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alexira [117]
2 years ago
4

Cullumber Company sells office equipment on July 31, 2022, for $20,260 cash. The office equipment originally cost $72,300 and as

of January 1, 2022, had accumulated depreciation of $35,000. Depreciation for the first 7 months of 2022 is $4,290.Required:Prepare the journal entries to: a. Update depreciation to July 31, 2022. b. Record the sale of the equipment.
Business
1 answer:
jasenka [17]2 years ago
3 0

Answer:

a.

July 31, 2022

Depreciation expense                                       $4290 Dr

      Accumulated depreciation - Equipment             $4290 Cr

b.

July  31. 2022

Cash                                                          $20260 Dr

Accumulated depreciation-Equipment   $39290 Dr

Loss on disposal                                       $12750 Dr

           Equipment                                            $72300 Cr

Explanation:

a.

The entry would be to charge depreciation expense for the first six months of equipment and to do so, we debit the depreciation expense account and credit the accumulated depreciation account.

b.

We first need to determine the net book value of the asset on the day of sale and then calculate the gain or loss on disposal.

Net Book Value or NBV = Cost - Accumulated depreciation

Accumulated depreciation = 35000 + 4290 = 39290

NBV = 72300 - 39290  = $33010

Loss on disposal = 20260 - 33010 = - $12750 loss

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Answer:

Shifts in market demands that WDC sought to overcome through the financed merger include ____, _____, and ____.

non-volatile memory, solid state technology, and storage solutions.

Explanation:

Western Digital Corporation (WDC) is a USA-headquartered company engaged in  the data storage and data management industry.  Its merger or business combination with SanDisk helps WDC to consolidate its business in the data storage solutions industry.  On the part of SanDisk, it has accumulated more than 27-year history of innovation and expertise in non-volatile memory, systems solutions, and data storage manufacturing.

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2 years ago
Paramount electronics has an annual profit given by p = −100,000 + 5,000q − 0.25q2 dollars, where q is the number of laptop comp
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<span>P= -1000,000 +5000q - 0.25q2 q= 30n + 0.01n2 n = 20 substituting for q in P P= -100,000 + 5000(30n+0.01n^2) - 0.25(30n+0.01n^2) dp/dn = 5000*30+2*0.01*5000 - 0.25*2(30n+0.001n^2)+30+2*0.01n dp/dn = 0.005n^2 +85.02n+150030 substituting for n=20 and solving dp/dn = 151,732</span>
4 0
2 years ago
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Which parts of this passage illustrate a company’s vision? Michael, who started his computer business 20 years ago, has now attr
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Answer:

The below statement marks the company's vision.

In a period of 10 years, he states that the foundation envisions a broad and impartial society that respects and encourages children and actively enables people’s participation.

Explanation:

Companies tend to summarize their goals and objectives in mission and vision statements. Both of these serve different purposes for a company but are often confused with each other.

<u>Vision of a company/organisation</u>

  • Vision statement outlines what a company wants to be in the future.
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  • It is a statement that is a source of inspiration and motivation.  
  • It describes not just the future of the organization but the future of the industry or society in which the organization hopes to effect change.

Relevance to the given scenario is that in the identified statement, Micheal has clearly demonstrated, what he sees for the foundation and how it wants to impact the foundation's stakeholders.

The vision of the foundation is as follows:

<em>In a period of 10 years, he states that the foundation envisions a broad and impartial society that respects and encourages children and actively enables people’s participation.</em>

<em></em>

Vision is different from the mission:

<u>Mission statement:</u>

The Mission Statement concentrates on the present; it defines the customer(s), critical processes and it informs you about the desired level of performance.

The mission of the foundation is as follows:

<em>The purpose of the foundation is to maximize the effect of public participation and welcome the recognition for volunteering.</em>

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4 0
2 years ago
Above is a utility schedule for your grandmother. Assume the equilibrium price of Product A is $5 and the equilibrium price of P
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Answer:

Grandmother should purchase 2 units of both products

Explanation:

Let's denote

MU = Marginal utility

P = Price

Q = Quantity

The Utility will be maximum when both unit's MU/P is equal

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Q       MU     P      MU/P

1         80    $5       16

2        40    $5       8

3        30    $5       6

4        15    $5        3

5         7      $5       1.4

6         6     $5        1.2

7         5      $5         1

8         3     $5        0.6

Product B

Q       MU     P      MU/P

1         30    $2       15

2        16     $2       8

3        15     $2       7.5

4        14     $2        7

5         13    $2       6.5

6         12    $2        6

7          11    $2        5.5

8         10  $2        5

As you can see above MU/P is same when grandma purchase 2 product each to maximize utility.

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= ($3) ÷ ($8) × 100

= 37.5%

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