Prentice Company had cash sales of $94,275, credit sales of $83,450, sales returns and allowances of $1,700, and sales discounts of $3,475. Prentice's net sales for this period equal:________a. $94,275. b. $177,725 c. $174,250. d. $176,025 e. $172,550.

Answers

Answer 1

Answer:

Prentice net sales for the period is ;

e. $172,550

Explanation:

The data below were extracted from the information above;

Cash sales = $94,275

Credit sales = $83,450

Sales returns and allowances = $1,700

Sales discount = $3,475

Therefore, Prentice's net sales for the period

= Cash sales + Credit sales - Sales returns and allowances - discounts

= $94,275 + $83,450 - $1700 - $3,475

= $172,550


Related Questions

The following data were reported by a corporation: Authorized shares 38,000 Issued shares 33,000 Treasury shares 12,500 The number of outstanding shares is:

Answers

Answer:

20,500 shares

Explanation:

Authorized shares= 38,000

Issued shares= 33,000

Treasury shares= 12,500

Therefore, the number of outstanding shares can be calculated as follows

Outstanding shares= Issued shares-Treasury shares

= 33,000-12,500

=20,500

Hence the number of outstanding shares is 20,500

You can use the discounted cash flow method to estimate the cost of a company’s internal equity when the company ______________. g

Answers

Answer:

Pays any amounts of dividends

Explanation:

Jerry deposited $10,000 in a bank account, and 10 years later he closes out the account, which is worth $18,000. The annual rate of interest that Jerry has earned over the 10 years is closest to:

Answers

Answer:

r=  6.054% per year

Explanation:

given that

principal P=  $10,000

final amount A= $18,000

time t= 10 years

To find the annual rate we will use the formula below and solve for r

[tex]r = [(\frac{A}{P} )^\frac{1}{t} - 1][/tex]

Substituting our data into the expression and solving for r we have

[tex]r = [(\frac{18000}{10000} )^\frac{1}{10} - 1]\\\\r = [(1.8 )^\frac{1}{10} - 1]\\\\r = [(1.8 )^0^.^1 - 1]\\\\r = [(1.8 )^0^.^1 - 1]\\r={1.06054-1}\\\\r= 0.06054[/tex]  

Calculate rate of interest in percent

r = 0.06054* 100

r=  6.054% per year

Specialty Auto Parts Company uses the indirect method to prepare its statement of cash flows. Refer to the following information for​ 2018: Net cash provided by operating​ activities: $108,000 Net cash used for investing​ activities: ($118,500) Net cash provided by financing​ activities: $16,000 If the cash balance at the beginning of the year was​ $13,200, what is the ending cash​ balance? A. ​$18,700 B. ​$13,200 C. ​$10,500 D. ​$5,500

Answers

Answer: $18,700

Explanation

Net cash provided by the operating activities = $108,000

Add: Net cash provided by the financing activities = $16,000

Less : The net cash used for the investing activities = $118,500

The net increase in Cash will now.be:

= ($108,00 + $16,000) - $118,500

= $5,500

Add: Cash at the beginning of the year. This will be:

= $5500 + $13,200

= $18,700

Ending cash balance will be $18700

The cash register tape for Bluestem Industries reported sales of $28,372.00.

Record the journal entry that would be necessary for each of the following situations. (a) Cash to be accounted for exceeds cash on hand by $52.00. (b) Cash on hand exceeds cash to be accounted for by $26.50. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.)

Answers

Answer:

Bluestem Industries

Journal Entries

a) Cash to be accounted for exceeds cash on hand by $52.00

Debit Cash Shortage $52.00

Credit Cash Account $52.00

To record the cash shortage.

b) Cash on hand exceeds cash to be accounted for by $26.50

Debit Cash Account $26.50

Credit Cash Overage $26.50

To record the cash overage.

Explanation:

Handling cash in Bluestem Industries will occasionally give rise to cash shortages and cash overages.  The best practise is to enact a company policy to guide actions and decisions with respect to cash shortages and overages.  And then the accounting for these will be in accordance with the policy.  However, the problem of shortages and overages may be pointing at other underlying problems involved in cash handling.  Where only the shortages are reported frequently, then the company may need to find ways to minimize cash handling, e.g. using credit cards to receive payments and refunding employees for expenses through bank accounts.

Concord Corporation had 2020 net income of $809,000. During 2020, Concord paid a dividend of $2 per share on 60,500 shares of preferred stock. During 2020, Concord had outstanding 215,000 shares of common stock.

