Presented below are selected transactions for Werley Company for 2021. Jan. 1 Received $9,000 scrap value on retirement of machinery that was purchased on January 1, 2011. The machine cost $90,000 on that date, and had a useful life of 10 years with no salvage value. April 30 Sold equipment for $34,000 that was purchased on January 1, 2018. The equipment cost $90,000, and had a useful life of 5 years with no salvage value. Dec. 31 Discarded a business truck that was purchased on April 1, 2017. The truck cost $27,000 and was depreciated on a 5-year useful life with a salvage value of $2,000. Journalize all entries required as a result of the above transactions. Werley Company uses the straight-line method of depreciation and has recorded depreciation through December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date Jan. 1 enter an account title to record depreciation expense enter a debit amount enter a credit amount enter an account title to record depreciation expense enter a debit amount enter a credit amount enter an account title to record depreciation expense enter a debit amount enter a credit amount enter an account title to record depreciation expense enter a debit amount enter a credit amount choose a transaction date April 30 enter an account title to record depreciation expense enter a debit amount enter a credit amount enter an account title to record depreciation expense enter a debit amount enter a credit amount (To record depreciation expense) choose a transaction date April 30 enter an account title to record sale of equipment Cash enter a debit amount 34000 enter a credit amount enter an account title to record sale of equipment Accumulated Depreciation-Equipment enter a debit amount
Based on the information given the appropriate journal entry to record the transactions are:
Werley Company Journal entries
1. Jan 2020
Debit Cash $ 9,000
Credit Accumulated depreciation - machinery $90,000
($90,000/10×10)
Credit Machinery $ 90,000
Credit Gain on retirement of assets $9,000
($9,000+$90,000-$90,000)
2. Apr-30
Debit Depreciation expense $6,000
($90,000/5×4/12)
Credit accumulated depreciation-Equipment $6,000
Debit Cash $34,000
Debit Accumulated depreciation $60,000
($90,000/5)×3 1/3) [(2018-2021)+(Jan 2021 to April 2021)]
Credit Equipment $90,000
Credit Gain on disposal of plant assets $4,000
[$34,000-($90,000-$60,000)]
3. Dec-30
Debit Depreciation expense $5,000
[($27,000-$2,000)/5]
Credit accumulated depreciation-Equipment $5,000
Debit Accumulated depreciation- Equipment $23,750
($5,000×4 3/4) [(2017-2021)+(April 2021 to Dec 2021)]
Debit Loss on disposal $3,250
($27,000-$23,750)
Credit Equipment $27,000
Learn more about journal entries here:https://brainly.com/question/24696035
Discuss how brainstorming can be used in developing new enterprise ideas.
Answer:
brainstorming is just about makeing imaginations inside of your mind
We may request personal information when you register to receive additional information ________ our products and services.
