QS 9-15 Disposal of PPE LO6 Huang Furniture Company showed the following adjusted account balances on September 30, 2017: $ 56,000 39,000 109,000 96.000 48,000 33.000 26,000 21.000 Equipment Accumulated depreciation, equipment. Machinery Accumulated depreciation, machinery. Delivery truck. Accumulated depreciation, delivery truck. Furniture Accumulated depreciation, furniture Click here for a description of List: QS 9-15. Prepare the entries to record the following on October 1, 2017. a. Equipment was sold for cash of $17,000. b. Machinery was sold for cash of $27,000. c. d. Delivery truck was sold for cash of $11,000. Furniture was given to a charity.
Answers
To record the disposal of PPE (Property, Plant, and Equipment) for Huang Furniture Company on October 1, 2017, we need to prepare the necessary journal entries for each transaction.
a. Equipment was sold for cash of $17,000.
Debit: Cash $17,000
Debit: Accumulated depreciation, equipment $39,000
Credit: Equipment $56,000
Credit: Gain on disposal of equipment $2,000
Explanation: The cash received is debited for the amount of $17,000, the accumulated depreciation on equipment is debited to remove the accumulated depreciation, the equipment account is credited to remove the cost of the equipment from the books, and the gain on disposal of equipment is credited for the difference between the cash received and the net book value of the equipment ($56,000 - $39,000 = $17,000).
b. Machinery was sold for cash of $27,000.
Debit: Cash $27,000
Debit: Accumulated depreciation, machinery $109,000
Credit: Machinery $96,000
Credit: Gain on disposal of machinery $20,000
Explanation: The cash received is debited for the amount of $27,000, the accumulated depreciation on machinery is debited to remove the accumulated depreciation, the machinery account is credited to remove the cost of the machinery from the books, and the gain on disposal of machinery is credited for the difference between the cash received and the net book value of the machinery ($96,000 - $109,000 = $20,000).
c. Delivery truck was sold for cash of $11,000.
Debit: Cash $11,000
Debit: Accumulated depreciation, delivery truck $48,000
Credit: Delivery truck $33,000
Credit: Gain on disposal of delivery truck $4,000
Explanation: The cash received is debited for the amount of $11,000, the accumulated depreciation on the delivery truck is debited to remove the accumulated depreciation, the delivery truck account is credited to remove the cost of the delivery truck from the books, and the gain on disposal of the delivery truck is credited for the difference between the cash received and the net book value of the delivery truck ($33,000 - $48,000 = $4,000).
d. Furniture was given to a charity.
Debit: Accumulated depreciation, furniture $26,000
Credit: Furniture $26,000
Explanation: The accumulated depreciation on furniture is debited to remove the accumulated depreciation, and the furniture account is credited to remove the cost of the furniture from the books since it was given to a charity and no cash was received.
These journal entries record the disposal of PPE for Huang Furniture Company on October 1, 2017, based on the given information.
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Related Questions
ponderosa, inc., produces wiring harness assemblies used in the production of semi-trailer trucks. the wiring harness assemblies are sold to various truck manufacturers around the world. projected sales in units for the coming five months are given below.
Answers
Wire harness is a very important component in two-wheeled and four-wheeled vehicles which functions to carry electric currents and signals in motorized vehicles.
Explanation of wire harnessesWiring harness is a collection of cable circuits that function to carry electric current and signals in automotive vehicles. Wiring harness allows the transmission of control signals and electrical power to the electronic & electrical components in the vehicle to ensure that these various devices can carry out their functions. Wires are held together with straps, cable ties, sleeves, electrical tape, or a combination of these.
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The United States has raised the taxes on tomatoes imported from Mexico. These taxes are an example of a(n) Group of answer choices subsidy referendum antidumping policy. local content requirement. tariff.
Answers
The taxes by the United States are an example of tariff.
Where does the US get tomatoes?
The country of Mexico is known to be the leading exporter of fresh tomatoes to the United States.
A tariff is known to be the tax imposed by a country on the goods and services that is been imported from another country.
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Which statement most accurately describes a conflict of commitment? It involves a monetary gain by one party over another party. It occurs when outside activities interfere with one’s responsibilities to an employer. It occurs when an institution does not follow the financial rules from a funding source. It can only occur between an institution and an outside organization.
Answers
Answer:
It occurs when outside activities interfere with one's responsibilities to an employer
Explanation:
Conflict of commitment occurs when the commitment of an employer to a defined terms of employment is shared with other engagements, either personal or with other parties which could lead to a decline in efficiency due to loss of maximum concentration.
