Business, 25.11.2019 08:31 bmartinez26

Onslow co. purchased a used machine for $178,000 cash on january 2. on january 3, onslow paid $2,840 to wire electricity to the machine and an additional $1,160 to secure it in place. the machine will be used for six years and have a $14,000 salvage value. straight-line depreciation is used. on december 31, at the end of its fifth year in operations, it is disposed of.

prepare journal entries to record the machine’s disposal under each separate situation: (a) it is sold for $15,000 cash; (b) it is sold for $50,000 cash; and (c) it is destroyed in a fire and the insurance company pays $30,000 cash to settle the loss claim.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 12:50

Explain whether each of the following events increases or decreases the money supply. a. the fed buys bonds in open-market operations. b. the fed reduces the reserve requirement. c. the fed increases the interest rate it pays on reserves. d. citibank repays a loan it had previously taken from the fed. e. after a rash of pickpocketing, people decide to hold less currency. f. fearful of bank runs, bankers decide to hold more excess reserves. g. the fomc increases its target for the federal funds rate.

Answers: 3

Answer

Business, 22.06.2019 19:50

What is the present value of the following cash flow stream at a rate of 12.0%? years: 0 1 2 3 4| | | | |cfs: $0 $1,500 $3,000 $4,500 $6,000a. $9,699b. $10,210c. $10,747d. $11,284e. $11,849

Answers: 3

Answer

Business, 23.06.2019 00:30

Three years ago, the city of recker committed to build a park and music venue by the river. it was expected to cost $2.5 million and be paid for from an additional meals tax in the community. the residents pushed back. local restaurants suffered as people ate out less or patronized restaurants in neighboring communities. the project has stalled, but the town council kept pushing it on. this spring, a flood devastated the venue. the town council appears to have suffered from bias

Answers: 3

Answer

Business, 23.06.2019 08:30

The hypothetical country of eurica is experiencing severe competition to its domestic auto industry in the form of foreign imports. many jobs are threatened. eurica places a 25 percent tariff on the price of imported cars. this type of tariff is known as a(n) tariff.

Answers: 1

Answer

You know the right answer?

Onslow co. purchased a used machine for $178,000 cash on january 2. on january 3, onslow paid $2,840...

Questions