Answer:
The correct answer is $2,580.
Explanation:
Under straight-line method, depreciation expense is (cost - residual value) / No of years = ($15,350 - $3,200) / 6 years = $2,025 yearly depreciation expense.
Accumulated depreciation at Year 3 = $2,025 x 3 = $6,075
Net book value (NBV) becomes $15,350 - $6,075 = $9,275
New depreciation is ($9,275 - $1,535) / 3 years = $2,580 yearly depreciation expenses
Answer:
b. One advantage to forming a corporation is that the owners of the firm have limited liability.
Explanation:
Every equity shareholder has this advantage that he cannot be called off, in case of any liability in the company, as the company stands liable and not the shareholder, whereas in partnership or proprietorship even all the partners can be called off to meet the liability personally, in case of any failure from the firm.
Though firms have tax advantage, but this is the disadvantage to the firm that the liabilities are unlimited.
Answer:
Short term: Try and sell the one pair of cleats that are used.
Med term: Try and sell Two pairs for a lower price like two pairs for $40
Long term: Try and sell all the cleats before you have to leave the store.
Explanation:
I like goals!
Answer:
$1,200
Explanation:
Cost of the equipment purchased = $15,000
Useful life of the machine = 3 years
Salvage value = $600
Now,
Using the straight line method of depreciation
Annual depreciation = 
= 
or
= $4,800 per year
Now total duration from January 1 to March 31 = 3 months or 
years
= 0.25 year
Therefore,
The accumulated depreciation = Annual depreciation × Duration
= $4,800 × 0.25
= $1,200
Answer: C) journalized in the general journal.
Explanation: Closing entries are the journal entry that is done in the accounting field in manual manner.The entry is done to move the temporary accounts into the permanent accounts. They are made at the completion of the accounting time in general journal .
Other options are incorrect because it is a necessary task to do in accounting field. It is not shifted from ledger account towards worksheet and it doesn't end the real account.Thus, the correct option is option(C).
