All of the following are examples of assets except?

Sooner Machinery Company purchased a delivery truck at a cost of $56,000 on March 10, 2018. The truck has a useful life of six y

Fofino [41]

Answer:

Results are below.

Explanation:

Giving the following information:

Purchase price= $56,000

Useful life= 6 yearsd

Salvage value= $5,000

a. To calculate the annual depreciation, we need to use the following formula:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (56,000 - 5,000) / 6= $8,500

Year 1:

Annual depreciation= (8,500/12)*10= $7,083.33

Year 2:

Annual depreciation= $8,500

b. To calculate the annual depreciation, we need to use the following formula:

Annual depreciation= 1.5*[(book value)/estimated life (years)]

Year 1:

Annual depreciation= [(1.5*8,500)/12]*10= $10,625

Year 2:

Annual depreciation= [(51,000 - 10,625)/6]*1.5

Annual depreciation= $10,093.75

4 0

3 years ago

Broker Nina and Broker Vesta work for Principal Broker Griffin. Vesta is working with Marlin, who is interested in purchasing a

Kay [80]

Answer:

B) Single agency.

Explanation:

In real estate, a single agency relationship means that the broker can only represent one of the parties involved in the transaction, either the buyer or the seller, but he/she cannot represent both parties. Most broker-client relationships are single agencies, since that way the broker should pursuit his/her client's best interest.

In a dual agency relationship, the broker represents both he seller and the buyer.

8 0

3 years ago

Re-Up Enterprises has sales of $926,355, costs of goods sold of $613,500, inventory of $189,880, and accounts receivable of $78,

densk [106]

Answer:

=112.785

Explanation:

Average days in inventory is financial ratio that shows the average number of days a company takes to turn its inventory.

The formula for calculating the average days in inventory is as below.

Days in inventory = Average inventory /cost of goods sold x 365

for Re-UP Enterprises: average inventory = $189,880

cost of goods sold =$613,500,

Days in inventory

= $189,880/613,000 x 365

=0.309 X 365

=112.785

6 0

3 years ago

Campus Bus Service entered into a contract with Smith Bus Company to purchase 10 buses. One week before Campus Bus was scheduled

dangina [55]

Options:

Smith Bus should be excused from performance under the clause for the rights on improper delivery
Smith Bus should not be excused from performance because it did not act in good faith
Smith Bus should be excused from performance under the test of commercial impracticability
Smith Bus can exercise its right of anticipatory repudiation

Answer:

Correct answer is Option c.

Smith Bus should be excused from performance under the test of commercial impracticability

Explanation:

In this case, Smith cannot fulfil the contract obligation due to an unforeseen event. Hence, Commercial impracticability shall apply.

5 0

2 years ago

What are five private agencies that protect consumer rights

RUDIKE [14]

The consumer protection administrative organizations battle to guarantee that people are dealt with decently, get the important data to settle on educated choices, are secured against item dangers and can utilize lawful response if necessary. Certain sorts of items draw in more direction because of their higher danger of customer damage or passing, for example, nourishment, meditates, kids' items, and cars.
The following are the five private organizations that ensure consumer rights:

Consumer Financial Protection Bureau (CFPB)

Consumer Product Safety Commission (CPSC)

Federal Trade Commission (FTC)

Food and Drug Administration (FDA)

National Highway Traffic Safety Administration (NHTSA)

3 0

2 years ago