A vehicle which cost R100 000 and on which the accumulated depreciation is R60 000 on 31 December 2020 (Year-end) is sold on the 31 March 2021 for R45 000 to Mr Hamilton. It was agreed that he would pay 50% in cash and the balance on the 30 June 2021. Depreciation is written off at 20% per annum using the diminishing balance method. The entity is not registered for VAT.
Required: Prepare all the journal entries to record the disposal of the vehicle on 31 March 2021. Journal narrations are required. Document numbers are not required
Answers
The disposal of the vehicle on 31 March 2021 include: (1) Cash received from Mr Hamilton, (2) Removal of the vehicle with depreciation and loss recognized, and (3) Recording the remaining balance due from Mr Hamilton.
On 31 March 2021, the disposal of the vehicle can be recorded through the following journal entries:
1. Record the receipt of cash from Mr Hamilton for 50% of the sale price:
Debit: Cash (50% of R45,000) - R22,500
Credit: Accounts Receivable - Mr Hamilton (50% of R45,000) - R22,500
Narration: Received 50% cash payment from Mr Hamilton for the sale of the vehicle.
2. Remove the vehicle from the books, recognizing the loss on disposal:
Debit: Accumulated Depreciation - Vehicle (R60,000)
Debit: Loss on Disposal of Vehicle (R15,000)
Credit: Vehicle (Cost - Accumulated Depreciation) - R75,000
Narration: Recorded the removal of the vehicle and recognized the loss on disposal.
3. Record the remaining balance due from Mr Hamilton:
Debit: Accounts Receivable - Mr Hamilton (50% of R45,000) - R22,500
Credit: Sale of Vehicle - Deferred (50% of R45,000) - R22,500
Narration: Recorded the remaining balance due from Mr Hamilton for the sale of the vehicle.
Please note that it is advisable to consult with an accounting professional to ensure accuracy and compliance with specific accounting regulations and practices in your jurisdiction.
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Related Questions
what is not a tool used by the federal reserve to implement monetary policy?
Answers
Deposit insurance. The Federal Reserve Bank regulates the money supply through a variety of programs. Through open market transactions, varying necessary reserve ratios, discount rates, etc., it affects the money supply.
What does deposit insurance entail?One of the key advantages of keeping money in a bank that is FDIC-insured is deposit insurance, which is how the FDIC safeguards your funds in the unusual case of a bank failure. Each account ownership category is covered by the normal insurance sum of $250,000 per depositor, per insured bank.It provides small depositors with the reassurance that their funds are secure and will be promptly accessible to them in the event that their bank fails. It keeps the public's faith in the banking system, promoting economic stability.If it is determined that your landlord failed to preserve your security deposit, they will be required to restore it to you or pay it into a custodial scheme within 14 days.To learn more about FDIC-insured refer to:
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The Callaway family owns a small bait and tackle shop in a resort town in Wisconsin. An economic recession reduces the number of tourists for one summer, which reduces the family’s income for that year. For the Callaway family, their
a. transitory income for the year of the recession likely exceeds their permanent income.
b. permanent income likely exceeds their transitory income for the year of the recession.
c. permanent income will be more affected by the recession than their transitory income.
d. Both a and c are correct.
Answers
The economic recession has had a negative impact on the Callaway family's small bait and tackles shop in a resort town in Wisconsin.
With a decrease in the number of tourists, the family's income has been reduced for that year. This situation falls under the category of both d. and c. options, which are: d. a microeconomic event affecting a small business, and c. a macroeconomic event affecting the tourism industry in the area. The Callaway family's situation is a microeconomic event affecting their business, but it is also a result of the macroeconomic event of the economic recession that has impacted the tourism industry in the area.
When an economic recession occurs, it often leads to a decrease in the number of tourists visiting the resort town. As a result, the demand for the Callaway family's bait and tackle shop products decreases, which in turn reduces their income for that year. In this situation, the Callaway family experiences both a decline in consumer spending due to reduced tourism and a direct impact on their business's financial stability. The correct answer to your question is d. Both a and c are correct, as both decreased tourism and reduced income are consequences of the economic recession for the Callaway family.
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The United Nations (UN) has many goals. Which statement below is one of its goals?
