Answer:
Accelerated depreciation method
Explanation:
Accelerated method is a depreciation method in which the asset lost its book value at a quicker rate as compared with the straight line method. Under this method, it permit high deduction in the starting years so that the taxable income could be minimized
Therefore according to the given option the first option is correct and the same is to be considered
Answer:
The correct answer is B) vault cash plus deposits with Federal Reserve banks minus required reserves.
Explanation:
Excess reserves refer to capital reserves held by a financial institution or institution in addition to what is required or regulated by regulatory entities or other internal controls in the countries. This practice allows them to handle external situations that affect the market, or allocate it to other items to generate profitability.
Answer:
Natural gas is debited by $6.3 million and asset retirement obligation is credited by $6.3 million.
Explanation:
According to the scenario, computation of the given data are as follow:-
Estimated cost = $16 million
Present value = $6.3 million
So, we will make journal entry for asset retirement obligation by taking present value of assets.
Journal entry to record the asset retirement obligation are as follows :-
Natural gas facility A/c Dr. $6,300,000
To Asset retirement obligation A/c $6,300,000
( Being asset retirement obligation is recorded)
Answer:
The journal entry to record the factory wages of $25,000 incurred in the processing department is given below.
Debit Processing Department (WIP Asset) $ 25,000
Credit Factory Wage (Liability) $ 25,000
The journal entry to record the factory wages of $15,000 incurred in the production department.
Debit Production Department (WIP Asset) $ 15,000
Credit Factory Wage (Liability) $ 15,000
Please note that these work in process are asset accounts and the cost of inventory is expenses as goods are sold.
Answer:
$299,200
Explanation:
Pearl Corp.’s Statement of cash flows
Cash Flows from operating activities:
Net Income 279,400
Adjustments to reconcile net income to cash flow from operating activities:
Depreciation expense $46,200
Accounts Receivables Increase ($17,600)
(93,500 -75,900)
Inventories Increase ($17,600)
(85,800 -68,200)
Prepaid expenses decrease $2,200
(18,700- 20,900)
Accrued Expenses payable decrease($11,000)
($6,600- $17,600)
Accounts Payable increase $17,600
(96,800 - 79,200)
Net Cash provided by Operating Activities $299,200
