, the reason for an enterprise is to have a significant imagination and prescient after which to be worthwhile in accomplishing it. And we should qualify “profitable”: profitability means long-term sustainable returns, and each word in that phrase is vital.
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TRUE/FALSE. solar company budgets production of 10,000 solar panels in july. if each unit requires 8 hours of direct labor at a rate of $32 per hour, then the cost of direct labor equals $2,560,000.
The statement that the cost of direct labor equals $ 2, 560, 000, given the production budget and the direct labor required, is True .
How to find the direct labor cost ?Wages paid to employees directly related to producing goods or rendering customer services are referred to as direct labor costs. The overall direct labor cost exceeds wages paid by a significant amount.
Direct labor will additionally include any payroll taxes related to those salaries, as well as the cost of any other corporate benefits such as medical, life, and workers' compensation insurance that are paid for by the employer.
The direct labor for the solar company in this regard is :
= Number of hours of direct labor per unit x Direct labor cost x Production budget
= 8 x 32 x 10, 000
= $ 2, 560, 000
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an individual who benefits from a good or service without contributing to the cost is referred to as a
Anyone who enjoys good something without putting forth any effort or paying for it is considered a free rider. Free riders, then, are people who make use of things without paying for them.
Anyone who wants others to pay for a public good but intends to use it themselves is considered a free rider; if many people engage in this behavior, the public good may never be provided. Because they attempt to use the public good without paying for it, free riders are a common problem for markets to produce. A marginal benefit is also the extra satisfaction a customer experiences after buying the extra good or service.
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currently, all the salespeople in your company belong to a group called sales. the vp of sales wants two sales groups, a western sales division and an eastern sales division. in this lab, your task is to: rename the sales group to western sales division. create the eastern sales division group. remove aespinoza as a member of the western sales division group. assign aespinoza as a member of the eastern sales division group. when you're finished, view the /etc/group file or use the groups command to verify the changes.
At the prompt, type groupmod -n western sales division sales and press Enter to rename the sales group to the western sales division.
Type group adds eastern sales division and press Enter to create the eastern sales division group.
Type usermod -G eastern sales division Espinoza and press Enter to modify group membership. When you assign Espinoza to the eastern sales division group with the usermod -G option, the user account is removed from the western sales division group.
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Cox Electric makes electronic components and has estimated the following for a new design of one of its products.
Fixed cost = $20,625
Material cost per unit = $0.17
Labor cost per unit = $0.12
Revenue per unit = $0.62
Note that fixed cost is incurred regardless of the amount produced. Per-unit material and labor cost together make up the variable cost per unit. Assuming that Cox Electric sells all that it produces, profit is calculated by subtracting the fixed cost and total variable cost from total revenue.
Construct an appropriate spreadsheet model to find the profit based on a given production level and use the spreadsheet model to answer these questions.
(a)
Construct a one-way data table with production volume as the column input and profit as the output. Breakeven occurs when profit goes from a negative to a positive value; that is, breakeven is when total revenue = the total cost, yielding a profit of zero. Vary production volume from 0 to 100,000 in increments of 10,000. In which interval of production volume does breakeven occur?
to units
(b)
Use Goal Seek to find the exact breakeven point. Assign Set cell: equal to the location of profit, To value: 0, and By changing cell: equal to the location of the production volume in your model.
units
Profit is the sum of a product's total revenue minus its total cost. The difference between the total contribution and the fixed cost can also be used to calculate it.
Contribution is the difference between variable costs and sales revenue.
a) A financial mathematical model
Consequently, the following can be approximated as a model for estimating profit:
(Selling price - unit variable cost) x = Profit
unit: Fixed price
Cost variable = 0.15 + 0.10 = $0.25
Price to Sell = $0.65
b) Selling price minus unit variable cost is 0.65 to 0.25, or 0.4.
