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3 years ago

14

You got a new credit card and spent $200 on the card last month. You forgot to make the payment on time and were assessed a $40

late fee. What is the late fee as a percentage of your balance?

1 answer:

Andre45 [30]3 years ago

5 0

The answer is 20%, 40 is 1/5 of 200, therefore it is 20%

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Answer:

$3150

Explanation:

Given:

Cost of the asset purchased = $87500 (on 1st October. 2022)

Salvage value at the end of its useful life = $24500

Useful life estimated = 5 years

Question asked:

What is the depreciation expense for 2022 if Ivanhoe Company uses the straight-line method of depreciation?

Solution:

<u>As we know:</u>

$Straight-Line\ Depreciation\ Expense=\frac{Cost\ - Salvage\ Value}{Useful\ Life\ of\ the\ Asset}$

$=\frac{87500-24500}{5} =\frac{63000}{5} =12600$

Depreciation expenses per year = $12600

But we have to find depreciation expenses for 2022 for:-

From 1st October, 2022 to 31st December, 2022 = 3 months.

<em><u>Straight-Line Depreciation Expense for Partial Year = </u></em>

<em><u /></em> $D\times\frac{N}{12} \\\\ D=Depreciation\ expense\ for\ a\ complete\ year.\\N= Number\ of\ months\ during\ which\ the\ fixed\ asset\ was\ available\ for\ use$

Depreciation Expense for 3 months = $12600\times\frac{3}{12} =\frac{37800}{12} =3150$

Therefore, the depreciation expense for 2022 if Ivanhoe Company uses the straight-line method of depreciation is $3150.

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Answer:

The answer is:

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