Question 2 options:
to provide tax cuts to the ultra wealthy throughout the world
to promote anti-vaccination campaigns
to end extreme poverty
to stay out of assisting in national elections, leaving the issue of voting to each individual nation or country
Answers
Answer:
to promote anti- vaccination campaigns
air transport is not dense in
Answers
Answer:
La niebla
Explanation
Answer:
Stratosphere
Explanation:
What does "Certeris Paribus" assume when
calculating how people spend money?
A. The person has held the same job with the same amount of
pay
B. The person has been promoted and makes more money than
before.
C. The person has lost their job and is unemployed at the
moment.
D. The person has taken a second job for additional income.
Answers
a. Johnny works at Walmart
His first paycheck…20 hours at $10.00 an hour
Calculate his Net Pay if Federal Tax is calculated at 9.5% and Sate at 7%:
Answers
Answer:
$167.00
Explanation:
(Considering no other deductions.)
a purposeful systematic process for collecting information on the important work-related aspects of a job is:
Answers
Job analysis is a purposeful systematic process for collecting information on the important work-related aspects of a job.
It involves gathering and analyzing data about the tasks, duties, responsibilities, and requirements of a particular job. The main goal of job analysis is to provide a clear understanding of the work that needs to be done, as well as the knowledge, skills, and abilities required to perform the job successfully. This information is typically used for a variety of HR-related purposes, such as recruitment, selection, training and development, performance management, and compensation. By conducting a thorough job analysis, organizations can ensure that they are hiring the right people for the right jobs, and that employees have a clear understanding of their roles and responsibilities, which can ultimately lead to increased job satisfaction and better overall performance.
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An interest in or taking of land for its strategic location or products is called.
Answers
Answer:
Geopolitics
Explanation:
An interest in or taking of land for its strategic location or products is called geopolitics.
When does a beneficiary who is a minor typically
have the legal right to take control of their
inheritance?
O-A. When they turn 21 years old
B. When they turn 16 years old
Immediately after the will is read
C.
O D. When they turn 18 years old
ITS D 18 years old
Answers
If a minor is listed as the beneficiary and gets goods or funds, the minor will not have the right to seize control of the assets.
What happens if the beneficiary of a life insurance policy is a minor?Insurance providers are not permitted to pay out life insurance proceeds directly to underage children. Payments to your family can be postponed until a custodian chosen by the court is brought in to manage the cash.
What does it mean for a minor to be a beneficiary?Children under the age of 18 are frequently included as beneficiaries of RRSPs, RRIFs, and life insurance policy payouts. Children who are still minors, however, are regarded as parties to a disability and as such, are not eligible to receive money directly.
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Which person BEST exemplifies an entrepreneur? Mark is known as the profit maker in the firm where he is employed Mary embraces change and innovates to meet customer demands Maurice thinks about how t make money Monty is a top level manager in a successful company
Answers
Answer:
Mary
Explanation:
An entrepreneur is a person who has a creative and innovative vision to turn an idea into a profitable business. Therefore, when analyzing the profiles of the people above, Mary is considered to have a greater entrepreneurial profile, because in addition to being a person who thinks about creating profits or making money, she has the skills to be innovative and adapt to change, with the focus on meeting customer demands.
A successful entrepreneur needs to have the ability to adapt to a constantly changing market and consumer trends to always satisfy consumers and differentiate themselves from the competition.
name the three accounts of jesus raising someone from the dead discussed in this chapter and the gospel in which each can be found?
Answers
The following three instances of Jesus reviving a person from the grave are examined: When Lazarus rose, Jairus' daughter was raised, and the official daughter was also raised. This hints at the suffering and resurrection of foreshadow Jesus.
Who are the 3 people that Jesus raised from the dead?(1) Jesus raised Jairus' daughter who just died. (2) In Luke 7 Jesus raised to life in the city of Nain, a young man who had died, already in a casket and was going to be buried. (3) In John 11, Jesus raised back to life Lazarus, who had already died, buried and was decomposing.
Going on to Mark 5:21-24, 35-43 (also found in Matthew 9:18-26 and Luke 8:49-56), we read the Scripture telling us about the 12-year-old daughter of a synagogue leader named Jairus in Capernaum. In this Scripture we find the synagogue leader falling down before Jesus, begging him to heal his dying daughter.
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Which of the following is required to be present in an Employment Verification Letter?
Answers
Answer:
name, title, salary, and dates of employment.
