Blooms cape Delivery Inc. has a delivery van that is being sold after 6 years of use. The current book value of the van is $6,500. If Blooms cape Delivery Inc. sells the van for $9,200, what is the impact of this transaction?
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- Robin Williams has just purchased some equipment for his business. For this equipment he must pay the following amounts at the end of each of the next 5 yrs: $10,900, $7,790, $9,760, $12,190, & $11,070 If the appropriate discount rate is 7.265%, what is the cost in todays dollars of the equipment Mr. Williams purchased today? (Do not round factos values. Round final answer 2 decimal places) Present value $_____Lake Power Sports sells jet skis and other powered recreational equipment. Customers pay one-third of the sales price of a jet ski when they initially purchase the ski, and then pay another one-third each year for the next two years. Because Lake has little information about the ability to collect these receivables, it uses the installment sales method for revenue recognition. In 2020, Lake began operations and sold jet skis with a total price of $1,050,000 that cost Lake $525,000. Lake collected $350,000 in 2020, $350,000 in 2021, and $350,000 in 2022 associated with those sales. In 2021, Lake sold jet skis with a total price of $1,770,000 that cost Lake $1,062,000. Lake collected $590,000 in 2021, $525,000 in 2022, and $525,000 in 2023 associated with those sales. In 2023, Lake also repossessed $130,000 of jet skis that were sold in 2021. Those jet skis had a fair value of $48,750 at the time they were repossessed.Total cash collections on installment sales during 2021 would be:…Lake Power Sports sells jet skis and other powered recreational equipment. Customers pay one-third of the sales price of a jet ski when they initially purchase the ski, and then pay another one-third each year for the next two years. Because Lake has little information about the ability to collect these receivables, it uses the cost recovery method to recognize revenue on these installment sales. In 2020, Lake began operations and sold jet skis with a total price of $630,000 that cost Lake $315,000. Lake collected $210,000 in 2020, $210,000 in 2021, and $210,000 in 2022 associated with those sales. In 2021, Lake sold jet skis with a total price of $1,380,000 that cost Lake $828,000. Lake collected $460,000 in 2021, $260,000 in 2022, and $260,000 in 2023 associated with those sales. In 2023, Lake also repossessed $400,000 of jet skis that were sold in 2021. Those jet skis had a fair value of $150,000 at the time they were repossessed. In 2020, Lake would recognize realized gross profit…
- Please help meAcme purchases a new delivery truck making a cash payment of $10,000, a $12,000 trade-in on the old delivery truck and enters into a 5-year loan for the balance, requiring yearly payments of $6,000 each. The interest rate on the loan is 4% and the first payment is due at date of sale. What amount should Acme capitalize for the purchase of the delivery truck?GoodBuy sells gift cards redeemable for GoodBuy products either in store or online. During 2024, GoodBuy sold $1,040,000 of gift cards, and $900,000 of the gift cards were redeemed for products. As of December 31, 2024, $33,000 of the remaining gift cards had passed the date at which GoodBuy concludes that the cards will never be redeemed. How much gift card revenue should GoodBuy recognize in 2024?
- What is the book value of this car after 3 years?CNBC reported that one in five consumers who purchase bitcoin do so using their credit card. Melissa Gamez purchased a used RV with 20,000 miles for $47,900. Originally the RV sold for $75,000 with a residual value of $21,000. After subtracting the residual value, depreciation allowance per mile was $0.96. How much was Melissa’s purchase price was over or below the below the book value? Note: Input the amount as a positive value. Purchase Price was: The book value by:Jaylen & Isaiah purchased an item valued at $253,000. They paid $45,540 down and financed the rest at 2.21% compounded monthly. To reduce the amount owing to $59,092 at the end of 5 years, what size of equal payments must Jaylen & Isaiah make at the end of each three months? Enter the present value as a positive value in the PV box below. Enter PMT and FV as positive or negative values based on PV being positive. Report PMT accurate to the nearest cent. P/Y = C/Y= N= I/Y = PV = $ PMT= $ FV = $ The size of each equal payment is (enter a positive value) $ Submit Question
- Step Bay StepPlease answer this question correctly ASAP. Thank you.At the end of Year 1, Herkimer Co. sells two laptops for 1,800 each. Based on the information in RE11-6 in Year 1, prepare the journal entries to record the purchase of the laptops, the depreciation on the laptops, and the sale of the laptops.