Model:
P = 0.4Q - 10,000
where Q = quantity sold, S = selling price, V = variable cost per unit, and P = profit
Be aware that this model implies that the selling price, total fixed costs, and unit variable costs will remain constant throughout the entire activity.
c) The earnings from the selling of the 120,000 units.
Inferring the profit from this model, we may do the following:
Earnings = 0.4Q - 10,000
= Q-120,000
Profit equals (0.4x120,000 - 10,000)
= $38,000
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High-priced products usually depend heavily on which promotion mix ingredient?a) Advertising b) Personal selling c) Public relations d) Sales promotion e) Telemarketing
High-priced products usually depend heavily on Personal selling promotion mix ingredient.
What is promotion mix?
The term "promotional mix" in marketing refers to a combination of promotional factors that marketers have chosen to aid a company in achieving its objectives. It is known to be a part of the marketing mix. Finding the ideal combination of these components is a challenge for marketers because it is thought that there is an ideal way to allocate funds for the various components of the promotional mix in order to obtain the best marketing results.
Personal selling is the process of assisting and convincing one or more prospects to buy a product or service or to take action on any idea through the use of an oral presentation, frequently conducted in person or over the phone.
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a store's design must be consistent with and reinforce the retailer's strategy and meet the needs of
A store's design must be consistent with and reinforce the retailer's strategy by meeting the needs of the target market and building a sustainable competitive advantage.
Give a brief account on competitive advantage.In order to produce goods or services better or more affordably than its competitors, a company must have a competitive advantage. These elements enable the productive entity to produce more sales or higher margins in comparison to its competitors in the market. Cost structure, branding, the caliber of product offerings, the distribution system, intellectual property, and customer service are just a few of the factors that are credited with giving a company a competitive edge.
Due to certain qualities or circumstances, competitive advantages increase value for a company and its shareholders. The harder it is for competitors to offset the advantage, the more sustainable the competitive advantage is. The two primary varieties of competitive advantages are comparative advantage and differential advantage. A company has a comparative advantage when it can produce a good or service faster than its rivals, which boosts profit margins. Any two perfect substitutes offered will be chosen by rational consumers based on price.
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The _____ enables calculation of the maximum amount of money that can be created from a dollar deposited into the banking system.
money multiplier
monetary creator
banking divisor
Fed calculator
Option a is correct. The money multiplier enables calculation of the maximum amount of money that can be created from a dollar deposited into the banking system.
The maximum amount of money that a bank can generate is determined by the money multiplier. The money multiplier measures how much the amount of money will vary if the monetary base changes.
The total amount of reserves held by a bank rises with each dollar deposited into an account. The bank will lend out the extra reserves while keeping some of the necessary reserves on hand. The money supply is increased when such loan is made.
Banks "generate" money in this way to expand the available supply. The money supply grows when a bank makes loans using surplus reserves. Using the money multiplier, we can anticipate the largest change in the money supply.
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42)Groupe Air uses two measures of activity, flights andpassengers, in the cost formulas in its budgets andperformance reports. The cost formula for plane operatingcosts is $48,840 per month plus $2,381 per flight plus $7 perpassenger. The company expected its activity in October to be63 flights and 293 passengers, but the actual activity was 61flights and 298 passengers. The actual cost for plane operating costs in October was $199,070. The activity variance for plane operating costs in October would be closest to:
A)$1,824 F
B)$1,824 U
C)$4,727 U
D)$4,727 F
Question Details
Difficulty : 1 Easy
AICPA : BB Critical Thinking
AICPA : FN Measurement
Accessibility : Keyboard Navigation
Type : Static
Learning Objective : 09-02 Calculate and interpret activity variances.
Learning Objective : 09-05 Prepare a planning budget and a flexiblebudget with more than one cost dr
null : Question Focus: Quantitative
Bloom's : Apply
Accessibility : Screen ReaderCompatible
Gradable : automatic
Topic : Activity Variances
Topic : Planning and Flexible
Budgets with Multiple Cost
Drivers
The activity variance for plane operating costs in October would be closest to $4,727 F .
