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Gelneren [198K]
3 years ago
11

A company purchased a delivery van for $23,000 with a salvage value of $3,000 on September 1, Year 1. It has an estimated useful

life of 5 years. Using the straight-line method, how much depreciation expense should the company recognize on December 31, Year 1?
Business
1 answer:
kaheart [24]3 years ago
3 0

Answer:

<em>It will recognize 1,333.33 Depreciaton expense</em>

<em>for December 31th, year 1</em>

Explanation:

The straight-line Method is simply and easy to understand, It distribute the depreciation equally between years. So that implies that the formula should be:

\frac{Adquisition \: Value- \: Salvage \: Value}{useful \: life}= Depreciation \: coplete \: year

(23,000 - 3,000) / 5 = 20,000 / 5 = 4,000

Now we have to calculate the proportion

4,000 x 4/12 time in company's possesion = 1,333.33 depreciation

September + October + Novemember + December = 4 months

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Vikki [24]

Lisa is an HR manager who has been assigned the task of establishing pay rates to ensure external equity. Lisa most likely should conduct a salary survey.

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6 0
1 year ago
You work in the finance division of a company listed in the Stock Exchange. You have just learned that your supervisor has been
stepladder [879]

Answer:

  • Yes it is.
  • Ethical issue ⇒ Insider Trading.

Explanation:

Trading on the stock exchange is supposed to be as fair as possible so that every investor has a fair chance of making returns. If a person - like this supervisor - is using information that is material but not publicly disclosed yet to trade on markets, the fairness of the market is compromised because the person will have an edge over other investors which will enable them make unfair profits.

Information on quarterly returns is usually material so we can expect it to be material here as well which means that the supervisor is engaged in insider trading.

Insider trading is not only unethical but also highly illegal. Reporting your supervisor can get them sent to jail.

8 0
2 years ago
A few weeks after marion had her phone number changed, she wrongly gave out her former phone number. the most likely explanation
LiRa [457]
The correct answer is proactive interference.

Proactive interference refers to the phenomenon wherein, old memories get in the way of or interfere with retaining and retrieving new memories. In this instance, Marion's old memory of her former phone number is interfering with her ability to retrieve the memory of her (newer) current phone number.
5 0
3 years ago
In accounting for a contingent liability, if the likelihood of the obligation is probable but the amount cannot be estimated, a
Tems11 [23]

Answer: d. provide disclosure in the footnotes to the financial statements.

Explanation:

A contingent liability is an obligation that a company might owe in future depending on the outcome of an event such as a law suit.

To record a contingent liability in the books, two conditions must be satisfied;

  1. Loss must be probable
  2. Amount must be estimable

If these two conditions are not satisfied then the contingent liability may simply be disclosed as a footnote in the financial statement. The amount here is not estimable so can be disclosed as a footnote.

6 0
3 years ago
The fundamental purpose of an organization's mission statement is to:
Maslowich

Answer:

The correct answer is letter "B": define the organization's purpose in society.

Explanation:

A company's mission reflects what is the purpose of the firms in regards to the impact with its surrounding society. It describes what product is going to be offered, what are the association's potential consumers, and in what sector of the society the firm will focus.

6 0
3 years ago
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