Answer:
a) a loss of $2220 would be recorded.
Explanation:
Calculation for the Loss on sale
First step is to calculate the Depreciation per annum using this formula
Depreciation per annum = (Purchase Cost-salvage value) / Useful life
Depreciation per annum = 46700/5
Depreciation per annum= $9,340
Second Step will be to calculate the 31/12/15 Book Value
1/1/14 Purchase cost $46,700
Less: 31/12/14 Depreciation for the year ended 31 ($9,340)
31/12/14 Book Value $37,360
($46,700-$9,340)
Less: 31/12/15 Depreciation for the year ended ($9,340)
31/12/15 Book Value $28,020
($37,360-$9,340)
Last step is to calculate the Loss on sale
1/1/16 Value $28,020
1/1/16 Less Sale value ($25,800)
Loss on sale $2220
(28,020-25,800)
Therefore the correct option is :a loss of $2220 would be recorded.
The December 31, 2018, balance sheet of Whelan, Inc., showed long-term debt of $1,415,000, $143,000 in the common stock account, and $2,680,000 in the additional paid-in surplus account. The December 31, 2019, balance sheet showed long-term debt of $1,610,000, $153,000 in the common stock account and $2,980,000 in the additional paid-in surplus account. The 2019 income statement showed an interest expense of $95,500 and the company paid out $148,000 in cash dividends during 2019. The firm’s net capital spending for 2019 was $990,000, and the firm reduced its net working capital investment by $128,000.
1. What was the firm's cash flow to creditors during 2019? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 1,234,567.)2. What was the firm’s cash flow to stockholders during 2019? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations an
Answer:
a. -$99,500
b. -$162,000
Explanation:
a. Cash Flow to Creditors = Interest paid - (Ending long-term debt - Beginning long-term debt)
Cash Flow to Creditors = $95,500 - ($1,610,000 - $1,415,000)
Cash Flow to Creditors = $95,500 - $195,000
Cash Flow to Creditors = -$99,500
b. Cash Flow to Stockholders = Dividends paid - [(Ending common stock + Ending additional paid-in surplus) - (Beginning common stock + Beginning additional paid-in surplus)]
Cash Flow to Stockholders = $148,000 - [($153,000 + $2,980,000) - ($143,000 + $2,680,000)]
Cash Flow to Stockholders = $148,000 - [$3,133,000 - $2,823,000] = $148,000 - $310,000
Cash Flow to Stockholders = -$162,000
Flounder Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $434,700. The estimated fair values of the assets are land $82,800, building $303,600, and equipment $110,400. At what amounts should each of the three assets be recorded?
Answer:
ok
I thinks it's ok because it's ok you get me
Mr. Hopper expects to retire in 30 years, and he wishes to accumulate $1,000,000 in his retirement fund by that time. If the interest rate is 12 percent per year, how much should Mr. Hopper put into his retirement fund at the end of each year in order to achieve this goal? a) $8,287.32 b) $12,483.17 c) $4,143.66 d) $4,000.00
Answer:
Annual payment = $4,143.66 (Approx)
Explanation:
Given:
P = $1,000,000
r = 12% = 0.12
n = 30
Find:
Annual payment
Computation:
[tex]Annual\ payment=P[\frac{(1+r)^n-1}{r} ] \\\\Annual\ payment=1,000,000[\frac{(1+0.12)^{30}-1}{0.12} ] \\\\ Annual\ payment=4143.66[/tex]
Annual payment = $4,143.66 (Approx)
The act of quitting one's job or occupation, as well as one's active working life, is known as retirement.
Quasi can also be achieved by lowering work hours or workload. Many people decide to retire when they are too elderly or being unable to function due to medical issues.
Mr. Hopper should put the payment of $4,143.66 (Approx) into his retirement fund at the end of each year in order to achieve the goal.
The provided information is:
P = $1,000,000
r = 12% = 0.12
n = 30
The calculation of the annual payment is shown below:
[tex]\text{Annual payment}= P\frac{(1+r)^{n}-1 }{r}[/tex]
[tex]\text{Annual payment}= 1000000[\frac{(1+0.12)^{30}-1 }{0.12}][/tex]
Annual payment = $4143.66
Therefore the correct option is C.