This may not necessarily involve monetary gain but has a whole lot of ways through which it can affect productivity as concentration is shared.
It is always good to define activities that constitute conflict of commitment right from the time of forming an employment contract so that an employee can be guided with it.
Someone please help me, I’ll give you brainliest
Which examples demonstrate workplaces and employers common to Business Analysis workers? Check all that apply.
A.Jade is the leader of her company and often travels to conventions all over the world, so she is not often in her main office.
B.Margot works in various offices for short-term contracts to analyze companies’ budgets and advise them on how to save money.
C.Omar is self-employed and works from home using mathematical models to analyze and solve companies’ financial problems.
D.Grant sits at the front desk of a company to greet and welcome visitors.
Answers
Answer:
B.) Margot works in various offices for short-term contracts to analyze companies’ budgets and advise them on how to save money.
C.) Omar is self-employed and works from home using mathematical models to analyze and solve companies’ financial problems.
Explanation:
Business Analysis workers normally work in office environments. They sit at desks, attend meetings, and use computers. They often sit for many hours in a row.
Self-employed workers may travel to different offices depending on the company they are providing services for at the time.
We are required to mention which examples demonstrate workplaces and employers common to Business Analysis workers.
The examples which demonstrate workplaces and employers common to Business Analysis workers are:
Margot works in various offices for short-term contracts to analyze companies’ budgets and advise them on how to save money.Omar is self-employed and works from home using mathematical models to analyze and solve companies’ financial problems.Business analysis is the research or study about the problem facing a business and and finding a solution to the problem.
Business analysis workers are individuals who engage in business analysis. That is, they analyse information about a company regarding a particular problem and find a solution to the problem.Read more:
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Define business office and explain its types with main features
Answers
Answer: Business is an economic activity that involves the exchange, purchase, sale or production of goods and services with a motive to earn profits and satisfy the needs of customers. Businesses can be both profit or non-profit organizations that function to gain profits or achieve a social cause respectively.
Hope this helps....... Stay safe and have a Merry Christmas!!!!!!!! :D
Explanation:
when you are reading and come to an unknown word what should you do first? a.look for clues in the text b. skip it and keep reading c.look it up in a dictnoiry d.ask the teacher what it means. make sure to have an explanation
Answers
Answer:
I sound it out
Explanation:
and the word is conjunction
What is social enterprise?
Answers
Answer:
Think of it this way—a social enterprise exists to achieve a social mission—such as providing healthcare or safe drinking water for the poor, introducing renewable energy, creating jobs for the unemployed or advancing education initiatives.Explanation:
Reconciling the bank statement monthly is an example of.
Answers
Answer:
Establishment of responsibility.
The rise of capitalism brought with it dramatic increases in all of the following EXCEPT: Total population Real wages The size of households Productivity
Answers
The rise of capitalism brought dramatic increases in total population, real wages, and productivity. However, it did not necessarily lead to increases in the size of households.
In fact, with the spread of industrialization and urbanization, there was a trend towards smaller household sizes as individuals and families moved away from agricultural settings and into urban areas for work. The growth of capitalism often coincided with changes in family structure and the emergence of nuclear families or smaller household units.
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Which statements best explains how globalization offers an advantage to businesses
Answers
Answer:
Hello here's the answer!
Explanation:
A
C
D
E
your welcome! Brainliest if you liked the answer!
what is the ftc recommendation regarding choice as it relates to personally identifiable information (pii)? group of answer choices require robust notice only before pii is collected. require firms to allow consumers to opt-out before pii is collected. make collection of pii illegal. require firms to have consumers affirmatively opt-in before pii is collected.
Answers
The FTC's recommendation regarding consumer choice in relation to personally identifiable information is to make it mandatory for businesses to obtain customers' affirmative consent before collecting (pii).
How are personally identifiable (PII) data protected?Store delicate personal data safely when not in use in a closed desk drawer, filing cabinet, or other secure container. When using sensitive PII, make sure to keep it in a secure location that is only accessible to those with a need to know. At all costs, sensitive PII must never be faxed.
Personal identity numbers include things like Social Security Numbers (SSN), Passport Numbers, Driver's License Numbers, Taxpayer Identity Numbers, Patient Identification Numbers, Financial Account Numbers, or Credit Card Numbers. For a personal address, provide a street address or email address. personal interaction
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What is an increase in competition likely to do to the demand?
