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mash [69]
3 years ago
11

Double-declining balance On January 1, 2021, the Excel Delivery Company purchased a delivery van for $51,000. At the end of its

five-year service life, it is estimated that the van will be worth $4,800. During the five-year period, the company expects to drive the van 154,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods.
Business
1 answer:
agasfer [191]3 years ago
3 0

Answer:

$18,480

Explanation:

Cost of van = $51,000

Useful life = 5 years

Salvage value = $4,800

Using the straight line, Annual depreciation

= (51000 - 4800)/5

= $9,240

Using the Double-declining balance method,

Annual depreciation = 2 × 9,240

                                  = $18,480

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Exam hide or show questions question content area revenue and expense account are permanent accounts. true false
klio [65]

Because they are always converted to an income summary throughout the closing process, revenue and expense accounts are known as nominal accounts.

so the statement is false

Revenue Definition:

Revenue in financial accounting refers to an inflow of funds, typically from sales or services provided by commercial activity. It is also known as sales or business turnover. In other terms, revenue refers to the amount of money that a company or organization receives. For instance, certain businesses may receive income from royalties, interest, or copyright fees. While for some businesses, money may come from the services they provide to clients. Donations from groups, corporations, and people are referred to as revenue for non-profit organizations.

Operating Revenue Examples:

  • Sales.
  • Fees or Commission Earned.
  • Service Revenues.

Expenses Definition:

A money outflow is known as an expense or expenditure in financial accounting. As an illustration, a tenant's expenses can include rent. Parents' expenses could include the cost of their children's tuition. Expenses for a business include things like electricity bills, bank fees, sales expenses, phone bills, repairs, and services.

List of expenses in accounts frequently observed when preparing financial statements:

  • Cost of goods sold.
  • Legal fees.
  • Depreciation.

Learn more about Revenue and expense accounts here

brainly.com/question/16749768

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3 0
1 year ago
Explain what happens when markets do not have enough competition.
MatroZZZ [7]

Answer:

The price will be higher and output lower in absence of competition.

Explanation:

When the market does not have enough competition, it provides a certain degree of market power to the existing producers. They are able to regulate prices and output.  

It is likely that the suppliers will provide a fewer quantities of goods at a higher price, in order to maximize their profits. The socially optimal level of output will not be produced in the market.  

The resources will not be efficiently allocated and deadweight loss will exist.

3 0
3 years ago
You manage a risky portfolio with an expected rate of return of 22% and a standard deviation of 35%. The T-bill rate is 6%. Your
muminat

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

Download xlsx
5 0
3 years ago
The controller of Fortnight Co. has requested a quick estimate of the manufacturing supplies needed for the Cleveland Plant for
zmey [24]

Answer:

$778460

Explanation:

Using the highlow method, we calculate the variable cost per unit,

  • VC / unit = 855460 - 651960 / 730000 - 545000  = $1.1per unit
  • The total fixed cost will be = 855460 - (1.1 * 730000) = $52460

The cost estimating equation will be,

  • Total cost at x number of unit = 1.1x + 52460

The cost of manufacturing supplies for the month of July will be,

  • Total cost (July) = 1.1(660000) + 52460   = $778460
6 0
3 years ago
Which of the following bonds has the greatest price risk? A 10-year $100 annuity. A 10-year, $1,000 face value, zero coupon bond
kogti [31]

Answer:

A 10-year, $1,000 face value, zero coupon bond.

Explanation:

Zero coupon bonds are sold at a deep discount, and do not pay coupons, only pay the full par value price at maturity.

Zero coupon bonds are riskier than other types of bonds because they are subject to interest tax risk: this means that even if the bond does not pay coupons, the IRS still computes an imputed interest that the bond would have received, and charges an income tax over it.

If the bondholder of a zero coupon sells the bond before maturity, the risk of having paid more in both income taxes on imputed intersest, plus the initial price of the bond itself, than the gain from the sale, is very high.

5 0
3 years ago
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