Answer:
Annual depreciation= $9,000 per year
Explanation:
Giving the following information:
Scroll purchased equipment from Pirn for $36,000 on January 1, 20X1, that is depreciated using the straight-line method over four years.
<u>I will assume that the salvage value is cero. Using the straight-line method, we can calculate the annual depreciation using the following formula:</u>
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (36,000 - 0)/4= $9,000 per year
Answer:
The balance in retained earnings at December 31 is $264,000.00
Explanation:
The balance in retained earnings at December 31 can be computed using the below ending retained earnings formula:
ending retained earnings=beginning retained earnings+net income-dividends
beginning retained earnings was the opening balance of retained earnings at January 1 2020 which was $215,000
net income for the year is $130,000
dividends of $81,000 were paid
ending retained earnings=$215,000+$130,000-$81,000=$ 264,000.00
Answer:
$28,520
Explanation:
Calculation to determine How much overhead would be allocated to a job if it required total labor costing $23,000
Using this formula
Overhead=Total Labor Cost x Overhead Application Rate
Let plug in the formula
Overhead=$23,000 x 1.24
Overhead= $28,520
Therefore How much overhead would be allocated to a job if it required total labor costing $23,000 will be $28,520
Answer:
Corrected cash balance =
Ending balance = $50,000
Deposit in transit = + $6,000
NSF Checks = - $1,000
Outstanding checks <u>= - $3,000</u>
Corrected cash balance = $52,000
Explanation:
To make Adjustments to the cash balance, follow these steps;
- Ending Balance from Bank statement
- Add Deposits in Transit
- Deduct NSF checks
- Deduct Outstanding checks