A. regards
B. regarded
C. regarding
D. regarding to
Answer:
D) Regarding to
duffy company has a fiscal year ending on september 30, 2020. the adjusted trial balance at the end of the year is as follows: duffy company trial balance (adjusted) 30-sep-20 debit $37,400 $4,200 $6,200 11,000 3,900 70,000 120,000 80,000 18,600 123,500 7,800 18,000 14,400 12,000 21,900 548,900 credit cash inventory supplies accounts receivable prepaid insurance land equipment patent accumulated depreciation – equipment accounts payable mortgage payable (due 2024) interest payable salaries and wages payable unearned rent revenue dividends capital retained earnings, oct 1, 2019 sales revenue rent revenue cost of goods sold depreciation expense insurance expense supplies expense interest expense salaries and wages expense required: a) prepare a classified statement of financial position. b) journalize the closing entries c) prepare a post-closing trial balance $42,000 19,600 79,000 6,000 4,100 4,800 109,700 28,800 240,500 14,400 548,900 (10 marks) (5 marks) (5 mark
The preparation of a classified statement of financial position (balance sheet), closing entries, and post-closing trial balance is as follows:
a. Statement of Financial Position (Balance Sheet)
As of September 30, 2020
Assets:
Current Assets:
Cash $37,400
Inventory 4,200
Supplies 6,200
Accounts Receivable 11,000
Prepaid Insurance 3,900 $62,700
Long-term Assets:
Land 70,000
Equipment 120,000
Accumulated Depreciation (18,600)
Patent 80,000
Other assets 13,800 $265,200
Total assets $327,900
Liabilities and Equity:
Current Liabilities:
Accounts payable 42,000
Interest payable 19,600
Salaries and wages payable 6,000
Unearned rent revenue 4,100 $71,700
Long-term Liabilities:
Mortgage payable (due 2024) 79,000
Total liabilities $150,700
Equity:
Capital 109,700
Retained earnings 67,500 $177,200
Total liabilities and equity $327,900
b) Closing Journal Entries:
Debit Sales revenue $240,500
Credit Statement of Financial Performance $240,500
Debit Statement of Financial Performance $123,500
Credit Cost of goods sold $123,500
Debit Rent revenue $14,400
Credit Statement of Financial Performance $14,400
Debit Expenses:
Depreciation Expense $7,800
Insurance Expense $18,000
Supplies Expense $14,400
Interest Expense $12,000
Salaries and Wages Expense $21,900
Credit Statement of Financial Performance $74,100
Debit Credit Statement of Financial Performance $57,300
Credit Retained Earnings $57,300
c) Post-Closing Trial Balance
Account Titles Debit Credit
Cash $37,400
Inventory 4,200
Supplies 6,200
Accounts Receivable 11,000
Prepaid Insurance 3,900
Long-term Assets:
Land 70,000
Equipment 120,000
Accumulated Depreciation $18,600
Patent 80,000
Other assets 13,800
Accounts payable 42,000
Interest payable 19,600
Salaries and wages payable 6,000
Unearned rent revenue 4,100
Mortgage payable (due 2024) 79,000
Capital 109,700
Retained earnings 67,500
Totals $327,900 $327,900
Data and Calculations:
Trial Balance
Cash $37,400
Inventory 4,200
Supplies 6,200
Accounts Receivable 11,000
Prepaid Insurance 3,900
Land 70,000
Equipment 120,000
Patent 80,000
Other assets 13,800
Accumulated Depreciation- Equipment $18,600
Cost of goods sold 123,500
Depreciation Expense 7,800
Insurance Expense 18,000
Supplies Expense 14,400
Interest Expense 12,000
Salaries and Wages Expense 21,900
Accounts payable 42,000
Mortgage payable (due 2024) 79,000
Interest payable 19,600
Salaries and wages payable 6,000
Unearned rent revenue 4,100
Dividends 4,800
Capital 109,700
Retained earnings, Oct. 1, 2019 15,000
Sales revenue 240,500
Rent revenue 14,400
Totals $548,900 $548,900
Statement of Financial Performance (Income Statement)
For the year ended September 30, 2020
Sales revenue $240,500
Cost of goods sold 123,500
Gross profit $117,000
Rent revenue 14,400
Total income $131,400
Expenses:
Depreciation Expense 7,800
Insurance Expense 18,000
Supplies Expense 14,400
Interest Expense 12,000
Salaries and Wages Expense 21,900
Total Expenses $74,100
Net Income $57,300
Statement of Retained Earnings:
Retained earnings, Oct. 1, 2019 $15,000
Net income 57,300
Dividends (4,800)
Retained earnings, Sept. 30, $67,500
Learn more: https://brainly.com/question/13408214
An asset was acquired on October 1, 2021, for $78,000 with an estimated five-year life and $13,000 residual value. The company uses units-of-production depreciation and expects the asset to produce 20,000 units. Calculate the gain or loss if the asset was sold on March 31, 2024, for $58,000. Actual production was: 2021 = 500 units; 2022 = 3,000 units; 2023 = 3,500 units; 2024 = 1,000 units.