A. Increase the demand
B. Decrease the demand
C. Make the demand less elastic
D. Make the demand more elastic
Please select the best answer from the choices provided
А
B
D
Answers
Answer:
D. Make the demand more elastic.
I hope this helps. <3
Answer:
D
Explanation:
What type of pricing strategy involves consumers making a judgment about a product and its
quality based on its price compared with a similar product?
O reference pricing strategy
Oprice lining strategy
O fair price strategy
O odd pricing strategy
Answers
Answer: reference pricing strategy
Explanation:
which of the following BEST characterizes the first meeting to present the business plan to investors:
a) The presentation should be informal, unrehearsed and avoid using power point slides so it does not appear 'canned'.
b) The presentation should focus on the technology that will go into a new product or service because investors want assurance that the venture is based on sound technology.
Answers
Answer:
B
Explanation:
The presentation should focus on the technology that will go into a new product or service because investors want assurance that the venture is based on sound technology.
Under U.S. GAAP, liabilities payable within one year can be excluded from current liabilities only if:
Answers
In accordance with U.S. GAAP, commitments that are due within a year can only be excluded from current liabilities if the business has the capacity to refinance them over the long term and has the intention to do so. The right answer is C.
Current liabilities must always be used to describe obligations that mature within a year. They must be transformed into long-term liabilities if a corporation intends to recognise them as obligations that last longer than a year. They would need to refinance the payable on a long-term basis in order to accomplish so. If they are able to refinance as well as intend to, they will be able to convert their payables to long term. This implies that they won't be able to convert this to a long-term payment if they are unable to secure the necessary cash.
Under U.S. GAAP, liabilities payable within one year can be excluded from current liabilities only if: A) The business intends to refinance the obligations on a long-term basis. B) The business has the demonstrated ability to refinance the obligations on a long-term basis. C) Both a and b. D) Liabilities payable within one year always must be classified as current liabilities.
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Karl opens a savings account with $2500. He deposits $1500 every year into the account that has a 0.75% interest rate, compounded monthly. If he doesn't withdraw any money, what will the account balance be in 10 years?
Answers
Answer:
Total FV= $29,335.25
Explanation:
First, we need to calculate the future value of the initial investment ($2,500) using the following formula:
FV= PV*(1 + i)^n
PV= $2,500
i= 0.0075
n=10*12= 120 months
FV= 2,500*(1.0075^120)
FV= $6,128.39
Now, the future value of the $1,500 annual deposit:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
We need to determine the effective annual rate:
Effective annual rate= (1.0075^12) - 1= 0.0938
FV= {1,500*[(1.0938^10) - 1]} / 0.0938
FV= $23,206.86
Total FV= $29,335.25
Dr. Lillian Fok, a New Orleans psychologist, specializes in treating patients who are agoraphobic (i.e., afraid to leave their homes). The following table indicates how many patients Dr. Fok has seen each year for the past 10 years. It also indicates what the robbery rate was in New Orleans during the same year:Year 1 2 3 4 5 6 7 8 9 10# of Patients 36 32 39 41 41 56 60 55 57 62Robbery Rate per 57.8 60.6 73.0 75.2 81.1 88.6 101.1 94.2 102.2 116.21,000 populationThe simple linear regression equation that shows the best relationship between the nnumber of patients and year is (round your responses to three decimal places):y = BLANK + BLANK x(y as in y hat = dependent varaible and x = independent variable)
Answers
The 82.6% of the variability in the number of patients seen by Dr. Fok can be explained by the year.
The simple linear regression equation that shows the best relationship between the number of patients and year is y = 30.316 + 4.356x. The dependent variable is y, which represents the number of patients seen each year by Dr. Fok, while the independent variable is x, which represents the year.Dr. Lillian Fok specializes in treating patients who suffer from agoraphobia or fear of leaving their homes. The table below shows the number of patients that Dr. Fok has seen in the past ten years and the robbery rate in New Orleans during the same year.Year 1 2 3 4 5 6 7 8 9 10Number of Patients 36 32 39 41 41 56 60 55 57 62Robbery Rate 57.8 60.6 73.0 75.2 81.1 88.6 101.1 94.2 102.2 116.2The regression equation, which shows the relationship between the year and the number of patients is y = 30.316 + 4.356x. The slope of the regression equation is 4.356. It tells us that for each year increase, Dr. Fok is seeing approximately 4.356 more patients. The y-intercept of the regression equation is 30.316. It tells us that if the year is zero, Dr. Fok will see 30.316 patients. The R-squared value, which measures how closely the regression equation fits the data, is 0.826. This means that 82.6% of the variability in the number of patients seen by Dr. Fok can be explained by the year.For more questions on variability
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What benefits many and is not consumed when used?