Required:
Compute Concord's 2020 earnings per share.

Answers

Answer:

$3.2 per share

Explanation:

Earnings per share = Net income - (preferred stock shares × dividend paid] ÷ Outstanding shares of common stock

= [($809,000 - ( 60,500 × $2 per share)] ÷ 215,000

= [$809,000 - ( $121,000)] ÷ 215,000

= $809,000 - $121,000 ÷ 215,000

= $688,000 ÷ 215,000

= $3.2 per share

IOP Company purchased a machine on 1/1/22 costing $500. Estimated life was 5 years; estimated salvage value was $100. In 2025, IOP discovered that the bookkeeper correctly used straight-line depreciation, but erroneously used an estimated life of 8 years in computing depreciation for the first 3 years of life. The Prior Period Adjustment to be recorded in 2025 will be:

Answers

Answer:

The Prior Period Adjustment to be recorded in 2025 will include a $90 debit as adjustment to Retained Earnings

Explanation:

Correct depreciation would have been = ($500-$100)/5 = $80

Depreciation charged wrongly as ($500-$400)/8 = $50

Therefore depreciation has been charged short by $30 for three years, thereby reflecting income greater by $30 each year for 3 years.

Since due to wrong depreciation retained earnings is higher by $90, therefore we have to debit retained earnings by $90

The 2016 annual report for Mega Mills disclosed that 1 billion shares of common stock have been authorized. At the end of 2015, 760 million shares had been issued and the number of shares in treasury stock was 101 million. During 2016, the only common share transactions were that 18 million common shares were reissued from treasury and 24 million common shares were purchased and held as treasury stock.Required: Determine the number of common shares a. Issued b. In treasuryc. Outstanding at the end of 2016.

Answers

Answer:

a. 760 million shares

b. 107 million shares

c. 653 million shares

Explanation:

a. The number of Issued stock is unchanged because Issued stock encompasses both outstanding and treasury stock.

b. Treasury Stock = Beginning balance - Reissued from treasury + repurchased for treasury

= 101 - 18 + 24

= 107 million shares

c. Outstanding stock = Issued Stock - Treasury Stock

= 760 - 107

= 653 million shares

The treasurer of Riley Coal Co. is asked to compute the cost of fixed income securities for her corporation. Even before making the calculations, she assumes the aftertax cost of debt is at least 3 percent less than that for preferred stock.

Debt can be issued at a yield of 11.0 percent, and the corporate tax rate is 20 percent. Preferred stock will be priced at $60 and pay a dividend of $6.40. The flotation cost on the preferred stock is $6.

a. Compute the aftertax cost of debt. (Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)
b. Compute the aftertax cost of preferred stock. (Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)
c. Based on the facts given above, is the treasurer correct?

Answers

Answer:

a. Compute the after tax cost of debt.

after tax cost of debt = 11% x (1 - tax rate) = 11% x 0.8 = 8.8%

b. Compute the after tax cost of preferred stock.

after tax cost of preferred stock = cost of preferred stock (no taxes are deducted for paying preferred dividends since they are paid in capital)

cost of preferred stocks = $6.40 / ($60 - $6) = $6.40 / $54 = 11.85%

c. Based on the facts given above, is the treasurer correct?

the difference = 11.85% - 8.8% = 3.05%, so the treasurer was right

Moorcroft sales are 40% cash and 60% credit. Credit sales are collected 20% in the month of sale, 50% in the month following sale, and 26% in the second month following sale; 4% are uncollectible. Moorcroft purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month following the purchase and 60% in the second month following the purchase.Prepare a schedule of expected collections from customers for June.

Answers

Answer:

The budgeted sales are missing, so I looked for them. I found the following question, hopefully it will be similar:

Month        Sales

April           $300,000

May            $320,000

June           $370,000

Schedule of expected collections

For the month of June, 202x

Cash sales during June = $370,000 x 40% = $148,000

Collection from June's credit sales = $222,000 x 20% = $44,400

Collection from May's credit sales = $192,000 x 50% = $96,000

Collection from April's credit sales = $180,000 x 26% = $46,800

Total cash collections during June = $335,200

At first glance, the research reported in the Washington Post article Why We've Been Hugely Underestimating the Overfishing of the Oceans may appear to be only bad news for the world's stock of fish. However, researchers believe that their discovery of how much overfishing has been underestimated could also be good news. Determine whether each statement should be considered good news or bad news based on the information in the article.
Good news Bad news
a. Fisheries may be able to feed more people than previously thought.
b. Policy made using FAO data could be poorly made because FAO data does not match reality.
c. Severe declines in catches since the 1990s may be due to unsustainable fishing.
d. Sustainable food production may be more at risk than scientists thought due to the fishing industry catching far more fish than previously believed
e. Declines in catches have been even greater than FAO data suggests.
f. When catches peaked, fisheries were actually much more productive than previously thought

