e. $0
SEP PLANS ONLY PERMITS EMPLOYER CONTRIBUTIONS.FOR A SELF -EMPLOYED INDIVIDUAL,CONTRIBUTIONS ARE LIMITED TO 25% OF YOUR NET EARNINGS FROM SELF-EMPLOYMENT (NOT INCLUDING CONTRIBUTIONS FOR YOURSELF) UP TO $57,000 (FOR 2020) ; $56,000 FOR 2019.
Answer:
<em>It will recognize 1,333.33 Depreciaton expense</em>
<em>for December 31th, year 1</em>
Explanation:
The straight-line Method is simply and easy to understand, It distribute the depreciation equally between years. So that implies that the formula should be:

(23,000 - 3,000) / 5 = 20,000 / 5 = 4,000
Now we have to calculate the proportion
4,000 x 4/12 time in company's possesion = 1,333.33 depreciation
September + October + Novemember + December = 4 months
Answer:
The answer is c.reported on the balance sheet as a deduction from the cost of the mineral deposit.
Explanation:
Accumulated Depletion Account is the account showing the accumulated depletion expenses relating to the use/exploitation of natural resources since the beginning.
Just like Accumulated Depreciation Account, The Accumulated Depletion Account is a contra-asset account which is reported on the Balance Sheet under the Natural Resources Account; the net effect of the two account shows the net book value of Natural Resources Account.
Thus, c. reported on the balance sheet as a deduction from the cost of the mineral deposit. is the correct choice.
Answer:
The answer is General Forge and Foundry Company selling and replacing its inventory 2.55 times per year on average.
Explanation:
We have:
The company cost of good sold = Sales x 65% = 100,000 x 65% = $65,000
The company inventory = Total current asset - Cash - Account Receivable = 85,000 - 38,250 - 21,250 = $25,500
=> Inventory turn over ratio = Cost of good sold / Inventory = 65,000/25,500 = 2.55 times or the company is selling and replacing its inventory 2.55 times per year.
So, the answer is 2.55 times.