O Private Goods
O Free Goods
O Regular Goods
O Public Goods
Answers
Answer:
Public Goods
Explanation:
Public goods refer to commodities and services available for use by all members of a community. They are provided by the government through taxes. Because the government funds public goods, they benefit everyone in society at no extra costs.
Examples of public goods include public roads, street lighting, police service, national defense, and public bridges.
Public goods are both non-rivalry and non-excludability. They don't get exhausted when consumed, nor is it possible to exclude others from consuming them.
In the context of group cohesion, which of the following occurs when illegal actions are taken by overly zealous and loyal subordinates who believe that what they are doing will please their leaders?
A) social loafing
B) ollieism
C) role conflict
D) overbounding
Answers
In the context of maintaining group cohesion, ollieism happens when extremely enthusiastic and obedient followers behave illegally because they think it will make their superiors happy. So answer is ollieism .
Group cohesion: What is it?The degree to which group members are drawn to the group and its objectives is known as group cohesiveness. Feelings of interpersonal compatibility, task dedication, and collective pride can all contribute to cohesion. It should come as no surprise that these qualities have been linked to improved team and group performance. Since team members are motivated to accomplish the team's objectives and feel at ease with one another, cohesion ought help foster innovation.
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help
You read a script about a poor young woman living in London in the 1980s who becomes a famous dancer. Which of the following authors would be most likely to have written this script?
An 80-year-old man who was an engineer in Chicago.
A 50-year-old woman who grew up in a poor part of London.
A 19-year-old man who writes music reviews for an online magazine.
A 25-year-old woman who works as a server in Las Vegas.
Answers
Answer:
a 50 year d for sure
Explanation:
I would say B
If the trial balance has total debits equal to total credits, then:_________
Answers
The trial amount is deemed to be balanced if the total debits and total credit balance out.
What is credit with example?Because the user agrees to give the bank back eventually when making a purchase with a Visa card, the card is regarded as a form of credit. Credit may be granted in monetary or other forms. A distinct kind of credit, deferred payment, may be exchanged for products and services.
How do you use the word credit?She is now at last receiving the recognition she merits. He gave his folks some of the credit. You must credit her for her work she is an expert in her field. Verb Your $38.50 money has already been added to your bank account.
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according to the article, which of the following statements must be true regarding profit maximization in the short run? check all that apply.
Answers
The right response is A and C.
(A) If selling a positive number of tickets is lucrative for the airline, the amount where marginal revenue equals marginal cost maximizes profit,
(C) If total revenue exceeds total variable cost, the airline should sell a positive number of tickets.
What is Profit maximization?Profit maximization in economics refers to the short- or long-term process through which a corporation chooses the price, input, and production levels that result in the largest profit. The company is typically modeled as maximizing profit in neoclassical economics, which is now the dominant approach to microeconomics.
Profit maximization is a desirable goal in business, but it may be detrimental to the customer if, for instance, lower-quality labor and materials are employed or if the company decides to charge more to complete tasks.
The complete question -Profit maximization in economics refers to the short- or long-term process through which a corporation chooses the price, input, and production levels that result in the largest profit. The company is typically modeled as maximizing profit in neoclassical economics, which is now the dominant approach to microeconomics.
Profit maximization is a desirable goal in business, but it may be detrimental to the customer if, for instance, lower-quality labor and materials are employed or if the company decides to charge more to complete tasks.
"According to the article, which of the following statements must be true regarding profit maximization in the short run? Check all that apply.
A. If it is profitable for an airline to sell a positive quantity of tickets, the quantity where marginal revenue equals marginal cost is profit maximizing.
B. If fixed costs are large enough, the airline should cancel its flight.
C. If total revenue is greater than total variable costs, the airline should sell a positive quantity of tickets."
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Please I need help!!
Answers
Answer:
A
Explanation:
I need a good answer to this by Friday. Research various sources or Web sites that can help an entrepreneur with writing a business plan.
Now create a "Top 10" list of these sources in a table. The first one has been done for you.
Discuss what your first choice of sources to use as an entrepreneur would be and explain why.
Answers
The Web sites that can help an entrepreneur in writing a good business plan are:
The Economist.Forbes.com/entrepreneur.Under 30 CEO, etc.What is a business plan?A business plan is known to be a kind of written document that tells onw what they need to know about how a business can be run and also startup.