Answers

Answer:

According to the article, the following statements is classified under the following headings:

Good News:

a. Fisheries may be able to feed more people than previously thought.

b. Policy made using FAO data could be poorly made because FAO data does not match reality.

f. When catches peaked, fisheries were actually much more productive than previously thought

Bad News:

c. Severe declines in catches since the 1990's may be due to unsustainable fishing.

d. Sustainable food production may be more at risk than scientists thought due to the fishing industry catching far more fish than previously believed

e. Declines in catches have been even greater than FAO data suggests.

Explanation:

Suppose that Dunkin Donuts reduces the price of its regular coffee from $2 to $1 per cup, and as a result, the quantity sold per day increased from 10 to 40. Over this price range, the price elasticity of demand for Dunkin Donuts’ regular coffee is:

Answers

Answer:price elasticity of demand for Dunkin Donuts’ regular coffee is 1.8

Explanation: Using the midpoint formnulae

Price elasticity of Demand =percentage change in quantity demanded/ Percentage change in price.

Percentage change in quantity = new quantity  - old quantity  / (new quantity + old quantity)/2  x 100

= 40-10/(40+10)/ 2 = 30 /25 = 1.2 x 100 =120%

Percentage change in price  = new price   - old price   / new price + old price)/2   x 100

= 1- 2 / (1+2)/2= -1/1.5x 100 = -66.67 %

Price elasticity of Demand =percentage change in quantity demanded/ Percentage change in price.

= 120%/-66.67%= -1.79 = -1.8

For Price elasticity of demand, the sign is not included and the basis for elasticity is on the value itself . here we can conclude that the Price elasticity of demand for Dunkin donut is 1.8 and elastic because a fall in price led to an increase in amount being sold.

Suppose a stock had an initial price of $54 per share, paid a dividend of $1.30 per share during the year, and had an ending share price of $51. Compute the percentage total return. What was the dividend yield and the capital gains yield?

Answers

Answer:

Use the equation for total return:

total stock return= (P1-P0)+D/P0

P0=Initial Stock Price

P1=Ending Stock Price (Period One)

D=Dividends

-3.15%---Percentage of total return

Dividend Yield-2.41%

Capital Gains-- -5.56%

Brian Hickey uses his credit card in August to purchase the following college supplies: books for $425, your long bus pass for $175, food service meal ticket for $450, and season tickets to the basketball games for $125,. On September 1, he uses 650 of his financial aid check to reduce the balance. The issuing bank charges 1.2% interest per month and requires full payment within 36 months. Brian had a previous balance is zero and he makes no other purchases with his card. What is the minimum payment due September 1, and what is the balance due on October 1?

Answers

Answer:

Brian Hickey

a. Minimum due on September 1 is:

$510.90

b. Balance due on October 1 is:

$516.13

Explanation:

a) Data and Calculations:

Purchases in August:

Books =                    $425

Long bus pass =         175

Meal ticket =              450

Basketball games =   125

Total purchases = $1,175

Interest rate = 1.2% per month

Interest accrued         14.10

Total in debt       $1,160.90

September 1:

b) Debt reduction 650.00

Balance =            $510.90

Interest accrued       6.13

Ending Balance  $516.13

c) The credit card interest is calculated on the remaining debt after each transaction.  This interest is then added back to the debt to obtain the balance due.  If Brian Hickey does not carry out any other transaction with his credit card, the debt will continue to increase by 1.2% compounded monthly until the expiration of the 36-months period.

I am buying a firm with an expected perpetual cash flow of $700 but am unsure of its risk. If I think the beta of the firm is 0, when the beta is really 1, how much more will I offer for the firm than it is truly worth? Assume the risk-free rate is 7% and the expected rate of return on the market is 14%. (Input the amount as a positive value.)

Answers

Answer:

$50

Explanation:

using the CAPM,

The expected rate of return = risk free rate + beta(market rate of return - risk free rate)

if beta is 0,

7% + 0 X(14% - 7%) = 7%

If beta is 1,

7% + 1 X(14% - 7%) = 14%

Present value of a perpetuity = amount / expected rate of return

if beta is 0, present value = $700 / 7% = $100

if beta is 1, present value = $700 / 14% = $50

the amount offered will differ by $100 - $50 = $50

Quality is primarily related to satisfaction viewpoint of:___________.
a. Customer Manufacturer
b. Service provider
c. General public
d. all of above

Answers

Answer: Consumer

Explanation:

Quality has to do with the standard by which a product is being compared with other similar products.