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A company has three product lines, one of which reflects the following results:Sales 215,000Variable expenses 125,000Contribution margin 90,000Fixed expenses 140,000Net loss (50,000)If this product line is eliminated, 60% of the fixed expenses can be eliminated and the other 40% will be allocated to other product lines. If management decides to eliminate this product line, the company's net income will:__________. a. increase by $50,000 b. decrease by $90,000 c. decrease by $6,000 d. increase by $6,000
Answer:
c. decrease by $6,000
Explanation:
The computation of the company net income is shown below:
Sales $215,000
Less: Variable expenses ($125,000)
Contribution margin $90,000
Less: Fixed expenses(traceable) ($84,000) ($140,000 × 0.60)
Net Income $ 6,000
And, the given net loss is $50,000
The fixed expense is $56,000 ($140,000 × 0.40)
So, the net income would decrease by $6,000
Hence, the correct option is c.
First City Bank pays 7 percent simple interest on its savings account balances, whereas Second City Bank pays 7 percent interest compounded annually.If you made a $64,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 9 years? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
Answer:
$13,341.39
Explanation:
The computation is shown below:
For First city bank,
The Future value is
= $64,000 + $64,000 × 7%× 9
= $64,000 + $40,320
= $104,320
And for Second city bank,
Given that
NPER = 9,
RATE = 7%,
PV = $64,000
PMT = $0
The formula is shown below:
=-FV(RATE;NPER;PMT;PV;TYPE)
After applying the above formula, the future value is $117,661.39
Now finally
More money would be
= $117,661.39- $104,320
= $13,341.39
You decide that structural changes must be made immediately at Holden Evan to deal with the problems caused by the three SBU marketing teams. What should you do?
Hello. This question is incomplete. The full question is:
An additional challenge facing Holden Evan is the rise in costs of raw materials. Each of the SBUs currently maintains its own relationships with suppliers and is paying different prices for the same goods. The CEO of Holden Evan tells you that this is a serious issue for the company. "We must find a way to rein in these costs. I expect you to improve the company's efficiency and find other ways to reduce costs right away.
You decide that structural changes must be made immediately at Holden Evan to deal with the problems caused by the three SBU marketing teams. What should you do?
Answer:
The ideal would be to merge all marketing teams into one.
Explanation:
I would unite the three marketing teams that make up each SBU and form a single marketing team that should work in unity and serve all product lines in a unique and no longer individual way as was done previously. In this way, the cost of production and raw materials will be unique and more comprehensive, allowing greater control over expenses and team work.
The thing that should be done will be to merge all the marketing teams into one.
From the information given, the challenge that the company is facing is the rise in costs of raw materials since each of the SBUs currently maintains its own relationships with suppliers and is paying different prices for the same goods.
Therefore, in order to rein in these costs, it's important to merge all the marketing teams into one. Thus will be important in enhancing the company's efficiency and reducing cost.
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What should you do during the development phase regardless of the type of event you are implementing?
a) identify your goals and objectives
b) identify the charity for the event profits
c) identify the location of the event
d) identify who will be the master of ceremonies
Answer:
d) identify who will be the master of ceremonies
Explanation:
a) identify your goals and objectives ⇒ Initiation phase b) identify the charity for the event profits ⇒ Initiation phase c) identify the location of the event ⇒ Planning or design phaseOne of the first activities carried out during the operations or development phase should be to establish his/her work team (including master of ceremonies).
Consider the recorded transactions below.
Credit Debit
Accounts Receivable 7,900
Service Revenue 7,900
Supplies 2,050
Accounts Payable 2,050
Cash 9,700
Accounts Receivable 9,700 .
Advertising Expense 1,100
Cash 1,100
Accounts Payable 3,200
Cash 3,200
Cash 1,200
Deferred Revenue 1,200
Required:
Post each transaction to T-accounts and compute the ending balance of each account. The beginning balance of each acc the transactions is: Cash, $2,900; Accounts Receivable, $3,700; Supplies, $350; Accounts Payable, $3,000; Deferred Reve Service Revenue and Advertising Expense each have a beginning balance of zero.
Answer:
gogle know the answer that is the secret
An advertising agency wishes to estimate, with 99% confidence and to within $45, the mean amount small business owners would be willing to pay for a professionally produced web page for their businesses. Assuming a standard deviation of such amounts to be $250, the estimated minimum sample size needed to meet these criteria is about:__________
Answer:
b) 205
Explanation:
Option are "(a) 103 b) 205 c) 644 d) 97"
The estimated minimum sample size needed to meet these criteria is calculated below: n = (Z*σ/E)^2
n = (2.58 * 250 / 45)^2
n = (645 / 45)^2
n = (14.33)^2
n = 205.3489
n = 205
Emily is journalizing an adjustment for a returned check written by a customer. What type of account would this be considered?
