Monty Corporation owns machinery that cost $26,400 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $3,168 per year, resulting in a balance in accumulated depreciation of $11,088 at December 31, 2020. The machinery is sold on September 1, 2021, for $13,860. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale.

Answer:

a

Depreciation Expense $2,112 (debit)

Accumulated Depreciation  $2,112 (credit)

b.

Cash $13,860 (debit)

Accumulated Depreciation $13,200 (debit)

Machinery at Cost $26,400 (credit)

Profit and loss $660 (credit)

Explanation:

a.

2021 Depreciation Expense calculation

Depreciation Expense = $3,168 × 8 /12

                                      = $2,112

Therefore total accumulated depreciation will be :

Accumulated depreciation = $11,088 + $2,112

                                             = $13,200

b.

The following happen when the asset is sold :

For a period during which the quantity of product manufactured exceeds the quantity sold, operating income reported under absorption costing will be smaller than operating income reported under variable costing. True False

Which of the following would be part of a financial managers investment decision?

a.
Raising money using equity finance.

b.
Spending money on Capital Expenditure.

c.
Spending money on revenue expenditure.

d.
Borrowing Funds.​

Will mark brainly
Martha runs a small travel and tourism business. She, along with her staff, organizes vacations for her clients. Recently, Martha opened a new branch of her business in a different city. She has decided to print new brochures and catalogs that give information about her business. She also plans to mail these brochures to various homes in a location that attracts customers. Which type of promotion does Martha plan to use?
A.
sales promotion
B.
direct marketing
C.
personal selling
D.
advertising
E.
public relations

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a. $2,890.

b. $4,020.

c. $2,674.

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C. $60,000 is additionally invested into purchasing stock

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in a market segment approach, which statement below dose not apply​