Answer:
Annual depreciation 2017= $54,000
Explanation:
Giving the following information:
The company purchased equipment on January 1, 2017, for $600,000. The residual value is $60,000 and the estimated useful life is 10 years.
Under the straight-line depreciation method, the annual depreciation is the same in all of the useful life. We need to use the following formula:
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (600,000 - 60,000)/10= $54,000
Answer:
From all indications,the two rents received have been posted wrongly, I want to believe that you are required to post the adjusting entries,hence my answer below:
The first $9000 was posted to deferred revenue,whereas only two months should have been
First rent:
DR Deferred revenue $3000
CR Revenue $3000
Second Rent
DR Revenue $6000
CR Deferred revenue $6000
Explanation:
The first $9000 was posted to deferred revenue,whereas only two months should have been deferred and December rent recognized as rent.
As far as the second rent is concerned only one month has been earned,as a result the revenue should be credited with just $3000 for December.
This then mean that revenue from the second property has been overstated in December by $6000,this necessitated by adjustment above.
Yes. The U.S. tax system has a built-in stabilizers.
These built-in stabilizers are called automatic stabilizers. Automatic stabilizers are defined as the features of tax and transfer system that lends stability of the economy without direct intervention from the policy makers.
These stabilizers tempers the economy when it overheats and provides economic stimulus when it slumps.
When: Automatic Stabilizers:
Incomes are high <span>tax liabilities rise and eligibility for government benefits falls
Incomes are low </span><span>tax liabilities drop and more families become eligible for government transfer programs (food stamps, unemployment insurance)</span>
Answer: A principal is someone who gives legal authority to another to act on his or her behalf in a business relationship. Therefore, the principal can be held directly liable for the agent's torts, or wrongful acts giving rise to a civil cause of action.
Hope this helps!! :)
Answer:
True
Explanation:
In simple words, the hospitality and tourism industry refers to the activities related to accommodation, restaurant and tourism etc. In such industries the main focus of the companies is the comfort and joy of their clients. This becomes difficult to implement as every individual have different needs and circumstances. Thus, the planning of activities should be made in such a way that it suited the global audience.