Answer:
When you are reconciling a bank account and you receive an NSF check (non-sufficient funds), you must reverse the collection of the check:
When you received the check the journal entry was:
Dr Cash xyz
Cr Accounts receivable xyz
If the check bounces, the reversal entry is:
Dr Accounts receivable xyz
Cr Cash xyz
A political leader suggesting that an economic downturn will be cushioned by nondiscretionary fiscal policy is referring to:______. A) Tax policy and spending policy B) A progressive income tax and a welfare state C) Interest rates and the money supply D) Interest rates and tax rates
Answer:
Option A is the correct approach.
Explanation:
This is indeed a connection to compulsory tax and government expense stabilizers which weren't at the discretion including its government. Throughout the event of a recession, expenses are cut, rising discretionary income to something like the extent that the economic depression is pacified. Unemployment insurance, as well as other social programs, are consequently expanded without the clear intervention of the governmentThe other options offered are also not relevant to the scenario presented. So, the solution above is the right one.
Some club members want to increase membership dues by $7.00.Other club members want to increase them by $3.00.They have reached an impasse on the issue,so they decide to split the difference and raise the dues by $5.00.What type of conflict style did the group use?
A) Accommodating
B) Collaborating
C) Competing
D) Avoiding
E) Compromising
Answer:
Option E (Compromising) would be the correct choice.
Explanation:
A conflict mediation method of consensus attempts to discover a reason to reasonably pleasing parties and from both sides of the debate. When it becomes more necessary to optimize a compromise than for the conclusion to always be perfect, a deadline is fast approaching, even at such an ongoing crisis, because you need a workable measure only for the moment, such style might be suitable to be using.The other choices aren't relevant to the situation presented. Because otherwise, that is the right answer.
Schedule of cash payments for a service company Horizon Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows:
March $160,800
April 152,800
May 139,000
Depreciation, insurance, and property taxes represent $35,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in June. 73% of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month.
Prepare a schedule of cash payments for selling and administrative expenses for March, April, and May.
Answer:
Total Cash Payments are as follows:
For March = $91,834
For April = $119,960
For May = $107,726
Explanation:
Note: See the attached Excel file for the schedule of cash payments
The expenses paid in each month are estimated as follows:
a. March Expenses
Paid in March = (Total projected selling and administrative expenses for March - Depreciation, insurance, and property taxes for March) * Percentage of reminder paid = ($160,800 - $35,000) * 73% = $91,834
Paid in April = (Total projected selling and administrative expenses for March - Depreciation, insurance, and property taxes for March) * Percentage of balance paid = ($160,800 - $35,000) * (100% - 73%) = $33,966
b. April Expenses
Paid in April = (Total projected selling and administrative expenses for April - Depreciation, insurance, and property taxes for April) * Percentage of reminder paid = ($152,800 - $35,000) * 73% = $85,994
Paid in May = (Total projected selling and administrative expenses for April - Depreciation, insurance, and property taxes for April) * Percentage of balance paid = ($152,800 - $35,000) * (100% - 73%) = $31,806
c. May Expenses
Paid in May = (Total projected selling and administrative expenses for May - Depreciation, insurance, and property taxes for May) * Percentage of reminder paid = ($139,000 - $35,000) * 73% = $75,920
A toll on a congested road is in essence a. an interstate highway subsidy. b. a corrective tax. c. a hidden tax. d. a gasoline tax.
Answer:
b. a corrective tax.
Explanation:
Taxation can be defined as the involuntary or compulsory fees levied on individuals or business entities by the government to generate revenues used for funding public institutions and activities.
There are three (3) types of taxation used by the government, these are;
1. Progressive taxation: it involves charging individuals having higher incomes a higher percentage of their total income.
For instance, Citizen X pays 30% on $70,000 and Citizen B pays 10% on $45.000.
2. Proportional taxation: it involves charging both lower and higher income earners equally in proportion to their income.
For instance, Citizen A pays 20% on $50,000 and Citizen B pays 20% on $36,000.
