An example of accepting liquidated damages is when valerie backed out of the deal and Kenneth kept the earnest deposit.
<h3>What is a
liquidated damages?</h3>
A liquidated damages refers to a pre-estimated probable loss that would be suffered from the late completion of a contract.
In conclusion, the example of accepting liquidated damages is when valerie backed out of the deal and Kenneth kept the earnest deposit.
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Answer:
The answer is the end use of the product
Explanation:
The end use of a.product determines whether the product is s consumer or an industrial product.
A consumer product is a finished product. They are ready for immediate consumption. Consumers buy and eat it. For example, biscuits, coke etc
An industrial product is a product e.g raw materials, machinery, that is used to produce finished goods. Businesses and firms use industrial product to produce finished goods.
Answer:
$10,000
Explanation:
Depreciation of an asset is the systematic allocation of estimated cost to an asset over time. It is added over the years to get the accumulated depreciation that is netted off the cost to get the net book value.
It is given as
Depreciation = (Cost - Salvage value)/Estimated useful life
Depreciation expense for Year 1 (the first year of the asset's life) under the straight-line method would be
= ( $60,000 - $10,000 ) / 5
= $50,000/5
= $10,000
