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Effectus [21]
3 years ago
8

Holman company owns equipment with an original cost of $95,000 and an estimated salvage value of $5,000 that is being depreciate

d at $15,000 per year using the straight-line depreciation method, and only prepares adjustments at year-end. the adjusting entry needed to record annual depreciation is:
Business
1 answer:
brilliants [131]3 years ago
7 0
Depreciation is a way not only to recognize the lost value over time of an asset, but also a way to recognize the expense of the asset over time. To this end, we want to see the value of the asset get smaller, and a piece of the asset on the the income statement ever period. 
The depreciation base is 95,000 -5,000 = 90,000, and the depreciation period is 90,000/15,000 = 6 years.
The journal entry every year will be 
Dec. 31
Debit: Depreciation expense 15,0000
Credit: Accumulated Depreciation       (15,000)
Accumulated depreciation is a *contra-asset* account on the balance sheet that reduces the value of the the depreciable asset. 
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When units produced exceed units sold, net income will generally be ______ costing. Multiple choice question. the same under bot
Vika [28.1K]

Answer:

higher under absorption costing than under variable costing.

Explanation:

Costing is the measurement of the cost of production of goods and services by assessing the fixed costs and variable costs associated with each step of production.

Manufacturing costs can be defined as the overall costs associated with the acquisition of resources such as materials and the cost of converting these raw materials into finished goods. Manufacturing costs include direct labor costs, direct materials cost and manufacturing overhead costs.

In Business management, when the total units of goods produced by a business firm (manufacturer) exceed the total units of goods sold, net income will generally be higher under absorption costing than under variable costing.

7 0
3 years ago
What accurately describes a​ company's efforts to engage​ customers, persuasively communicate customer​ value, and build custome
vodka [1.7K]

Answer:

Marketing Mix

Explanation:

Marketing Mix is a gathering of promoting factors that the firm joins and controls, to deliver the ideal reaction in the objective market. It is a significant showcasing device that involves every one of the components which impact the interest for the items offered by the firm. Marketing mix helps to build a healthy relationship with the customers.

5 0
3 years ago
Your friends know that you understand a lot about computers, both the technical details of how they operate as well as informati
Rainbow [258]

Answer:

a.)Customers using freeware can personalize the software to meet their needs.

Explanation:

Freeware is a software that any person can download, install and use for free. However, the code in the software can´t be modified in order to personalize it without the owner's permission as it has copyright.

6 0
4 years ago
Hayleah is a california cpa practicing in california. to renew her license in active status, hayleah must to meet the basic requ
kenny6666 [7]

When performing work, there are specific requirements depending on which work Hayleah performs and these are <u>B) </u><u>Government </u><u>auditing </u><u>continuing education </u><u>requirement</u>

When dealing with governmental accounting:

  • There are certain rules that must be followed.
  • The specific rules imposed are to ensure better management of tax payer funds.

As a result, when a California CPA is involved in governmental work, specific rules known as the government auditing continuing education requirements will most likely apply.

In conclusion, option B is correct.

Find out more about different accounting standards at brainly.com/question/24441480.

7 0
2 years ago
Parsley, a world-famous chef, signs a contract to give lessons in French cooking to Curry. Parsley wants to transfer his duties
Margarita [4]

Answer:

C. <u>not valid because performance depends on Parsley's personal skills</u>

Explanation:

A valid contract refers to an agreement entered into by parties which legally binds both parties and is enforceable under the law.

For a contract to be termed as valid, it must be performed by the parties to it.

Performance clause in a valid contract refers to doing or acting in a way as is required by the terms of the contract.

In the given case, Parsley signed a contract to provide services i.e provide French cooking lessons to Curry. Later, Parsley wants to transfer his duties to Relish.

The transfer will not be valid since the performance i.e service to be provided by Parsley are of personal nature and the consideration is based upon that. No two individuals can provide exact services.

8 0
4 years ago
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