Based on the information given the gain or loss if the asset was sold on March 31, 2024 is $6,000 gain.
Depreciation per units= (Original cost - Residual value) ÷ (Estimated production units)
Depreciation per units= ($78,000 - $13,000) ÷ 20,000 units
Depreciation per units= $65,000 ÷ 20,000 units
Depreciation per units= $3.25 per units
Accumulated depreciation=(500 units × $3.25)+( 3,000 units × $3.25)+(3,500 units × $3.25)+( 1,000 units × $3.25)
Accumulated depreciation= $1,625 + $9,750 + $11,375 + $3,250
Accumulated depreciation= $26,000
Book value= Acquired value of an asset - Accumulated depreciation
Book value= $78,000 - $26,000
Book value= $52,000
Gain or Loss= Sale value - Book value
Gain or Loss= $58,000 - $52,000
Gain or Loss= $6,000 gain
Inconclusion the gain or loss if the asset was sold on March 31, 2024 is $6,000 gain.
Learn more about depreciation here:https://brainly.com/question/14705084
Audra owns a rental house. She makes mortgage payments of $1,060 per month, which include insurance, and pays $2,700 per year in property taxes and maintenance. Utilities are paid by the renter. What should Audra charge for monthly rent to make $4,500 profit each year?
Answer:
A $740 cable bill for them to be able to watch shows and have internet.
Explanation:
John's uncle donated a truck to his company, John's Corporation. The truck had an original cost of $95,000, a book value of $40,000, and a fair value of $60,000. The journal entry by John's Corporation to record this donated asset will include a:
a. debit Truck for $95,000 and credit Gain for $35,000.
b. debit Truck for $60,000 and credit Gain for $20,000.
c. debit Truck for $60,000 and credit Gain for $60,000.
d. debit Truck for $95,000 and credit Gain for $95,000.
Based on the information given the appropriate journal entry by John's Corporation to record this donated asset will include a: c. debit Truck for $60,000 and credit Gain for $60,000.
Since the truck donated to his corporation has a fair value of the amount of $60,000 which is the worth of the truck (assets) which means that the appropriate journal entry to record the transaction will be:
Debit Truck $60,000
Credit Gain $60,000
(To record asset donated)
Inconclusion the journal entry by John's Corporation to record this donated asset will include a: c. debit Truck for $60,000 and credit Gain for $60,000.
Learn more about journal entry here:https://brainly.com/question/14694738
What is one major measure of economic growth?
Answer:
yo mama
Explanation:
yo mama's so ugly, she made a blind kid cry.You are starting a family pizza parlor and need to buy a motorcycle for delivery orders. You have two models in mind. Model A costs $8,200 and is expected to run for 7 years; Model B is more expensive, with a price of $13,600, and has an expected life of 9 years. The annual maintenance costs are $760 for Model A and $740 for Model B. Assume that the opportunity cost of capital is 9 percent. Calculate equivalent annual costs (EAC) of each models.
The equivalent annual costs of each model are as follows:
Model A Model B
Equivalent annual costs $2,389.26 $3,008.47
Data and Calculations:
Model A Model B
Costs of motorcycle $8,200 $13,600
Expected years of usage 7 years 9 years
Annual maintenance costs $760 $740
Cost of capital = 9%
Annuity factor 5.03295 5.99524
PV of annual maintenance $3,825.04 $4,436.48
Total NPV of costs $12,025.04 $18,036.48
Equivalent annual costs $2,389.26 $3,008.47
($12,025.04/5.03295) ($18,036.48/5.99524)
Thus, the equivalent annual costs of each model are the dividend of the Total NPV costs divided by the Annuity Factor.
Learn more about the equivalent annual costs (EAC) here: https://brainly.com/question/25343720
To be useful, accounting information must have the fundamental qualitative characteristics of?
