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3 years ago

Information for Hobson Corp. for the current year ($ in millions):

Business

1 answer:

madam [21]3 years ago

8 0

Answer:

Income before tax of $17,000,000

net income $12,750,000

Explanation:

Hobson income from continuing operations can be computed by eliminating transactions relating to discontinued operations from the details provided:

Income from continuing operations $215,000,0000

additional warranty expense ($70,000,000)

additional depreciation ($145,000,000)

non-deductible portion of advertising $17,000,000

income before tax $17,000,000

tax at 25%*$17 million ($4,250,000)

Net income $12,750,000

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yarga [219]

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2 years ago

On April 1, 2016, the KB Toy Company purchased equipment to be used in its manufacturing process. The equipment cost $57,200, ha

Harman [31]

Answer:

2016 Depreciation

Dr depreciation expense $5720

Cr Accumulated depreciation $5720

2017 Depreciation

Dr depreciation expense $5720

Cr Accumulated depreciation $5720

Journal entries for 2018 expenditure

Dr repairs and maintenance $2900

Dr Equipment account $11850

Cr Cash account $14750

2018 Depreciation

Dr depreciation expense $4800.83

Cr Accumulated depreciation $4800.83

Explanation:

There are two policies for depreciating non-current asset especially when it is acquired part-way through the year like we have here, namely full year depreciation in the year of purchase and none in the year of disposal or proportional depreciation throughout the useful life,I am adopting the former in this question.

Formula for depreciation=cost-residual value/useful life

Yearly depreciation is ($57200-$0)/10=$5720

However,after two years the book value is calculated thus:

Book value=$57200-($5720*2)=$45760

additional cost incurred in enhancing the capacity of the asset would be added : $45760 +$11,850=$57610

Since the useful life has also been reviewed up to 12 years, the depreciation from now on is $57610/12=$4800.83

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2 years ago

Read 2 more answers

10 points...........

dedylja [7]

Double entry, a fundamental concept underlying present-day bookkeeping and accounting, states that every financial transaction has equal and opposite effects in at least two different accounts. It is used to satisfy the accounting equation:

Assets
=
Liabilities
+
Equity

Assets=Liabilities+Equity

With a double entry system, credits are offset by debits in a general ledger or T-account.

So debit is the answer

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2 years ago

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Answer:

institutional

Explanation:

Institutional advertising refers to advertising that shows the benefits and ideals or an organization. It does not focus on any particular product or service, instead its main goal is to build a positive image of the organization within the community. Many times institutional advertising is done when the organization has suffered from a serious of events that have damaged its reputation and it needs to improve it.

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2 years ago

Teams have better communication than other workers because they get to ______. A. Know each other better b. Attend communication

nadya68 [22]

A. Know each other better

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2 years ago