Concussively, Note that a business plan is regarded as the roadmap for any company in terms of marketing, financial standpoints, etc. The Economist will help the entrepreneur to know more about starting a business and what the market looks like.
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You are US company, 500,000 BP (British Pound) payable to UK in one year. Answer in terms of US$. Information for Forward Contract: Forward exchange rate (one yr): 1.54 $/BP Information for Money Market Instruments (MMI): Current exchange rate: 1.50 $/BP Investment return at Aerion Fund Management (in UK): 4% annual Interest rate of borrowing from Bank of America (in USA): 2% annual Information you need for Currency Options Contract: Options premium: 0.015 $/BP Interest rate of borrowing from Bank of America (USA): 2% annual Allowed to exercise options at 1.54 $/BP If the break-even exchange rate for the Currency Options Contract is 1.46 $/BP, and you believe the exchange rate at the time of the payment would be 1.53 $/BP, should you sign the contract?
Answers
Answer:
why just 5 points? :( but thanks for the 5points atleast
Explanation:
Alejandro recently established a maintenance company as a sole proprietorship. He was hired to repair the air conditioner on a residential property, but he accidentally caused damage to the air conditioning unit valued at over $6,000. Alejandro has only had the business for a week and has paid about $200 for tools. Which of the following is true?
1. Alejandro is liable for all of the damages since the owner of a sole proprietorship does not have limited liability.
2. Alejandro is liable for $200 since the owner of a sole proprietorship does not have limited liability.
3. Alejandro is liable for $200 since the owner of a sole proprietorship has limited liability.
4. Alejandro is liable for all of the damages since the owner of a sole proprietorship has limited liability.
Answers
Answer:
1. Alejandro is liable for all of the damages since the owner of a sole proprietorship does not have limited liability.
Alejandro is liable for all of the damages since the owner of a sole proprietorship does not have limited liability.
What is sole proprietorship?Sole proprietorship is a type of business entity owed by a single person. This means the the owner bears the profit and losses all alone.
With regards to the above, Alejandro will bear the losses because he was registered as a sole proprietorship; meaning that he must pay for any loss incur doing the course of carrying out his duties.
Hence, Alejandro is liable for all of the damages since the owner of a sole proprietorship does not have limited liability.
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How do you awnser a question
Answers
Answer:
like this ; )
Explanation:
im just talented
Answer:
click add awnser under the question, it might not be there because someone already answered it.
Explanation:
help asap will mark brainlieast
Answers
Answer:
a
b
b
a
Explanation:
An analysis of sites for a distribution center has led to two possible sites (L1 and L2 on the map). The sites are comparable on every key factor. The one remaining factor is the center of gravity. Use the center of gravity method to select the better site. Monthly shipments will be the quantities listed in the table. Referencing the graph below, all destination locations occur at whole number x and y coordinates. (Round your answers to 2 decimal places.) L1 D1 Destination Quantity 345 859 775 365 368 Use the center of gravity method to select the better site. Center of Gravity Better site Click to select)
Answers
The center of gravity (COG) technique is an analytical technique that aids in locating a point within a defined geographical region that represents the mean center, or center of gravity, of that region. The COG method is commonly used in site location decision-making because it takes into account transportation costs to determine the best location.
The COG is computed for each potential site location, and the one with the lowest total cost is chosen. The main goal of using the COG method is to minimize transportation costs. This is determined by calculating the location of the COG in relation to the shipment locations and their distances.
The COG is determined by using the formula: COG = ∑ XiMi / ∑ Mi.
Where Xi is the x-coordinate of the i-th destination, Mi is the total amount of goods shipped to the i-th destination, and the summation is over all the destinations. The same equation applies to the y-coordinate, where Yi is the y-coordinate of the i-th destination. For the two possible sites, the COG was calculated using the formula above.
For L1, the COG was (33.18, 19.35), while for L2, the COG was (33.19, 19.19). L2 has a lower total cost and, therefore, is the better site.
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Henry wrote 24 checks in April. The bank charges $0.15 a check.
The monthly service charge for the checking account is $5. What
is the total of the fees Henry pays in April on his checking
account?
Answers
Answer: $8.60
Explanation:
Since Henry wrote 24 checks in April and the bank charges $0.15 a check, the amount paid on the check will be:
= 24 × $0.15
= $3.60
Furthermore, since the monthly service charge for the checking account is $5, the total of the fees Henry pays in April on his checking account will be:
= $5 + $3.60
= $8.60
Therefore, the total amount that Henry will pay will be $8.60.