Answer:
$42,000
Explanation:
Straight line depreciation charges a fixed amount of depreciation for the period the asset is used in the business.
Depreciation Expense = Cost - Salvage Value ÷ Estimated Useful Life
January 1, 2020
Carrying Amount
Cost - Accumulated depreciation = $450,000
Recoverable Amount :
Higher of Fair Value and Future Cash Flows
Recoverable Amount = $420,000
Impairment loss incurs when Carrying Amount > Recoverable Amount
therefore,
Impairment loss = $30,000
December 31 , 2020
Depreciation expense = New Depreciable Amount ÷ Remaining useful life
= $420,000 ÷ 10
= $42,000
Answer:
Balance of prepaid insurance: $2,475
Explanation:
On April 1, Teneit, Inc shall record the following journal entry in its accounts in respect of insurance premium paid for three years.
Debit Credit
Prepaid Insurance $3,300
Cash $3,300
At December 31, the following adjusting journal entry shall be recorded in the accounts of Tenity, Inc. in respect of insurance premium expense
Debit Credit
Insurance expense $825
(3,300*9/36)
Prepaid Insurance $825
So based on above two journal entries, the following shall be the balance of the prepaid insurance as at December 31:
Balance of prepaid insurance: $2,475
(3,300-825)
Its not b , im trying to figure this out to hope that helps a little
Answer:
The correct option is (D)
Explanation:
Cash flow statement comprises cash outflow or inflow from operating activities, investing activities and financing activities. increase in cash represents that inflow from these activities were more than outflows.
Beginning cash balance plus increase in cash gives closing cash balance. With closing balance and increase in cash, beginning balance can be computed. But, cash flow from investing activities cannot be computed as cash flow from financing activities is not given. There are two unknown variables.
Cash flow from operating activities and increase in cash will not help in computing cash flow from investing activities
Therefore, information provided is not sufficient to compute cash flow from investing activities.
Answer:
The correct answer is E:
Much of the hope for continued improvement of the economy lies in the increase in consumer spending that is projected for.
Explanation:
i. Much of the hope (this is the main Subject of the conversation)
ii. for continued improvement (this is the Prepositional phrase. It modifies the noun “hope”)
iii. of the economy (this is a Prepositional phrase – it modifies the noun “improvement”)
iv. lies in the projection (This is the main Verb – “lies”)
v. of increasing consumer spending this year. (This is the prepositional phrase. It modifies the noun “projection”)
At first glance, it would appear that the positive experience that is anticipated is the projection.
<em>A projection (unqualified) in this case is an estimate of how a thing will be in the future.</em>
Having stated this, we see that it is more logical to hope for a positive experience that will occur than to just hope. Hence the hope is really in the increase in consumer spending not in the projection as a separate word.
(E) therefore is the Correct option because in this option that in this option “that” modifies “increase”.
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