Answer:
Year2= $180,000
Explanation:
Giving the following information:
The cost of an asset is 1,100,000 and its residual value is 140,000 estimated useful life of the asset is eight years.
To calculate the depreciation expense for each year, we need to use the following formula:
Annual depreciation= 2*[(book value)/estimated life (years)]
Year1= [(1,100,000 - 140,000)/8]*2= 240,000
Year2= [(960,000 - 240,000)/8]*2= $180,000
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- Prepare for the Next Exam.
Loan decisions made by both individuals and banks contribute greatly to the macroeconomy. Since everyone participates in the macroeconomy at large everyone is in some way tied together in terms of the ability to get and control credit. From this perspective many banks were willing to loan money to individuals based on the assumption that even if they couldn't make the payment the increase in house values would be enough to cover any potential losses. The issue arose when too much credit was extended, housing slowed and then there was little demand for new houses. This started a cascade of issues in the macroeconomy in terms of a housing bubble, an end to easy credit and a situation in which individuals and banks both had to be bailed out in order to prevent a complete collapse of the macroeconomy as a whole.
While private bankers made the loans there are also individuals that take loans that they know they can't repay or don't plan for situations in which they can't make a payment if something were to go wrong in terms of their job or a family issues that may arise. For this reason individuals are also responsible at a microlevel for the problems created at the macro level as a whole for the economy. Such borrowing had to end immediately to stave off future failures of banks who may not have had the liquidity and solid financial backing to survive such a predicament.
Answer:
uncollectible accounts expense 28,000
Explanation:
the aging of the accounts receivable is 600,000
AR unadjusted 650,000
We need to adjust by 50,000 to get the net realizable value
allowance: 68,000
written off (46,000)
uncollectible expense <u> X</u>
year end 50,000
68,000-46,000 + uncollectible = 50,000
uncollectible = 50,000 -22,000 = 28,000