3. Regressive taxation: it involves charging individuals with low incomes a higher percentage of their total income and vice-versa.
For instance, Citizen A pays 15% on $50,000 and Citizen B pays 20% on $36,000.
A corrective tax can be defined as a type of taxation imposed by the government on its citizens to correct negative externalities such as facilities, services or amenities that have socially harmful effects or capable of causing damages to the people.
Hence, a toll on a congested road is in essence a corrective tax.
A toll on a congested road is considered a corrective tax as it aims to correct market inefficiencies by discouraging excessive use and reducing congestion, while also generating revenue for infrastructure maintenance and improvements. Therefore, option a is correct.
A toll on a congested road is considered a corrective tax. It is implemented to correct market inefficiencies by discouraging excessive use of the road and reducing congestion.
By charging a toll, the aim is to internalize the negative externalities associated with congestion and encourage more efficient use of the road network.
Additionally, the revenue generated from the toll can be used for infrastructure maintenance and improvements. Thus, a toll on a congested road serves as a corrective measure to address congestion issues while also generating revenue.
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Expando, Inc., is considering the possibility of building an additional factory that would produce a new addition to their product line. The company is currently considering two options. The first is a small facility that it could build at a cost of $9 million. If demand for new products is low, the company expects to receive $9 million in discounted revenues (present value of future revenues) with the small facility. On the other hand, if demand is high, it expects $12 million in discounted revenues using the small facility. The second option is to build a large factory at a cost of $10 million. Were demand to be low, the company would expect $12 million in discounted revenues with the large plant. If demand is high, the company estimates that the discounted revenues would be $15 million. In either case, the probability of demand being high is 0.40, and the probability of it being low is 0.60. Not constructing a new factory would result in no additional revenue being generated because the current factories cannot produce these new products.
a. Calculate the NPV for the following: (Leave no cells blank - be certain to enter "0" wherever required. Enter your answers in millions rounded to 1 decimal place.)
Plans NPV
Small facility $ million
Do nothing million
Large facility million
b. The best decision to help Expando is:_______.
a. to build the large facility.
b. to build the small facility.
c. to do nothing.
Answer:
a)
small facility:
initial outlay = -$9,000,000
present value of expected cash flows = (0.6 x $9,000,000) + (0.4 x $12,000,000) = $10,200,000
NPV = $10,200,000 - $9,000,000 = $1,200,000
large facility:
initial outlay = -$10,000,000
present value of expected cash flows = (0.6 x $12,000,000) + (0.4 x $15,000,000) = $13,200,000
NPV = $13,200,000 - $10,000,000 = $3,200,000
b) the best option is:
a. to build the large facility.the NPV of the large facility is significantly higher than the NPV of the smaller facility, while the required investment is not that different.
should I cover for my coworker who sneaks out
no then you would get in trouble, but then again it would be nice for you to do it fir him. tell the boss that he needed to go do something if he gets cureas.(can't spell)
The basic principle involved with expense recognition is: Multiple Choice All costs that are used to generate revenue are recorded in the period the revenue is recognized. All transactions are recorded at the exchange price. The business is separate from its owners. The business will continue to operate indefinitely unless there is evidence to the contrary.A company orders office supplies in June. Those supplies are received and paid for in July. The supplies are used in August. In which month should the company record supplies expense
Answer:
All costs that are used to generate revenue are recorded in the period the revenue is recognized
Supplies expense is recorded in August
Explanation:
Expenses are the cost that a company incurs in the process of generating revenue from an asset. As such when a business is paying cost like wages, rent, and office materials it is generating revenue from sales and services provided.
The expense recognition principle requires that a business records expenses when revenue associated with them are recognised.
An office that orders office supply and uses them in August will only recognise supply expense when there is use of the office supply.
So supply expense will be recognised in August
You are saving money for a down payment on a new house. You intend to place $7,500 at the end of each year for three years into an account earning 5% per year. At the end of the fourth year, you will place $10,000 into this account. How much money will be in the account at the end of the fourth year?
Answer:
$37,848.9
Explanation:
We can use the interest rate formula to figure out how much is in the account after the first 3 years. The interest rate formula is show below:
[tex]A = P (1 + r)^t[/tex]
Let me delineate what each part of this equation means:
A = The total amount
P = The initial amount of money put into the account
R = the interest rate
T = Time
The equation gives us the following:
You place $7,500 each year for three years The interest rate is 5%At the end of the 4th year $10,000 will be placed in the accountFirst, let's calculate the P in the equation.
