Answer:
Annual depreciation= $16,000
Explanation:
Giving the following information:
Purchase price= $77,000
Useful life= 4 years
Salvage value= $13,000
Under the straight-line method, the depreciation expense remains constant during the life of the asset.
<u>To calculate the depreciation expense, we need to use the following formula:</u>
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (77,000 - 13,000) / 4
Annual depreciation= $16,000
Explanation:
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Answer: The amount invested in the dogwood tree was $5000, while $35000 was invested in the red maple tree.
We arrive at the answer as follows:
Let the proportion of dogwood trees be x.
Then the proportion of red maple trees in the nursery will be 1-x, since there are only two types of trees in the nursery.
We use the following formula to find the proportion dogwood and maple trees in the nursery:
Solving for x we get
We can find the proportion of maple trees as follows:
Since we have the proportions, we can easily find the amount invested in type of tree as follows:
An income statement can also be called a profit and loss statement. An income statement determines if a business has profited from their daily operations of if a business has suffered loss. This is what an income statement is asking referred to as a Profit and loss statement.
Answer:
1. Comparability: Quality of information that permits users to identify similarities in and differences between two sets of economic phenomena.
2. Timeliness: Having information available to users before it loses its capacity to influence decisions.
3. Predictive Value: Information about an economic phenomenon that has value as an input to the processes used by capital providers to form their own expectations about the future.
4. Relevance: Information that is capable of making a difference in the decisions of users in their capacity as capital providers.
5. Neutrality: Absence of bias intended to attain a predetermined result or to induce a particular behavior.
6. Faithful Representation: Quality of information that assures users that information represents the economic phenomena that it purports to represent.
7. Free From Error: The extent to which information is accurate in representing the economic substance of a transaction.
8. Completeness: Includes all the information that is necessary for a faithful representation of the economic phenomena that it purports to represent.
9. Understandability: Quality of information that allows users to comprehend its meaning.
10. Verifiability: The annual reports of Best Buy Co. are audited by certified public accountants.