Select True or False for each of the following statements about Types of Fraud, Scams, and Money Laundering
Red Flags.
Answer:
You Need To Provide More Information on the Question For An Answer
Explanation:
Not Information
Debentures are paid back only when the company goes into liquidation
Answer:
true
Explanation:
because hes force for paiying beacause
because the company goes to liquidation
Which strategy for managing quality relies on input from employees, suppliers and customers
Answer:
total quality management (tqm)
Explanation:
hope it helps you
20 points to anyone willing to help
Abdul works as a regulator at the Bureau of Consumer Protection. His agency makes sure that consumers are treated fairly. What task might be part of Abdul's job at his agency?
Question 6 options:
drawing up ideas for the new city park
drafting a proposal for the state government budget
recording information about a fraudulent business
meeting with heads of state to discuss trade
Answer:
it's the second to last one "recording information about a fraudulent business "
Answer:
the answer is c
Explanation:
Harper Motors sells 32 cars per month at an average price of $24,360. The carrying cost per car is $144 and the fixed order cost is $687. How many orders should the company place per year
The number of orders that the company should place per year is 6.34 orders.
Economic order quantity (EOQ) = (2* yearly demand*per order fixed cost/carrying cost per unit)^(1/2)
Economic order quantity (EOQ) = (2*(32*12)*687/144)^(1/2)
Economic order quantity (EOQ) = (2*384*4.7708)^(1/2)
Economic order quantity (EOQ) = 60.530772339
Economic order quantity (EOQ) = 60.53
Number of orders to be placed = Yearly demand / EOQ
Number of orders to be placed = (32*12)/60.53
Number of orders to be placed = 6.3439616719
Number of orders to be placed = 6.34 orders.
Therefore, the number of orders that the company should place per year is 6.34 orders.
Read more about Economic order quantity;
brainly.com/question/14625177
5 year plan example for high school seniors
[tex] \huge{ \underline{ \underline{ \mathtt{ \purple{A} \pink{N} \green{S} \blue{W} \red{E} \orange{R}}}}}[/tex]♡
A five year plan is a list of priorities you would like to accomplish over the next several years. As well as actions you can take when you make mistakes, so that you can still meet those goals.
Hope it helps ♡♡
Chester has negotiated a new labor contract for the next round that will affect the cost for their product Coat. Labor costs will go from $2.95 to $3.55 per unit. Assume all period and other variable costs remain the same. If Chester were to absorb the new labor costs without passing them on in the form of higher prices, how many units of product Coat would need to be sold next round to break even on the product
Based on the fact that Chester decides to absorb the new labor cost, the units needed to breakeven would be 1,566 units.
The current fixed costs are $8,346.
The current contribution margin is $11,401
The units sold are:
= Sales / Selling price
= 30,785 / 16
= 1,924 units
The new contribution margin would be:
= Current contribution margin - Increase in labor costs
= 11,401 - ( (3.55 - 2.95) x 1,924)
= $10,255.60
Breakeven point is:
= Fixed costs / Contribution margin per unit
= 8,346 / (10,255.60÷ 1,924 units)
= 1,566 units
In conclusion, the breakeven point is 1,566 units
Find out more about the calculation of breakeven point at https://brainly.com/question/9212451.
The trade war between the USA and China has put pressure on the international supply chain. However, it also conditioned for transparency competition in world trade. Please analyse this argument point with agreement or disagreement. An example of the international supply chain is recommended to show for supporting your debated points.
it helps to you I guess
jas read it❤
The data given below are from the accounting records of the Kuhn Corporation:
Net Income (accrual basis) $45,000
Depreciation Expense $9,000
Decrease in Accounts Payable $2,500
Decrease in Inventory $3,000
Increase in Bonds Payable $10,000
Sale of Common Stock for cash $30,000
Increase in Accounts Receivable $4,500
Based on this information, the net cash provided by operating activities using the indirect method would be:__________.
a. $55,000
b. $58,000
c. $50,000
d. $60,000
The net cash provided by operating activities using the indirect method would be: c. $50,000.