You put $7,500 each year for 3 years, so multiply 7,500 by 3.
[tex](7,500) * (3) = 22,500[/tex]
Next, let's start putting everything into the equation, like this:
[tex]A = 22,500(1 + .05)^3[/tex]
(When doing interest rate you have to move the decimal over twice)
Now that we have the equation, let's solve it!
[tex]A = 22,500(1.05)^3\\A = 22,500(1.15763)\\A = 26,046.6[/tex]
After 3 years $26,046.6 is in the account.
But, don't forget the last part of the question!
But you have a fourth year too!
Add the $10,000 onto the $26,046.6
That equals $36,046.6.
Lets plug this back into the equation for the final year
[tex]A = 36046.6(1.05)^1\\A = 37848.9[/tex]
Thus, the final answer will be $37,848.9
Hope this helps!
- Kay :)
After saving the money for the four years and by adding $10,000 in the end of fourth year the money the amount that will be saved is $48,942.23.
What is Future Value?
The temporal value of money is based on the simple notion that one dollar today is worth more than one dollar in the future. This is because one can invest the dollar they have today and have it increase at a rate of return, or interest, over time.
The formula for future value is-
[tex]\begin{aligned}\text{FV}&=\text{CF}\times\dfrac{(1+r)^n-1}{\text{r}}+\text{FV}\\&=\$7,500\times\dfrac{(1+0.05)^4-1}{0.05}+\$7,500\\&=\$48,942.23\end{aligned}[/tex]
Thus, the future value by the end of the fourth year is $48,942.23.
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You expect KT Industries (KTI) will have earnings per share of $3 this year and expect that they will pay out $1.50 of these earnings to shareholders in the form of a dividend. KTI's return on new investments is 15% and their equity cost of capital is 12% The expected growth rate for KTI's dividends is:_________
a. $12.50
b. $39.25
c. $33.35
d. $20.00
Answer:
Growth rate = 7.50%
Explanation:
Given:
Return on investment = 15%
Retention ratio = [1.5 / 3] 100 = 50%
Find:
Growth rate
Computation:
Growth rate = Return on investment*Retention ratio
Growth rate = 15% x 50%
Growth rate = 7.50%
Steve Colburn's portable sawmill used 100% for business, was completely destroyed by fire. The sawmill had an adjusted basis of $35,000 and a fair market value of $50,000 before the fire. The sawmill was uninsured. Steve's casualty loss is:________.1) $49,900.
2) $50,000.
3) $35,000.
4) $34,900.
Answer: $35,000
Explanation:
A casualty loss is simply a loss that an individual or business incurs when a property is damaged, or destroyed due to an unexpected or sudden event like fire, volcanic eruption, flood etc.
Here, Steve's casualty loss will be gotten when we compare both his adjusted basis and the fair market value and then we choose the lesser one. Since $35000 is lesser than $50000, therefore the answer will be $35000.
Suppose the beta of Microsoft is 1.13, the risk-free rate is 3 percent, and the market risk premium is 8 percent. Calculate the expected return for Microsoft. A. 12.04 percent B. 15.66 percent C. 13.94 percent D. 8.65 percent
Answer:
i think its C
Explanation:
Diversification is good for shareholders. So why shouldn't managers acquire firms in different industries to diversify a company?
Answer:
The definition would be defined in the clarification portion below, according to the particular context.
Explanation:
Even before managers accomplish diversification besides trying to create a conglomerate whilst also buying other corporations, it is almost always accomplished at a premium surrounded by white market rates because once shareholders could effectively achieve consolidation according to their own besides investing money throughout multiple organizations. Although it may be more difficult to accurately determine productivity in a conglomerate, authority costs will be lower as well as assets might well be apportioned around through segments incompetently.Red Sun Rising just paid a dividend of $2.52 per share. The company said that it will increase the dividend by 30% and 25 over the next two years, respectively. After that, the company is expected to increase its annual dividend at 3.8%. If the required return is 11.8%, what is the stock price today?a. $45.44.b. $42.51.c. $47.08.d. $25.00.e. $48.72.
Answer: e. $48.72.