Explanation:
Im not sure with my answer ♥️
Name, salary, title, and dates of employment is required to be present in an Employment Verification Letter
What is the significance of Employment Verification Letter?An employment verification letter is a document that confirms that a person is now employed or has previously worked for a company. This official document validates job status in a variety of scenarios when legal verification of work or income is required.
Employment verifications are an essential component of the pre-employment screening process, since they indicate if the prospects are trustworthy and a suitable match for the position.
Employment verification is the process of confirming a person's previous or present employment status. It guarantees that the individual has the necessary experience to do the job properly. Employment verification may also show incorrect claims, gaps in employment, or job title forgery.
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Recall the four reasons some people favor trade restrictions. Give an example from the U.S. economy that you think best fits each reasons
Answers
Answer: See explanation
Explanation:
Trade restrictions simply means a way of protecting the local industries. This can be through imposition of tariffs on foreign goods, use of quota etc. The importance of trade restrictions are:
1. Trade restrictions are important in the protection of the infant indutries, that is, the young industries in a country that are just growing.
2. Trade restrictions is necessary to prevent dumping of goods. This mean selling of goods at lower prices or of low quality in a country. This gives such products an unfair advantage over other goods produced in the home country.
3. Trade restrictions is vital on order to protect the strategic indutries.
4. Trade restrictions is also vital in order to protect the jobs of the people in the country. When goods are imported rather than supporting local businesses, this can lead to unemployment as workers will lose their jobs.
required Journal entry
received rs 18000 from debtors and discount allowed him Rs 2000
it's urgent
please help me(mark as BRAINLIEST)
Answers
Mwlqlqmqnqn im not sure...
Explanation:
Nakwqqhthats
What does purchasing insurance for a business reveal about the business owner’s attitude toward financial risk?
Answers
Answer:
It reveals that the owner is completely aware about financial risk and wants to take precautions to ensure the success of his company.
A company in Maine sends lobsters to France What is Maine doing? Select three options
Answers
Answer:
Following are the answer to this question:
Explanation:
Some information is missing in the question. So, the correct choices can be described as follows:
i) practicing international trade
ii) exporting products
iii) participating in globalization
Maine has been globally traded because its, company transfers it's own goods at international frontiers when a client gives lobster with France in Maine. It exports products as its goods are manufactured in one nation, in this scenario the USA, is one other country, France in this case.Finally, it participates in the process of globalization because the company operates internationally by selling its products.Answer:
B. practicing international trade
C. exporting products
D. participating in globalization
At Ancestry, even in a job as seemingly specialized as that of genealogist, the component parts of the job are quite varied. If Ancestry asked you to advise the company on restructuring job design, how would you explain a recommendation for further specialization?
The workers in highly specialized jobs tend to report higher levels of job satisfaction.
When workers perform small, simple tasks, they become very proficient at each task.
Specialization increases the transfer time between tasks.
Highly specialized workers may feel their jobs are too stimulating.
Answers
A recommendation for further specialization within the job of a genealogist would involve breaking down the job into smaller and more specific tasks. By doing this, the genealogist would be able to focus and become more proficient in certain specialized areas.
What does a genealogist do?A genealogist is a person who studies and traces family histories and lineages. They use a variety of sources such as birth, marriage, death and census records to build family trees and track down historical information about ancestors.
This would allow for a higher transfer time between tasks, resulting in increased job satisfaction. For example, a genealogist may specialize in researching a particular geographic area or time period.
In addition to increasing job satisfaction and providing the opportunity to specialize, further specialization also has the potential to increase the efficiency and quality of the genealogists’ work. By breaking down the job into smaller tasks and becoming more proficient in certain areas, the genealogist is better able to focus on the quality of their work and deliver results more quickly.
By breaking down the job into smaller tasks, the genealogist is able to focus, become more proficient, and specialize in certain areas. This leads to increased job satisfaction and improved work quality.
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in 1626, dutchman peter minuit purchased manhattan island from a local native american tribe. historians estimate that the price he paid for the island was about $24 worth of goods, including beads, trinkets, cloth, kettles, and axe heads. many people find it laughable that manhattan island would be sold for $24, but you need to consider the future value (fv) of that price in more current times. if the $24 purchase price could have been invested at a 4.75% annual interest rate, what is its value as of 2012 (386 years later)? $1,444,333,399.16 $1,906,520,086.89 $1,227,683,389.29 $1,660,983,409.03
Answers
In terms of purchasing power, $24 in 1626 would have been equivalent to approximately $1,444,333,399 in 2012.
