The Modified Accelerated Cost Recovery System (MACRS) is used for tax purposes.
<h3>What is depreciation?</h3>
Depreciation refers to the devaluation in the value of the tangible assets after a particular period of time. When the depreciation value of the assets becomes zero or negative. It becomes outdated or obsolete.
Modified Accelerated Cost Recovery System is the system introduced by the United States which is the tax depreciation system used to estimate the value of the assets depreciated.
Initially, it was introduced to attract the investors to invest in the depreciating assets. the benefit of this system is that it gets higher tax exemptions.
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Answer:
a.
Date Account Title Debit Credit
XX-XX-XXX Accounts Receivable $12,040
Fees earned $12,040
b. No it would not have been.
If using the cash basis, the revenue would only be recognized when the cash is paid to the company. As the cash has not been paid, there would be no need to adjust for the revenue in the present period.
Answer: Sample selection bias
Explanation: Sample selection is a term used to describe the various steps and processes through which a researcher was able to determine and collect his or her samples.
Bias is an inclination towards or a prejudice against one or more parties or factors in an experiment or a Research.
SAMPLE SELECTION BIAS IS ONE OF THE MAIN CAUSES OF POOR OR WRONG OUTCOMES DURING A RESEARCH OR AN EXPERIMENT.
No, they must be lower to compete with a monopoly. Please mark Brainliest!!!
Answer:
Journal entry
Explanation:
The recording of the early retirement of the bonds is shown below:
Bond payable $122,000
Loss on the redemption of bonds $10,000
To Bond discount amortization $8,000 ($122,000 - $144,000)
To Cash $124,000
(Being recording of early retirement of the bonds is made)
The balancing figure is to be debited to Loss on the redemption of bonds