1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Akimi4 [234]
1 year ago
13

A factory machine was purchased for $380000 on January 1, 2021. It was estimated that it would have a $70000 salvage value at th

e end of its 5-year useful life. It was also estimated that the machine would be run 37000 hours in the 5 years. The company ran the machine for 3700 actual hours in 2021. If the company uses the units-of-activity method of depreciation, the amount of depreciation expense for 2021 would be $62000. $70000. $38000. $31000.
Business
1 answer:
marusya05 [52]1 year ago
6 0

If the company uses the units-of-activity method of depreciation, the amount of depreciation expense for 2021 would be (D) $31,000.

<h3>What is depreciation?</h3>
  • Depreciation in accounting refers to two aspects of the same concept: first, the actual decrease in fair value of an asset, such as the decrease in value of factory equipment each year as it is used and worn, and second, the allocation of the original cost of the assets to periods in which the assets are used in accounting statements (depreciation with the matching principle).
  • Thus, depreciation is the loss in asset value and the mechanism used to reallocate, or "write down," the cost of a tangible asset (such as equipment) throughout its usable life period.

To find If the company uses the units-of-activity method of depreciation, the amount of depreciation expense for 2021:

  • Annual depreciation expense = (Cost - Salvage value) ÷ 10
  • = (380,000 - 70,000) ÷ 10
  • = 310,000 ÷ 10
  • = $31,000

Therefore, if the company uses the units-of-activity method of depreciation, the amount of depreciation expense for 2021 would be (D) $31,000.

Know more about depreciation here:

brainly.com/question/1203926

#SPJ4

The correct question is given below:

A factory machine was purchased for $380000 on January 1, 2021. It was estimated that it would have a $70000 salvage value at the end of its 5-year useful life. It was also estimated that the machine would be run 37000 hours in the 5 years. The company ran the machine for 3700 actual hours in 2021. If the company uses the units-of-activity method of depreciation, the amount of depreciation expense for 2021 would be

(A) $62000.

(B) $70000.

(C) $38000.

(D) $31000.

You might be interested in
Can I use MemberPress to create and sell online courses?
seraphim [82]

Answer:Absolutely! the MemberPress Courses Add-on is built right in and is included as part of MemberPress. No separate download is required. And the 100% visual builder is super simple to use

https://memberpress.com/myohoguy/home

Explanation:

I have been using this for a while now so you can easily create and sell online courses

7 0
2 years ago
Read 2 more answers
Journalize the following transactions of Trapper Jon’s Productions. Assume 360 days in a year.
Sindrei [870]

Answer:

Explanation:

To record note received

On June 23.                                      Debit                          Credit

Notes Receivable                           $48,000                      

Accounts receivable for Radon ExpressCo                          $48,000

interest revenue = $48,000 x 8%x 90/360

To record dishonored note

On September 21st                        Debit                              Credit

Accounts receivable for Radon Co $48,960

Notes Receivable                                                             $48,000

Interest Revenue                                                                   $960                                                                        

Interest Revenue  $48,960 x 10%x 30/360 = $408

Journal to record Cash Received        

     October 21                                             Debit             Credit

Cash                                                   $49,368

Accounts Receivable for Radon Express Co             $48,960

Interest                                                                               $408  

                       

4 0
2 years ago
To qualify for a mortgage loan originator endorsement, applicants must meet education, examination, credit report, and ______ re
Alexandra [31]

To qualify for a mortgage loan originator endorsement, applicants must meet education, examination, credit report, and <u>Education</u> requirements.

A broker working as a sole proprietor who performs residential mortgage loan originator (MLO) sports should record a corporation (MU1) form and a man or woman (MU4) form electronically through NMLS to gain a business enterprise MLO license endorsement.

For individuals licensed by means of the branch of real estate, a loan originator way An man or woman who takes a residential loan software or offers or negotiates terms of a residential mortgage for compensation or benefit.

Loan originators consist of retail banks, loan bankers, and mortgage brokers.

Learn more about mortgage loan originators here

brainly.com/question/28079837

#SPJ4

7 0
1 year ago
The best strategy to hedge a short stock position against the possibility of an increase in the market price of the security wou
Kisachek [45]

Answer:

It is to buy a call (A)

Explanation:

Entering a counter position to buy call option at an agreed price with the expectation of increase in stock price will better position the company to mitigate against unfavorable rises in the market share price . The gain realized from the call option will off-set the actual loss from increase in share price.

3 0
3 years ago
Why would it be helpful for you to study ethics in short periods of time rather than long periods
maxonik [38]

Answer: Ethics and Human Interface: Essence, determinants and consequences of Ethics in human actions; dimensions of ethics; ethics in private and public relationships.

Explanation:

5 0
1 year ago
Other questions:
  • What is the difference between ordinal utility and cardinal​utility?
    7·1 answer
  • Juanita has a part-time job that pays 12 hour and works about 50 hours every month her withholding are social security 6.2 %medi
    7·1 answer
  • Julie received a 10% wage increase while consumer prices rose by 3%. how much did julie's real wage increase in nominal and real
    12·1 answer
  • What are the steps to teach your horse to show jump?
    14·1 answer
  • A researcher sends a link to an internet based survey to every student at their university and encourages each to send the link
    13·1 answer
  • Grace is a finance manager at her firm. She wants to make a decision based on the inputs of her group members and their agreemen
    15·1 answer
  • 1. Sorensen Systems Inc. is expected to pay a $2.00 dividend at year end (D1 = $2.00), the dividend is expected to grow at a con
    11·1 answer
  • Last year, when the stock of Waldo, Inc., was selling for $28 a share, the dividend yield was 3.5 percent. Today, the stock is s
    6·1 answer
  • GiftBasket has successfully created a higher perceived value in the e-commerce industry, though it offers the same products at s
    14·1 answer
  • Which statement best explains why reporters should use mostly primary sources?
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!