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
Aleksandr-060686 [28]
3 years ago
9

On January 2, 2019, Kornis Corporation acquired equipment for $1,500,000. The estimated life of the equipment is 5 years or 90,0

00 hours. The estimated residual value is $50,000. What is the balance in Accumulated Depreciation on December 31, 2019, if Kornis Corporation uses the double-declining-balance method of depreciation?
A) $290,000

B) $300,000

C) $580,000

D) $600,000
Business
2 answers:
EastWind [94]3 years ago
6 0

Answer:

The correct answer is C.

Explanation:

Giving the following information:

Purchase price= $1,500,000

The estimated life of the equipment is 5 years

The estimated residual value is $50,000.

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

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

Annual depreciation= 2*[(1,500,000 - 50,000)/5]

Annual depreciation= $580,000

tatiyna3 years ago
4 0

Answer:

D) $600,000

Explanation:

The double-declining-balance method of depreciation = Depreciation factor x cost of asset

Depreciation factor = 2 x (1/useful life of the asset)

Depreciation factor = 2 / 5 = 0.4

Deprecation expense = 0.4 x $1,500,000 = $600,000

I hope my answer helps you

You might be interested in
Is the presentation of raw numerical or verbal descriptions in a form that is useful for a specific purpose.
grin007 [14]

Information is the presentation of raw numerical or verbal descriptions in a form that is useful for a specific purpose.

<h3>What is the importance of information?</h3>

It should be noted that information simply means the data that has been processed.

In this case, inormation is the presentation of raw numerical or verbal descriptions in a form that is useful for a specific purpose.

Learn more about information on:

brainly.com/question/4231378

#SPJ1

3 0
1 year ago
An economic expansion leads to​ ________ needsminustested spending and​ ________ induced taxes.
Fantom [35]

<span>An economic expansion leads to lower needs-tested spending and higher induced taxes. The spending on programs that returns advantage or benefits to people and business that are qualified is known as needs-tested spending. When the economy expanded the unemployment rate decreases so as the need-tested spending.</span>

8 0
3 years ago
On November 1, 2021, New Morning Bakery signed a $191,000, 6%, six-month note payable with the amount borrowed plus accrued inte
rosijanka [135]

Answer:

$196,730

Explanation:

The note payable signed has an interest rate of 6% per year. Since the amount is paid back in 6-months, only half a period should be considered when calculating interests due. The total amount that New Morning Bakery should pay back on May 1, 2022 is given by:

A =\$191,000*(1+(0.06*0.5))\\A=\$196,730

The company will need to pay $196,730.

8 0
3 years ago
Sally has seen such great interest in her scented candles that she has decided to start her own small business selling them. Sal
Svetradugi [14.3K]

Answer: True

Explanation:

Sally by taking her business to the internet can now be able to reach a global customer base, therefore this increases her business scope.

This implies she can now reach the same wide range of distribution of customers with a her small business as large companies could, by simply creating a website for her business and placing it on the world wide web.

5 0
2 years ago
In three to four sentences, explain how taxes influence consumer decisions and buying power.
Sloan [31]

Factors such as price and production costs help determine the market supply curve.
Most states impose sales tax on some goods and services as a means of generating revenue. However, sales taxes also influence consumer behavior. These influences, along with the basic financial impact of sales tax, are evident on supply and demand curves when sales tax rates increase or a state imposes a new sales tax.
8 0
2 years ago
Read 2 more answers
Other questions:
  • You are a landlord for an office building. You just received a claim letter from a tenant asking for a refund of $2,000 for extr
    6·1 answer
  • The lack of women and minorities in senior management positions can be explained by
    10·1 answer
  • arlene is single and ahas taxable income of $34000. her tax liability is currently $4636. she has the opportunity to earn an add
    14·1 answer
  • During July, Laesch Company, which uses a perpetual inventory system, sold 1,430 units from its LIFO-based inventory, which had
    10·1 answer
  • Craft Inc.'s Krayons is a multi-color chalk material that was released in the market over a century ago. Since the release, the
    10·1 answer
  • A company's financial statements may contain errors even if debits and credit balance because:
    14·1 answer
  • A good system of internal control for cash provides adequate procedures for protecting both cash receipts and cash disbursements
    7·2 answers
  • UBS buy-side analyst Christopher Dixon is following a mature telecommunications company TFI Inc in 2016. UBS estimates 1.5 for T
    12·1 answer
  • Business cycles examine ______________ time horizons, while growth theory focuses on _____________ time horizons.
    14·1 answer
  • The problem of bankruptcy is associated with misuse of credit in the ______________ component of financial planning.
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!