Net Cash From Operating Activities
Net income $45,000
Depreciation expense $9,000
Decrease in accounts payable ($2,500)
Decrease in inventory $3,000
Increase in accounts receivable ($4,500)
Net cash provided by operating activities $50,000
Inconclusion the net cash provided by operating activities using the indirect method would be: c. $50,000.
Learn more about operating activities here:https://brainly.com/question/25530656
Which of the following protects the brokers commission
The Safety clause is the options that protects the brokers commission.
What is the Safety clause?This is a legal clause that states that a real estate broker is entitled to a commission if a sale occurs after the listing agreement expires.
Hence, among the options, the Safety clause is clause that offers protection to the brokers commission.
Therefore, the Option A is correct.
Missing options "a. Safety clause b. Listing price. c. Mediation d. MLS"
Read more about Safety clause
brainly.com/question/23946704
#SPJ1
Using your credit card more means your debt will
A. stay the same
B. decrease
C. disappear
D. increase
Using a credit card will increase your personal debt.
Answer: D. Increase
example of globalization as internalization and liberalization
[tex] \\ [/tex]
[tex] \huge{ \underline{ \underline{ \mathtt{ \purple{A} \pink{N} \green{S} \blue{W} \red{E} \orange{R}}}}}[/tex]♡
➪Example of Liberalization : - European Union has liberalized gas and electricity market.
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
➪Example of globalization : - trading of commodities such as coffee or avocados.
❤Hope it's helpful↑(◍•ᴗ•◍)❤࿐
✻ ═════ •❅• ═════ ✼
Jimmie is purchasing a home with a purchase price of $350,000. He has been approved for a loan with an 85% LTV. What is his down payment
Based on the information given the down payment is $52,500.
Using this formula
Down payment=(100%-Approved loan percentage)×Purchase price
Where:
Approved loan percentage=85%
Purchase price=$350,000
Let plug in the formula
Down payment=(100%-85%)×$350,000
Down payment=15%×$350,000
Down payment=$52,500
Inconclusion the down payment is $52,500.
Learn more about down payment here:https://brainly.com/question/12233464
Martin is an intern working for Tennessee Fried Chicken (TFC), an international company with over 1,000 franchised restaurants throughout the United States and in 21 other countries. TFC heavily advertises on television and in various print media that its chicken is superior due to its blend of "42 secret herbs and spices." Many have tried to duplicate the recipe unsuccessfully, and burglars have even been caught trying to steal it. One day Martin is called into the president's office for an assignment, and during their conversation, the president leaves the room, leaving Martin alone. Martin notices that the wall safe is open and looks inside, where he sees an envelope labeled "THE RECIPE." He opens it and finds that it is the list of the 42 secret herbs and spices, along with quantities and order of use. He quickly makes a copy of the recipe and returns the envelope to the safe. That afternoon, he calls Bluto's Fried Chicken, a TFC competitor, and informs Bluto's of the information he possesses, and they arrange a meeting. If Martin sells the recipe to Bluto's, who, if anyone, would be guilty of mis-appropriation?
a. If Martin sells the recipe to Bluto's, Martin is guilty of misappropriation but Bluto's is not guilty of misappropriation.
b. If Martin sells the recipe to Bluto's, Martin is not guilty of misappropriation but Bluto's is guilty of misappropriation.
c. If Martin sells the recipe to Bluto's, both Martin and Bluto's are guilty of misappropriation.
d. Neither Martin nor Bluto's is guilty of misappropriation because leaving the safe open shows that the secret was not guarded and guarding is necessary to qualify for trade secret protections.
The culprits of misappropriation would be both Martin and Bluto's Fried Chicken.
Misappropriation is a crime against wealth or property. This crime occurs when a person or group seizes someone else's property, to make a profit.