Option D is correct.
Activity variance :Activity deviation is the difference. Between a revenue or cost item in a variable budget and the same item in a static plan budget. Performance deviation arises only from the difference between the actual service coverage of the flexible budget and the expected service coverage of the planning budget.
Evaluating activity variance :Plane operating costs in planning budget :
= 48840+(2381 × 63)+(7× 293)
$ 200894
Less: Plane operating costs in flexible budget
= 48840+(2381 × 61)+(7× 298)
$196167
Activity variance for Plane operating costs = $200,894 - $196,167
= $4,727.
Activity variance is $4,727 F .
What is the purpose of activity variance?
Differences in activity are important for managerial decision-making. This is the difference between static and flexible budget cost items. This shows the cost difference between planned and flexible budgets.
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A FLAT supply curve indicates
O Elastic supply
O Inelastic supply
O Low income elasticity
O none of these
Answer:
Elastic supply
Explanation:
As quantity demanded increases, price stays the same. This means it is perfectly elastic.
The following information was taken from the bank transfer schedule prepared during the audit of Fox Co.’s financial statements for the year ended December 31, 2013. Assume all checks are dated and issued on December 30, 2013. a. Which of the checks might indicate kiting?b. Which of the checks illustrates deposits/transfers in transit on December 31, 2013?
correct answer is- Interbank switch time table indicates details that pertain to each and every transfer made to and from the banks the place a organisation operates accounts.
It additionally suggests transfers that take area between the banks where businesses operate accounts.
Why do bank transfers take three days?The online banking industry has a “three-day appropriate dollars model” policy; the place transfers will commonly take between two and four days. The banks prefer to be certain the money is actually there and accessible earlier than it lets the receiver use the cash – this is why they don't make the dollars accessible immediately.
A scheduled switch is a way of automatically moving money from your checking account to some other checking or savings account every pay period.
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a. Cost of asset
b. Property recovery class
c. Half-year convention
d. Salvage value
Under MACRS, Salvage value is not considered in determining depreciation for tax purposes.
Tax is a compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions.
Under MACRS, determining the depreciation for tax purposes is considered with Cost of asset, Property recovery class, Half-year convention. However, Salvage value is not considered in determining depreciation for tax purposes.
Therefore, the correct option is (D).
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Which of the following is one of the stages of capital formation?
The proper response, according to the statement, is D, which corresponds to all of these stages of capital development.
In a corporation, what exactly is capital?A company's capital is the funds it has on hand to cover both its ongoing expenses and potential future expansion. Cash management, debt, equity, and trade capital are the four main categories of capital. Stock brokers and other financial entities employ trading capital.
Does "capital" imply money?The term "capital" in corporate and commercial finance refers to everything that a company or business owner may employ to create greater value. Currency and other assets, including investments, real estate, financial securities, and copyrights, are sometimes referred to as capital.
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The complete question is-
Which of the following is/are the stages of capital formation?
A). Creation of savings
B). Effective mobilization of savings
C). Investment in savings
D). All of these
Sunland Company sells office equipment on July 31, 2017, for $23,830 cash. The office equipment originally cost $79,860 and as of January 1, 2017, had accumulated depreciation of $39,690. Depreciation for the first 7 months of 2017 is $4,090. Prepare the journal entries to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment.
When Sunland Company has the financial transaction as explained in the events given above, the journal entries will affect the depreciation expense accounts and sale of assets account.
The journal entries for the provided financial transactions will be done as below,
Date Particulars Debit Credit
July 31 Cash Ac. Dr. $23,830
To, Sale of Equipment Ac. $23,830
July 31 Accumulated Depreciation Ac. Dr. $43,780
Cash Ac Dr. $23,830
Loss on sale Ac. Dr. $12,250
To, Equipment Ac. $79,860
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