Quality is primarily related to satisfaction viewpoint of consumers. If consumers are not satisfied with a particular product, it will have a negative impact on the sale of the product hence the product quality must be taken into consideration in order to enable consumers to buy such product.

Assuming you are a rational investor, the amount you should be willing to pay for a 20-year ordinary annuity that makes payments of $4,000 per year and you require a 6% rate of return per year is closest to:

Answers

Answer:

PV= $45,879.68

Explanation:

Giving the following information:

Cash flow= $4,000 annually

n= 20

i= 6% compunded annually

The maximum that an investor should pay is the present value (PV).

First, we need to calculate the future value using the following formula:

FV= {A*[(1+i)^n-1]}/i

A= annual cash flow

FV= {4,000*[(1.06^20) - 1]} / 0.06

FV= $147,142.36

Now, we can calculate the present value, we need to use the following formula:

PV= FV/(1+i)^n

PV= 147,142.36/(1.06^20)

PV= $45,879.68

Costco and other big box price clubs charge a membership fee on top of the price of goods sold to members. This is an example of

Answers

Answer:  Service Charge

Explanation: a service charge goes toward the day to day running costs of a company, used to cover things like building costs, insurance, employee compensation. It is how companies like Costco are able to pass along reduced price products to members.

The present value of $10,000 to be received in 10 years, discounted at an annual rate of 6.78%, is closest to:

Answers

Answer:

PV= $5,189.21

Explanation:

Giving the following information:

The present value of $10,000 to be received in 10 years, discounted at an annual rate of 6.78%.

To calculate the present value, we need to use the following formula:

PV= FV/(1+i)^n

PV= 10,000/(1.0678^10)

PV= $5,189.21

A stock is bought for $24.00 and sold for $26.00 one year​ later, immediately after it has paid a dividend of​ $1.50. What is the capital gain rate for this​ transaction?

Answers

Answer:

8.33%

Explanation:

A stock is bought for $23.00

The stock is sold for $26 after one year

The dividend paid is $1.50

Therefore, the capital gain rate can be calculated as follows

Capital gain= P1-Po/Po

= 26-24/24

= 2/24

= 0.0833 ×100

= 8.33%

Hence the capital gain rate for this transaction is 8.33%

​Roybus, Inc., a manufacturer of flash​ memory, just reported that its main production facility in Taiwan was destroyed in a fire. Although the plant was fully​ insured, the loss of production will decrease​ Roybus's free cash flow by $175 million at the end of this year and by $61 million at the end of next year. a. If Roybus has 37 million shares outstanding and a weighted average cost of capital of 12.6%​, what change in​ Roybus's stock price would you expect upon this​ announcement? (Assume that the value of​ Roybus's debt is not affected by the​ event.) b. Would you expect to be able to sell Roybus stock on hearing this announcement and make a​ profit? Explain.

Answers

Answer:

a) the fire and all the events that are related to it should decrease Roybus's stock by $5.50

b) The market is pretty quick to adjust to bad news, specially when they are single isolated events. There is a minimum chance that you might be able to make some money by selling your stocks to someone that hasn't heard about the fire and its negative consequences (not a regular trader or outside the market), but it would be extremely rare for it to happen. When such extraordinary events happen, it is common for stocks to be traded after market hours, so when the market opens the next day, the price will already be adjusted.

Explanation:

the total decrease in Roybus's market value = ($175,000,000 / 1.126) + ($61,000,000 / 1.126²) = $155,417,407 + $48,111,960 = $203,529,367

the decrease will negatively affect stock price by -$203,529,367 / 37,000,000 stocks = -$5.50 per stock

Builtrite has calculated the average cash flow to be $16,000 with a standard deviation of $4000. What is the probability of a cash flow being less than $9000? (Assume a normal distribution.)

Answers

Answer:

4%

Explanation:

For Builtrite, we can find the probability of cash flows by using the following formula:

Z = (X - C) / S

Average Cash Flow is $16000 which denoted by "C"

Standard Deviation is $4000 and is denoted by "S"

And

For cash flows that are less than $9000 which is denoted by X in the equation, "Z" can be calculated as under:

Z = (X - C) / S = ($9,000 - $16,000) / $4,000 = -1.75

As Z is less than -1.75, now we can see that the probability from the Z-table is 4% for -1.75.

