1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
allochka39001 [22]
4 years ago
13

Machinery purchased for $63,000 by Concord Co. in 2016 was originally estimated to have a life of 8 years with a salvage value o

f $4,200 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $4,725 at the end of that time. Assume straight-line depreciation.
Required:
1. Prepare the entry to correct the prior years' depreciation, if necessary.
2. Prepare the entry to record depreciation for 2021.
Business
1 answer:
Inessa [10]4 years ago
7 0

Answer:

Correction entry.

1.Credit accumulated depreciation $7612.50

Debit Asset/machinery               $7612.50

2. Credit Asset / Machinery $5827.5

Debit Accumulated depreciation $5827.50

Explanation:

Cost of machine = $63000

Useful life = 8yrs

Salvage value = $ 4200

Depreciable amount on this basis $(63000-4200)=58800

Annual depreciation =58800/8 =7350

5yrs depreciation = 7350 *5=$36750.

Revised Useful life - 10yrs

Revised Salvage value = $4725

Revised depreciable amount = $58275

Annual depreciation = 58275/10 =$5,827.50

5yrs depreciation = $29,137.50

Difference in accumulated depreciation = $36750-$29137.5

$7612.50

You might be interested in
Redistributing income, providing a structure and promoting stability are
nikitadnepr [17]

The government often plays some key roles in the economy. Redistributing income, providing a structure and promoting stability are the role of government.

Role of government

The government plays some key roles which are;

  • They Provide legal structure.
  • They are known to Redistribute income.
  • Reallocating resources.
  • They Promote stability.

The redistribution of income is known to be the distribution carried out again or anew.

learn more about Role of government from

brainly.com/question/1898863

8 0
2 years ago
Read 2 more answers
Samuel assists his clients in investing in the stock market. He not only acts as an agent by buying and selling corporate stocks
givi [52]

Answer:

Samuel plays the role of a securities broker.

Explanation:

A securities broker has the function of being the link between the investor and the global financial markets. The broker helps guide the client to make the best investment decisions in the market.

In addition to advising its clients, the securities broker is responsible for buying and selling the shares of its client. To be a securities broker, you must have higher studies in administration, economics, or finance, also have completed the preparation to work as a broker.

<em>I hope this information can help you.</em>

8 0
3 years ago
Nonprofit agencies are frequently called voluntary service agencies because they use only volunteers to provide services.True /
rodikova [14]

Answer:

The answer is "False".

Explanation:

Nonprofits are taxation-exempt or charity because, they don't pay tax, on their organization's money they earn, that can work in social, scientific, educational, or research settings.

  • It also makes money, but sometimes they are distinguished, itself to for-profit businesses by the profits they make.
  • The cash is used to expand the organization, and promote the work further, that's why the answer to this question is false.
6 0
3 years ago
Kaspar Corporation makes a commercial-grade cooking griddle. The following information is available for Kaspar Corporation's ant
Leto [7]

Answer:

Total cost per unit is $77

Explanation:

Fixed manufacturing overhead per unit = Total fixed manufacturing overhead ÷ Number of units

= $478,800 ÷ 34,200 = $14 per unit

Fixed selling and administrative expenses per unit = Total Fixed selling and administrative expenses ÷ Number of units

= $171,000 ÷ 34,200 = $5 per unit.

Total cost per unit = Direct material + Direct labor + Variable manufacturing overhead + Fixed manufacturing overhead + Variable selling expenses + Fixed selling expenses

Total cost per unit = $15 + $5 + $11 + $14 + $5 + $5 = $55 per unit.

Markup = 40% of total cost = $55 × 40% = $22

Therefore, total selling price per unit = Cost per unit + Markup

= $55 + $22 = $77 per unit.

7 0
4 years ago
The fundamental idea behind _____ is that corporations have duties that go beyond lawful execution of their economic function.
Simora [160]

Answer:

Corporate Social Responsibility.

Explanation:

Corporate social responsibility is a form of foreign self-regulation of a private enterprise aimed at contributing to public objectives of a philanthropic, political or humanitarian nature or by participating in or promoting voluntary or ethically driven activities.

  • Social Operating License can be described as a statutory basis for the legality of the operations and the participation of the organization in the ventures.
  • This relates to the amount of support and recognition of the operations of an organization by its stakeholders.

5 0
3 years ago
Other questions:
  • Economists argue that:_______.
    13·1 answer
  • Which of the following is true concerning federal budget deficits? I. The IRS spends more than it collects in taxes in a given y
    11·1 answer
  • interest rate is 7% and doubling time is 10.2 years. you have invested $5,000.00. in how many years will your money $40.000.00?
    11·1 answer
  • The _____ value of stock is an amount assigned per share by the corporation in its charter. In many states, this amount establis
    11·1 answer
  • What ways you could use to increase market share
    8·1 answer
  • The natural rate of unemployment is best defined as A. the state of the economy when there is zero unemployment. B. the rate of
    8·1 answer
  • The private equity firm Clarence Partners is looking at a leveraged buyout
    6·1 answer
  • gross domestic product understates the total production of final goods and services because of the omission of
    11·1 answer
  • Blue Ice Inc. is an American corporation. The company started out as a partnership between Nick Selver and Rita Andrew in 1985.
    6·1 answer
  • Sylvester is taking out a loan and is confused by the jargon. Which of the following explanations might help him? a. TERM is the
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!