To calculate the future value of $24 invested for 386 years at an annual interest rate of 4.75%, we can use the formula for the future value of a present sum:
FV = PV x (1 + r)^n
Where FV is the future value, PV is the present value, r is the annual interest rate, and n is the number of compounding periods.
In this case, the present value (PV) is $24, the annual interest rate (r) is 4.75%, and the number of compounding periods (n) is 386 (since the investment is held for 386 years).
Plugging these values into the formula, we get:
FV = $24 x (1 + 0.0475)^386
FV = $24 x 60180558.3
FV = $1,444,333,399
Therefore, the future value of $24 invested at a 4.75% annual interest rate for 386 years is approximately $1,444,333,399.
This means that, in terms of purchasing power, $24 in 1626 would have been equivalent to approximately $1,444,333,399
in 2012. So, it is not laughable at all to consider that Manhattan Island was sold for $24 worth of goods at that time.
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What are two current rising or resurgent powers that the video mentions that may be planning on changing the established international system?.
Answers
China and Russia are two current rising or resurgent powers that the video mentions that may be planning on changing the established international system.
Is China a comfortable place to live?Over the past 40 years, China has rescued more people from poverty (800 million and counting) than any other country in history. China has a greater quality of living than the majority of other countries, including the West. In China, everyone has a beautiful life that keeps becoming better.
Is China a socialist or communist country?The socialist market economy (SME) is the economic system and model for economic growth used by the People's Republic of China. The system is a market economy, with a predominance of public ownership and state-owned enterprises.
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With the help of online research, write a short report on “glocalization.”
Answers
The phenomena of Glocalization, which is best described as Thinking Globally, Acting Locally, is created when the two terms of globalisation and localization are combined.
To put it more properly, we may say that although if a single brand is produced, sold, and distributed globally, it is nevertheless personalised and customised to suit the tastes and preferences of customers in the many global marketplaces.
It is carried out since each region of the world has its own unique culture, linguistic preferences, demands, and desires.
By adjusting their offerings and products to meet the needs of that specific market, businesses may effectively position and place their items, resulting in high revenues and devoted customers.
The following are all global brands, although they cater to the demands of their customers in various parts of the world while selling items.
Chips by Lays (They sell different flavours in different parts of the world, according to the taste preference and eating habits of that country).
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A business owned by only one person is called a____
A - corporation
B - sole proprietorship
C - partnership
D - limited liability company
Answers
B - sole proprietorship
NEED HELP ASAP. WILL GIVE BRAINLIEST
How do limited resources affect a nation's decision to engage in international trade?
Answers
Answer:
it affects growth and population
Explanation:
What are the advantages of (a) management contracts and (b) franchising? Discuss their impacts on the development of the hotel industry.
Explain how hotels cater to the needs of business and leisure travelers in reference to (a) resorts, (b) airport hotels.
Answers
Advantages of management contracts and (b) franchising Management contracts refer to a contractual agreement between the owner of a hotel and a management firm that is responsible for the operation of the hotel.
A franchise agreement, on the other hand, refers to the licensing of a hotel brand by a hotel owner. The following are the advantages of each Advantages of management operational efficiency Management firms have expertise in the operation of hotels and can bring about better efficiency in operations.
Lower risk: Hotel owners can reduce their risk by passing it on to the management firm, which is responsible for operations. Greater profitability Management firms are more experienced in the hotel industry and can help hotel owners to achieve greater profitability.
Advantages of franchising Instant recognition: Franchises are associated with well-known brands that are widely recognized, so hotels can benefit from this recognition. Increased occupancy: Franchises usually have established booking systems that can help increase occupancy rates.
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Help!
Which federal agency oversees how clean and how appropriately a restaurants prepare and store foods?
Answers
Answer:
FDA's Center for Food Safety and Applied Nutrition (CFSAN) seeks to ensure that these foods are safe, sanitary, nutritious, wholesome, and honestly and adequately labeled.
Explanation:
A market supply schedule shows the relationship between
please!!!!!!