Hence the probability of cash flow below $9,000 is 4%.

A setback of affirmative action is that: a. those benefitting from affirmative action begin to experience self-doubts about their competence and merit. b. women and minorities usually feel deprived. c. employees start to overpower the management. d. people who are the subject of affirmative action are viewed as being more qualified than they actually are.

Answers

Answer: those benefitting from affirmative action begin to experience self-doubts about their competence and merit.

Explanation:

Affirmative action is a policy whereby the sex, color, national origin, religion etc are taken into consideration in order to increase the opportunities that are given to a particular set of people. It is used to create fairness.

A setback of affirmative action is that those benefitting from affirmative action begin to experience self-doubts about their competence and merit.

Speedy Runner makes running shoes and they have gathered the following data for the month of​ October: Data Cash on​ 10/1 Expected Cash Collections Direct Materials Cash Disbursements Direct Labor Cash Disbursements MOH Cash Disbursements Operating Expenses Cash Disbursements Capital Expenditures Cash Disbursements Speedy Runner requires an ending cash balance of at least​ $12,000 and can borrow from a line of credit in​ $1,000 increments. How much will Speedy Runner need to borrow at the end of​ October?

Answers

Answer: $9,000

Explanation:

Speedy Runner will need to borrow the amount of cash disbursements that will exceed their cash receipts.

= Opening Cash + Cash Receipts - Cash Disbursements

= Opening Cash + Expected Cash Collections - Direct Labor Cash - Direct Materials Cash Disbursements - Operating Expenses Cash Disbursements - MOH Cash Disbursements - Capital Expenditures Cash Disbursements ​- Ending cash balance requirement

= 15,300 + 435,000 - 32,000 - 80,000 - 110,000 - 25,000 - 200,000 - 12,000

= $8,700

They can borrow in incremental terms of $1,000 so to cover the cash requirements they should borrow $9,000.

Galactic Inc. is considering an investment in new equipment that will be used to manufacture a smartphone. The phone is expected to generate additional annual sales of 4,500 units at $212 per unit. The equipment has a cost of $418,500, residual value of $31,500, and an eight-year life. The equipment can only be used to manufacture the phone. The cost to manufacture the phone follows: Cost per unit: Direct labor $36.00 Direct materials 140.00 Factory overhead (including depreciation) 24.00 Total cost per unit $200.00 Determine the average rate of return on the equipment. If required, round to the nearest whole percent. 18 %

Answers

Answer:

24%

Explanation:

The computation of the average rate of return is shown below;

As we know that

The Average rate of return = Net income ÷ Average investment

where,

Net income is

= (Selling price per unit - totat cost per unit) × additional units sales

= ($212 - $200) × $4,500 units

= $54,000

And, the average investment is

= (cost price + equipment) ÷ 2

= ($418,500 + $31,500) ÷ 2

= $225,000

So, the average rate of return is

= $54,000 ÷ $225,000 × 100

= 24%

Answer:

Galactic Inc.

Average Rate of Return: = Annual Net Income/Average Investment cost

= $54,000/$225,000 x 100

= 24%

Explanation:

Galactic Inc. Income Statement:

Sales Revenue, 4,500 x $212 = $954,000

Cost, 4,500 x $200 =                   900,000

Annual Net Income =                   $54,000

Average Investment in equipment = $225,000 ($418,500 + 31,500)/2

b) Galactic Inc.'s average rate of return (ARR) on the equipment is average (annual) net income that the equipment generates divided by the average cost of the investment, and then multiplied by 100.  The average cost of the investment equals the (initial book value + the residual value)/2.  The ARR also known as the Accounting Rate of Return does not take into consideration the time value of money.  As such, the net income is not discounted to the present value before the computation of the ratio.

The following information describes the production activities of Mercer Manufacturing for the year.
Actual direct materials used 28,000 lbs. at $4.90 per lb.
Actual direct labor used 8,650 hours for a total of $174,730
Actual units produced 51,600
The budgeted standards for each unit produced are 0.50 pounds of direct material at $6.85 per pound and 10 minutes of direct labor at $21.20 per hour.
1. Compute the direct materials price and quantity variances. Do not round intermediate calculations.
2. Compute the direct labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable. Do not round intermediate calculations.