Explanation:
Dividend next year is = 2.52 * (1 + 30%) = $3.276
Dividend in two years = 3.276 * ( 1 + 25%) = $4.095
Then calculate the terminal value at year 2;
= (Dividend * (1 + growth rate))/ (Required return - growth rate)
= (4.095 * (1 + 3.8%)) / (11.8% - 3.8%)
= $53.132625
Add their present values up;
= (3.276/( 1 + 11.8%)) + (4.095 / (1 + 11.8%)) + (53.132625 / ( 1 + 11.8%))
= $48.72
Please answer ASAP:
Eve runs a small Business. She runs her business operations from a rented office. Eve has paid the office rent worth $10,000 for the next four months in advance. Under which component of her businesses balance sheet with this amount fall?
A. Current assets
B.fixed assets
C. Current liabilities
D. Long term liabilities
E. Owners equity
Answer:
A. Current assets
Explanation:
Eve has prepaid her rent for the next four months. It means Eve has made payments for a service that she is yet to consume. Prepayments are currents assets. In this case, Eve's landlord owes her four months' worth of rent, only that she does not expect monetary payment.
Because Eve will use the room for four months without payments, the rent prepayment is an asset to the business.
Current assets are the assets convertible to cash in a period of one year or less. Liabilities would be the money Eve owes to third parties.
Answer:
A
Explanation:
it is current assets because she has paid for it in advance and it is a short period of time.
The term learning organization is used to describe organizations in the educational
and nonprofit industries.
True or false
Answer: False
Explanation: The term "Learning organizations" can be defined as a place where people continue learning and expand their capacity to see the results they desire. According to Peter Sange, the one who coined the concept with his colleagues, Learning organization responds as a company that helps its employees to learn more.
Consider a bank policy to maintain 12% of deposits as reserves. The bank currently has $10 million in deposits and holds $400,000 in excess reserves. What is the required reserve on a new deposit of $50,000?
Answer: $4,000
Explanation:
The required reserve and the excess reserve held by the bank are different because the required reserve is imposed by the central bank and the excess reserve is done by the bank.
The 12% reserves the bank is holding are both the excess and required reserves.
This means that the excess reserve is;
= 400,000/10,000,000
= 4%
The required reserve ratio will therefore be;
= 12% - 4 %
= 8%
Required reserve on $50,000 will be;
= 8% * 50,000
= $4,000
Gardner Company expects sales for October of $256,000. Experience suggests that 40% of sales are for cash and 60% are on credit. The company collects 50% of its credit sales in the month of sale and 50% in the month following sale. Budgeted Accounts Receivable on September 30 is $71,000. What is the amount of Accounts Receivable on the October 31 budgeted balance sheet?a. $102,400.b. $128,000.c. $71,000.d. $76,800.e. $153,600.
Answer:
$76,800
Explanation:
Calculation for the amount of Accounted Receivables on the October 31 budgeted balance sheet
Accounted Receivables on the October 31 budgeted balance sheet=(60% *256,000* 50%)
Accounted Receivables on the October 31 budgeted balance sheet= $76,800
Therefore the Accounted Receivables on the October 31 budgeted balance sheet will be $76,800
Equipment costing $17,500 with an estimated salvage value of $1,180 and an estimated life of 4 years was purchased on October 31, 2019. Using the straight-line depreciation method, what is the amount of depreciation expense to be recorded at December 31, 2019?
Answer:
the depreciation expense recorded is $680
Explanation:
The computation of the depreciation expense under the straight-line method is shown below:
= (Purchase cost - residual value) ÷ (estimated life)
= ($17,500 - $1,180) ÷ ( 4 years)
= $4,080
Now the 2 months depreciation is i.e. from November to December
= $4,080 × 2 months ÷ 12 months
= $680
Hence, the depreciation expense recorded is $680
Shawn goes to the library to pick up a copy of a common tax form used file taxes. Which of the following is MOST likely the form that Shawn got?
1099
W-2
1776
1040
Answer:
Shawn would choose form 1040 filing tax form.
Explanation:
The answer is D.) 1040
I got a picture of the answer.
Hope this helps!
Please answer ASAP
Barney bought a small retail business a month ago. He plans to advertise it with the help of billboards and flyers to attract customers. Which type of expense would Barney’s business incur in the form of advertising?
A. Non operating expense
B. Selling expense
C. Administration expense
D. Logistic expense
E. Production expense
Answer:
The answer is B.Selling expense