Answers
Answer: A supply schedule is a table that shows the quantity supplied at different prices in the market. A supply curve shows the relationship between quantity supplied and price on a graph.
Explanation: I HOPED THAT HELPED,!
Indicate whether the situation below will lead to a surplus, shortage, or neither.
The price of a product falls to a level that consumers consider a bargain.
O Neither
Surplus
Shortage
Answers
If the price of a product falls to what is considered a bargain price, a shortage would occur.
A shortage occurs when the quantity demanded exceeds the quantity supplied. A shortage occurs when price is below the equilibrium price.
A surplus is when the quantity supplied exceeds the quantity demanded. A surplus occurs when price is above the equilibrium price.
When the price of a good falls to what is considered a bargain price by consumers, it means that the price of the good is below the equilibrium price.
When the price of a good is below equilibrium, quantity supplied would fall and the quantity demanded would exceed supply. As a result, there would be a shortage.
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A company sells its products for $80 per unit and has per-unit variable costs of $30. What is the contribution margin per unit? • $30 • $50 • $80 • $110
Answers
The contribution margin per unit is $50 .This means that for each unit sold, $50 contributes towards covering fixed costs and generating profit.
The contribution margin per unit is a financial metric that measures the amount of revenue remaining from each unit sold after subtracting the variable costs associated with producing that unit. It represents the portion of revenue available to cover fixed costs and contribute towards profit.To calculate the contribution margin per unit, we subtract the per-unit variable costs from the selling price per unit. In this case, the selling price per unit is $80, and the per-unit variable costs are $30. Contribution margin per unit = $80 - $30 = $50.
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You take advantage of a fad. Over the next 4 months, you estimate that this will boost your $23,500 monthly revenue by 26%, and then fall back to normal after that. How much revenue did the fad bring in?.
Answers
By taking advantage of a craze for the next four months, it is predicted that income would increase by 26% from the current $23,500 per month and then return to normal. This will result in 24440 in revenue.
Monthly revenue : 23500
%increase in monthly revenue : 26%
So, increase for a month = 26/100 * 23500 =6110
So, increase for 4 month will be =6110 * 4= 24440
The answer is 24440
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Describe public corporation and it's characteristics
Answers
A public corporation is a type of business organization that is owned by shareholders and publicly traded on stock exchanges. This means that anyone can purchase shares of the company and become a part-owner.
What are the Characteristics of a Public Corporation?Some of the key characteristics of a public corporation include:
Limited liability: Shareholders are typically only responsible for the amount of money they invested in the company and are not personally liable for its debts or obligations.Ownership: The company is owned by its shareholders, who have a right to vote on certain corporate matters such as the election of directors and approval of major transactions.Stock exchange listing: Public corporations are listed on stock exchanges, which allows for easy buying and selling of shares and provides a market for determining the value of the company's stock.Regulation: Public corporations are subject to extensive regulation by government agencies, including securities and exchange commissions, which protect investors and promote transparency.Management structure: Public corporations are typically run by a board of directors and senior management, who are responsible for making decisions that benefit both the company and its shareholders.Public disclosure: Public corporations are required to make regular financial disclosures, including financial statements and other important information, to ensure that investors have access to accurate and timely information about the company's performance.Learn more about public corporation here: https://brainly.com/question/28282776
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Asser and his partner Ali decided to start a business selling flowers called A and A Blooms. They agreed the business
objectives they would set. There are several other shops in the town and much competition. Asser and Ali had little
cash to start the shop, BUT after 5 years running, it is still open. Business objectives have changed, there are plans to
open 2 or 3 new shops, perhaps by taking over some of their competitors. The business now employs 5 workers and
uses several local flower growers as suppliers.
a) What is meant by 'business objective'?
[2]
Goals
Direction in which business Сол be succesful
b) Identify two of A and A Blooms' stakeholders, other than workers and suppliers.
[2]
Customers and Community
c) Identify and explain two likely business objectives of Blooms when the business was first established. [4]
Answers
A business objective simply refers to the results that a business wants to achieve. Having a business objective is vital for a business.
It should be noted that business objectives are the measurable results that a business hopes to maintain as the business grows.
The examples of A and A Blooms' stakeholders apart from the workers and suppliers will its shareholders and customers. Stakeholders are affected by the decisions taken by a business.
The two likely business objectives of Blooms when the business was first established include profit maximization and cost minimization.
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