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vfiekz [6]
3 years ago
8

Tidy Limited purchased a new van on January 1, 2018. The van cost $32,000. It has an estimated life of eight years and the estim

ated residual value is $3,200. Tidy uses the double-declining-balance method to compute depreciation. What is the adjusted balance in the Accumulated Depreciation account at the end of 2019
Business
1 answer:
Cloud [144]3 years ago
7 0

The adjusted balance in the Accumulated Depreciation account at the end of 2019 is <u>$14,000</u>.

<u> Explanation</u>:

<em><u>Given</u></em>:

Cost of van= $32,000

Estimated residual value= $3,200

Straight-line Depreciation Rate= 1/8

                                                = 0.125

Straight-line Depreciation Rate= 12.5%

Declining Balance Rate = 2 ×12.5%

                                             = 25%

Double declining balance can be calculated with the following formula:

2 x basic depreciation rate x book value

By applying the values,

The adjusted balance in the Accumulated Depreciation account= $14,000.

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marshall27 [118]

Available Options Are:

A. 401 units

B. 294 units

C. 441 units

D. 305 units

Answer:

Option C. 441 Units

Explanation:

The first thing would be to analyze the situation. It is crystal clear in the Accessibility Elite table that the accessibility of Digby products are 2nd largest among the rival companies.

Now we will look at whether the company has taken advantage of its second largest accessibility position or not. This can be seen in Actual Vs Potential Market Share table. The units produced were sold in the year which means that the accessibility of the product is even more than its rivals as the market share captured in the year by Digby is above 40%. This means that their is an increased demand for Digby's Product. This can also be seen by segment growth rate in the Elite Statistics (Top Left Corner) which is anticipated to be at 16%.

All these things says that Digby must produce as much as possible, hence quantity would be a greater number.

3 0
3 years ago
Ace Hauling, Inc., has been transporting industrial tailings for companies around the Minneapolis/St. Paul area for the past dec
natulia [17]

Answer: The correct answer is "b. Ace has done nothing to change its CERCLA liability."

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Those responsible for releasing dangerous substances are identified to take care of their cleaning through the superfunds, therefore by creating the new corporation and transferring the assets: Ace has done nothing to change its CERCLA liability.

7 0
3 years ago
Riley Company paid $60,000 cash to purchase land from Smally Company. Smally originally paid $60,000 for the land. A) Was this e
Veseljchak [2.6K]

Answer:

A. Asset exchange transaction

B. Asset exchange transaction

C. Investing activity

D. Investing activity.

Explanation:

In the question, the Riley company paid cash to Smally company, and the Smally company paid the amount for the land.

So,  

A. For Riley company, it is an asset exchange transaction as the asset exchanges between Riley and Smally company.  

B.  For Smally company it is an asset exchange transaction as the asset are the exchange between Riley and Smally company.

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D. Investing activity. As the company deals in the purchase and the sale of the fixed assets.

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On January 1, 2021, Corvallis Carnivals borrows $10,000 to purchase a delivery truck by agreeing to a 6%, three-year loan with t
asambeis [7]

Answer:

The journal entries are as follows:

(i) On January 1, 2021

Delivery Truck A/c Dr. $10,000

      To 6% loan note payable    $10,000

(To record the issuance of note payable)

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6% loan note payable A/c Dr. $254.22

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3 0
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Statement of owners equity is considered a link between the income statement and balance sheet. I think thats the answer your looking for

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