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pickupchik [31]
3 years ago
14

Problem 11-1 Jain Mart is to depreciate an asset bought for $500,000 using the SOYD method over a life of 8 years. If the deprec

iation charges in year 3was $80,000, determine the salvage value used in computing the depreciation charges in year 3. A. $50,000 B. $20,000 C. $1
Business
1 answer:
pickupchik [31]3 years ago
5 0

Answer:

B. $20,000

Explanation:

Depreciation in year 3 = $80,000

According to the sum of the Years' Digits Depreciation, the depreciation for an asset bought for $500,000 and an expected life of 8 years, at year 3, is given by:

D_{y=3}=\$80,000 = \frac{8-2}{8+7+6+5+4+3+2+1}*(\$500,000-Salvage) \\Salvage = 6*(\frac{\$500,000}{6} -\$80,000)\\Salvage=\$20,000

The salvage value used in computing the depreciation charges is $20,000.

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gayaneshka [121]

Answer:

see explanation

Explanation:

<em>Hi, your question is incomplete, I tried to look for it online but I could not find it. Here is an explanation on the steps to solve the problem.</em>

Step 1 : Determine the Total Materials Cost

Total Materials Cost

Opening WIP cost                                      $310,000

Costs added during the period                  $40500

Total                                                           $350,500

Step 2 : Total Equivalent units for materials

Equivalent units for materials = Completed units + Equivalent units in ending work in process inventory.

Step 3 : Unit equivalent cost for materials

Unit equivalent cost = Total Cost ÷ Total equivalent units

Step 4 : ending work in process inventory cost

Ending work in process inventory = Unit equivalent cost x equivalent units in ending work in process with respect to materials

6 0
2 years ago
Prior to adjustment at August 31, Salary Expense has a debit balance of $322,200. Salaries owed but not paid as of the same date
Phantasy [73]

Explanation:

The Journal entry is shown below:-

a. Salary Expense Dr,             $2,550

          To salaries payable                $2,550

(Being accrual of salary is recorded)

b. Income summary Dr,           $324,750

        To Salary expense                    $324,750

($322,200 + $2,550)

(Being closing of salary expense is recorded)

4 0
3 years ago
Crumbie, a cereal company, not only provides nutritional information on the packaging box of its products but also goes a step a
omeli [17]

The answer is: Consumerism

Consumerism refers to a view that encourage the purchase of goods and services. Companies can contribute to consumerism during their marketing campaign. During the campaign, they would do many things to make their products seems desirable , which would encourage the consumers to buy their products.

7 0
3 years ago
The osha agency is a part of the
ZanzabumX [31]
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8 0
2 years ago
The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $14,000 Socia
Eva8 [605]

Answer:

Option B is the correct answer,a credit to salaries payable for $10,350

Explanation:

First of all,the net payment of salaries of Arcon Company equal the gross salaries expenses of $14,000 minus the deductions except the federal unemployment tax of $210

Net pay=$14,000-$1,050-$2,600=$10,350

In to record the salaries,the salaries expense account would be debited with $14,000 while the social security and medical taxes payable and federal income taxes payable account are credited with $1,050 and $2,600 respectively.

The net pay of $10,350 is credited to salaries payable in expectation of actual payment

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3 years ago
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