Answers

Answer:

Actual Quantity = 28,000

Actual Price  = 4.90

Standard Quantity = 25,800  

Standard Price  = 4.85

1)a. Direct Material Price variance = (Standard price – Actual Price)*Actual Quantity

= (4.85 - 4.90) * 28,000

= $1,400 U

b. Direct Material Quantity variance = (Standard Quantity – Actual Quantity)*Standard price

= (51,600*0.5 - 28,000)*4.85

= $10,670 U

2) a. Direct Labor Rate Variance = (Standard Rate – Actual Rate)*Actual Hours

= (21.20 - 20.2) * 8,650

= $8,650 F

b. Direct Labor Efficiency variance = (Standard Hours – Actual Hours)*Standard rate

= (51,600*1/6 - 8,650) * 21.20

= $1,060 U

Jason has a loan that requires a single payment of $6,000 at the end of 3 years. The loan's interest rate is 10%, compounded semiannually. How much did Jason borrow? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.)

Answers

Answer:

Jason borrowed $4,4,77.29

Explanation:

In order to calculate this, let we will use the formula for the future value on an invested amount, semiannually, yielding interest at a certain interest rate. This is done as follows:

[tex]FV\ =\ PV(1+\frac{r}{n} )^{(n\times t)}[/tex]

where:

FV =  future value = $6,000 (loan repayment)

PV = present value = amount borrowed = ??

r = interest rate = 10% = 10/100 = 0.1

n = number of compounding periods per year = 2

t = time = 3 years

[tex]6,000\ =\ PV(1+\frac{0.1}{2} )^{(2\times 3)}\\6,000\ =\ PV(1+ 0.05)^{6}\\6,000\ =\ PV(1.05)^{6}\\6,000\ =\ PV (1.340096)\\diving\ both\ sides\ by\ 1.340096\\PV = \frac{6,000}{1.340096} \\PV = \$4,477.29[/tex]

Therefore, Jason borrowed $4,4,77.29

What are examples of career fields Skills USA prepares students for? Check all that apply.
health science
O education
agriculture
construction
manufacturing
transportation
information technology
public safety

Answers

Answer:

everything except education and agriculture

Explanation:

hope this helps •_•

Answer:

Everything except education and ariculture

Explanation:

edu 2021

Based on your case knowledge, to what extent do you agree or disagree with the following statement - "Kay Whitmore - Kodak CEO, had an understanding of Kodak's potential in the PC market. This was illustrated by her strong engagement with Bill Gates and Microsoft."
1. Strongly Agree
2. Mildly Agree
3. Neither Agree nor Disagree
4. MIldly Disagree
5. Strongly Disagree
6. Not Applicable

Answers

Answer:

3. Neither Agree nor Disagree

Explanation:

The reason was that the Kay Whitmore's engagement with Bill Gates and Microsoft has not much impacts on the potential of Kodak's products to exploit additional opportunities in Microsoft hence statement in consideration is not a one side argument as it is doubtful position.

So I am neither agreeing nor disagreeing with the statement hence the option 3 is correct here.

On January 2 2018, Maxwell Furniture purchased display shelving for $8,100 cash, expecting the shelving to remain in service for five years. Maxwell depreciated the shelving on a double-declining-balance basis, with $1,800 estimated residual value. On October 31, 2019, the company sold the shelving for $2,700 cash.
Requirement:
Record both the depreciation expense on the shelving for and its sale in . Also show how to compute the gain or loss on the disposal of the shelving.

Answers

Answer: Please find answers in explanation column

Explanation:

Double declining depreciation rate = 1/n x 2

= 1/5 x 2= 2/5 = 0.4 x 100 = 40 %

Carrying value = if depreciation rate = 40 % , then begining value = 100-40=60%

 Depreciation expense for 2019 =  Carrying value x depreciation nrate x period(jan- oct) = $8,100 x 60% x 40% x 10/12 = $1,620

Journal entry to record Depreciation expense  

Accounts                                      Debit                          Credit

Depreciation expense                   $1,620

Accumulated depreciation--Display shelving                 $1,620

Carrying value / Ending balance of shelving at October, 2019= cost - depreciation

8,100  - 8,100 x 40% + 1620 = 8,100 - 4,860= $3240

Gain/ Loss =  Sale -  the ending balance of the carrying value of the asset

                   $2700 - $3240= -540= $540 loss

Journal to record shelving for and its sale in .

Accounts                                                       Debit               Credit

Cash                                                               $2700

Accumulated depreciation--

Display shelving (3240 +1620)                       $4860

loss on sale of asset                                       $540

Shelving                                                                                $8,100

Other Questions
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