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1 year ago

Which of the following is an effective strategy for personal saving?

1 answer:

6 0

The statement that is an effective strategy for personal saving is; Save a certain percentage of each paycheck and deposit it directly in a savings account

<h3>What is personal saving?</h3>

Personal saving can be defined as the ability of a person to save their money. Saving this money will enables them to have something to fall back to incase of unforeseen or unexpected circumstance.

The effective strategy for personal saving a person is expected to follow is for the person to save a percentage of each of their salary or paycheck and deposit the money directly into their savings account.

Therefore the statement that is an effective strategy for personal saving is; Save a certain percentage of each paycheck and deposit it directly in a savings account

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This company purchased a truck at a cost of $12,000. The truck has an estimated residual value of $2,000 and an estimated life o

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Answer:

Annual depreaciation 2020= $2,400

Explanation:

Giving the following information:

Purchase price= $12,000

Salvage value= $2,000

Useful life= 5 years

<u>To calculate the depreciation expense under the double-declining balance, we need to use the following formula:</u>

Annual depreciation= 2*[(book value)/estimated life (years)]

2019:

Annual depreaciation= 2*[(12,000 - 2,000) / 5]

Annual depreaciation= 4,000

2020:

Annual depreaciation= 2*[(10,000 - 4,000) / 5]

Annual depreaciation= $2,400

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2 years ago

For each situation, prepare the appropriate journal entry for the redemption of the bonds.

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Answer and Explanation:

The journal entries are given below:

On Apr. 30

Bonds payable $124,000

Loss on redemption of bonds( bal fig) $18,228

Discount on Bonds payable($124,000 - $111,972) $12,028

Cash ($124,000 × 1.05) 1,30,200

(Being redemption of bonds at 105 is recorded)

On Jun. 30

Bonds payable $162,000

Premium on Bonds payable($174,960 - $162,000) $12,960

Gain on redemption of bonds ( bal fig) $14,580

Cash($162,000 × .99) $160,380

(Being redemption of bonds at 98 is recorded)

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3 years ago

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Answer:

Explanation:

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Answer:

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Answer:

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Explanation:

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