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nalin [4]
3 years ago
14

Machinery was purchased for $500000 on January 1, 2022. Freight charges amounted to $13000 and there was a cost of $32000 for bu

ilding a foundation and installing the machinery. It is estimated that the machinery will have a $50000 salvage value at the end of its 4-year useful life. What is the amount of accumulated depreciation at December 31, 2023 if the straight-line method of depreciation is used?
Business
1 answer:
lakkis [162]3 years ago
8 0

Answer:

$247,500

Explanation:

For computing the accumulated depreciation at December 31, 2023 first we need to determine the depreciation expense using the straight line method which is shown below:

= (Original cost - residual value) ÷ (useful life)

where,

Original cost is

= $500,000 + $13,000 + $32,000

= $545,000

So, the depreciation expense is

= ($545,000 - $50,000) ÷ (4 years)

= ($495,000) ÷ (4 years)  

= $123,750

In this method, the depreciation is same for all the remaining useful life

So the accumulated depreciation is

= $123,750 × 2 years

= $247,500

The two years is from  January 1, 2022 to  December 31, 2023

You might be interested in
12/31/06Accounts receivable $525,000Allowance (45,000)Cash realizable value 480,000During 2007 sales on account were $145,000 an
alekssr [168]

Answer:

c. $42,000 increase

Explanation:

The computation of the change in cash realizable value is shown below:

= Adjusted cash balance - Cash realizable value

where,

Adjusted cash balance = Ending balance of accounts receivable + sales on account - collections - written off amount - bad debt expense

= $525,000 + $145,000 - $86,000 - $8,000 - $54,000

= $522,000

And, the cash realizable value is $480,000

Now put these values to the above formula

So, the value would be equal to

= $522,000 - $480,000

= $42,000 increase

5 0
3 years ago
Managers who establish effective goals can enhance the performance of their employees and of their company. The manager in the s
Marianna [84]

Answer: See explanation

Explanation:

a. Carlos’ goal is to reduce average loan processing by fifteen percent within the next 6 months. - Reviewed goal.

Reviewed goals has to do with the goals set by an individual when the individual takes into consideration the previously set goals and he or she reviews them. This is used by Carlos as he takes into consideration his previous average loan processing.

b. Michelle is a salesperson. Her goal is to increase the number of sales calls made to potential customers. - Relevant goal.

Relevant goal simply means that the goal must be realistic and also reasonable. In this scenario, Michelle wants to increase the number of calls regarding sales made to customers. This is reasonable.

c. Sam has been reviewing customer accounts at a rate of two per day. His goal is to double that rate. That is possible, but he’ll have to work hard and be creative to reach this goal. - Achievable goals.

Achievable goal simply means a goal that it's possible for an individual to achieve and it's attainable.

d. Chen has been given a project, and his manager clearly communicated the quantity and quality expectations to him. - Specific goals

A specific goal is a goal that is well defined and also clear. This can be seen in the above example.

e. Elizabeth has just been given a project which needs to be completed within 6 weeks. - Time frame goal.

Time frame goal is a goal that has a deadline and is expected to be finished within a set date. In this scenario, Elizabeth has six weeks to complete the said project.

f. Kelly is most excited about adopting goals because it means she’ll finally have a clear measure of how well she is doing. - Measurable goal.

A measurable goal is a goal that one tracks his or her progress as one continues the project. Kelly has a clear measure of how well she's doing. This is a measurable goal.

5 0
3 years ago
Microeconomics Which of the following statements is true? a. Students majoring in economics earned more than students majoring i
Kaylis [27]

Answer:  c. The median pay of economics majors increased more in dollar terms than any other majors in 2015.

Explanation:

According to research by several job websites, Economics majors saw their wages increase more than other majors in terms of dollar terms in 2015.

This has been attributed to the Economics field needing more specialization as most entry level economics jobs require at least a masters in the field. While there does not seem to be any reason for this, it is theorized that the need for Economists has been on the rise as economies become more uncertain.

3 0
3 years ago
Santorino Company produces two models of a component, Model K-3 and Model P-4. The unit contribution margin for Model K-3 is $6;
tresset_1 [31]

Answer:

Contribution per unit of scare resource (in hour) = $24 per hour

Explanation:

The question falls under the limiting factor analysis

<em>When a business is faced with a problem of shortage of a resource which can be used to produced more than one product type, to maximize the use of the resource , the business should allocate it for production purpose in such a way that </em><em>it maximizes the contribution per unit of the scare resource.</em>

Therefore Santario Company should allocate the machine hours to maximize the contribution per unit of machine hour.

Contribution per unit of scare resource is determine as follows:

Contribution per unit of scare resource for Model K-3

Contribution per unit of Model K-3 = $6

Machine time per unit =  15 minutes

<em>Contribution per unit of scare resource in minutes</em>

=Contribution per unit/Machine time per unit

= 46/15 minutes

= $0.4 per minute

Contribution per unit of scare resource (in hour)

$0.4 per minutes× 60

= $24 per hour

7 0
2 years ago
Barrington Mills Manufactures denim cloth from two primary raw materials, cotton and dye. Work-in-process includes lapped cotton
8_murik_8 [283]

Answer:

weeks of supply 2,7122857

Explanation:

17,500,000 / 50 weeks = 350,000 COGS per week

<u>current finished inventory: </u>

250  x $  65  =   16,250

 190  x $  80  =   15,200

 310  x $ 105  =<u>  32,550</u>

Total                    64,000

<u><em>cost added:</em></u>

 70,000 materials x $ 2.75

125,000 materials x $ 5.00

   <em>total                    817500</em>

<u><em>WIP:</em></u>

 2,000 rolls     x  $  10.50

 5,000 spools x  $    6.75

    500 rolls     x  $   26.10

  total             $ 67,800

Total inventory: <em>817,500</em> + 67,800 + 64,000 = 949300

<em><u>week of supply:</u></em>

inventory of 949300

and 350,000 goods are consumer per week

week: 2,7122857

3 0
3 years ago
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