According to the foregoing, both are incurring misappropriation because:
Martin: He was not the creator or owner of the recipe, he stole it in a moment of the owner's carelessness and wanted to obtain personal gain in exchange for the product owned by TFC.Bluto's Fried Chicken: He knows that Martin obtained the recipe illegally, yet he still decides to make the transaction to copy the recipe and make more profit in his business.Learn more in: https://brainly.com/question/2498208
Firm I has been selling its products through a distributor for some time. It has become the market share leader. Unfortunately, this distributor has not been able to keep up with the evolving technology and customers are complaining. There are no alternative distributors available. Should Firm I keep its current distributor or should it begin distribution on its own?
Firm I should begin distribution on its own in order to prevent loss and
liquidation of the company.
It is best for the company to become vertically integrated in instances such
as this. Vertical integration involves companies controlling more than one
stage of production.
By so doing, the company can restrategize and ensure its products satisfy
the customers through the adoption of the technology they are complaining
about. This helps to ensure increased profit made from the goods.
Read more about Vertical integration on https://brainly.com/question/19815172
Paul Scott has a 2014 Cadillac that he wants to update with a satellite-based emergency response system so that he will have access to roadside assistance should he need it. Adding this feature to his car requires a flat fee of $500, and the service provider requires monthly charges of $20. In his line of work as a traveling salesperson, he estimates that this device can save him time and money, about $35 per month. He plans to keep the car for another 3 years.
Required:
a. Calculate the breakeven point for the device in months.
b. Based on a, should Paul have the GPS system installed in his car?
You are considering employment opportunities after graduation. What would you look for in identifying a prospective employer's company's culture
Answer:
What would you look for in identifying a prospective employer's company's culture?
Explanation:
benchmarking the company's performance of activities and business processes against "best-in-industry" performers
We would look for the atmosphere, spirit and character that pervades the work climate and the values, business principles, and ethical standards that management preaches and practices in identifying a prospective employer's company's culture.
What do you understand about the company's culture?A company's culture is how we do what we do in the workplace. It’s the sum of our formal and informal systems and behaviours and values, all of which create an experience for our employees and customers. At its core, company culture is how things get done around the workplace. “How” includes both the formal systems and the informal behaviours.
For example, our company may use instant messaging software to communicate throughout the day, and it may also be okay to yell at a coworker to get your point across. Our systems and behaviours give employees the rules of the road for interacting with the business, and each other.
Company culture is often something we can feel, even as an outsider.
Learn more about culture, here:
https://brainly.com/question/12678729
#SPJ5
Write four elements of economic objectives of business ?
Answer:
the person above this is correct
Suppose the economy is in long-run equilibrium. If there is a sharp increase in the minimum wage as well as an increase in taxes, then in the short run, real GDP will:____.
a. rise and the price level might rise, fall, or stay the same. In the long run, the price level might rise, fall, or stay the same but real GDP will be unaffected.
b. fall and the price level might rise, fall, or stay the same. In the long run, the price level might rise, fall, or stay the same but real GDP will be unaffected.
c. rise and the price level might rise, fall, or stay the same. In the long run, the price level might rise, fall, or stay the same but real GDP will be lower.
d. fall and the price level might rise, fall, or stay the same. In the long run, the price level might rise, fall, or stay the same but real GDP will be unaffected.
Suppose the economy is in the long run equilibrium. If there is a sharp increase in the minimum wage as well as an increase in taxes then in the short run, real GDP will
fall and the price level might rise, fall, or stay the same. In the long run, the price level might rise, fall, or stay the same but real GDP will be lower.Given that this economy is in the long run equilibrium. Given a sharp increase in minimum wage and taxes, then real GDP will decrease in the short run as well as the price level.
In the long run it may stay the same. But the Real GDP will definitely be lower.
Read more on https://brainly.com/question/15544413?referrer=searchResults
Help help help help business please
I think it's a sorry if you get the answer wrong