Jacobs sold products to customers for 100 thousand. Total cost was 60 thousand. What is the most likely net change in Jacobs total asset related to this transaction?
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Jacobs sold products to customers for 100 thousand. Total cost was 60 thousand. What is the most likely net change in Jacobs total asset related to this transaction?
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- Utica Machinery Company purchases an asset for 1,200,000. After the machine has been used for 25,000 hours, the company expects to sell the asset for 150,000. What is the depreciation rate per hour based on activity?Lawler Clothing sold manufacturing equipment for $16,000. Lawler originally purchased the equipment for $80,000, and depreciation through the date of sale totaled $71,000. What was the gain or loss on the sale of the equipment?BC Company purchased inventory for $50,000 and incurred additional costs of $5,000 for transportation and storage. If the company expects to sell 1,000 units and wants to include a 20% markup on the cost, what should be the selling price per unit?
- A commercial company bought 250 units of a certain material at a price of 50,000 dinars per unit, and the purchase expenses were until the material reached the company's stores Commission expebses=1250000 Tax expenses=1875000 Transportation, loading and unloading expenses=900000 Insurance expenses=600000 it is required to calculate the cost of the material purchasedThe Good Life Store has sales of $79,600. The cost of goods sold is $48,200 and the other costs are $18,700. Depreciation is $8,300 and is NOT included in other costs. The tax rate is 35 percent. What is the net income?Green Farms, Inc. had sales of $500,000, cost of goods sold of $180,000, selling and administrative expense of $70,000, and operating profit of $90,000. What was the value of depreciation expense? a.$230,000 b.None of these c.Less than $170,000 d.$170,000
- What is the per-year depreciation amount if straight-line depreciation is used? Suppose a business purchases a machine for $10,000. The useful life is estimated to be 5 years, and the income tax rate is 25%. In the first year, the company makes $5,000 worth of sales using the machine, and operational expenses were $1,500.Piper’s Pizza sold baking equipment for $25,000. The equipment was originally purchased for $72,000, and depreciation through the date of sale totaled $51,000. What was the gain or loss on the sale of the equipment?Which of the following transactions would reduce net income for the period and why? a. Depreciated production equipment for $3,000 b. Paid $1,600 cash for raw material cost c. Paid administrative salaries of $2,500 d. Purchased $5,000 of merchandise inventory
- Presented below is information related to Anderson Company for 2022. Sales revenue 25,000,000Cost of goods sold 16,000,000Interest expense 70,000Selling and administrative expenses 4,700,000Loss from write-off of goodwill. 820,000Gain on the sale of investments 110,000Loss due to flood damage 390,000Loss on the disposition of the wholesale division 8 00,000Loss on operations of the wholesale division 150,000Dividends declared on ordinary shares 250,000Dividends declared on…A machine that costs $40,000 and had been depreciated $30,000 was traded in on a new machine of like purpose having an estimated 10-year life and priced at $50,000. If a $13,000 trade-in allowance was received on the old machine, at what amount should the machine be recorded in the accounts?Warren Company purchased a truck for $54,000. Sales tax amounted to $5,400; shipping costs amounted to $1,200, and one-year registration of the truck was $100. What is the total amount of costs that should be capitalized? Select one: $59,400 $60,600 $66,100 $54,000