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Mink Corporation purchases new office furniture for $7,200,000 on January 1, 2022. Mink estimates that the furniture has a $400,

TiliK225 [7]

In 2026, the deprecation schedule would show a depreciation expense of $360,000.

<h3>What would be the deprecation expense for 2026?</h3>

The first step is to determine the accumulated deprecation up until 2026.

Straight line depreciation expense = (Cost of asset - Salvage value) / useful life

($7,200,000 - $400,000) / 8 = $850,000

Accumulated depreciation = $850,000 x 4 = $3,400,000

Book value at the beginning of 2026 = $7,200,000 - $3,400,000 = $3,800,000

Deprecation expense = ($3,800,000 - $200,000) / 10 = $360,000

To learn more about straight line depreciation, please check: brainly.com/question/6982430

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2 years ago

Google Marketing Platform is as effective for small businesses as it is for enterprises. In fact, only two products aren't avail

MatroZZZ [7]

Answer:

B. Search Ads 360

E. Display & Video 360

Explanation:

Other than Search Ads 360 and Display & Video 360 all other mentioned products are available in the Small business version of Google Marketing Platform.

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3 years ago

Statement on Standards for Tax Services No. 1 establishes as a basic principle of providing tax services that the CPA:a. Must ha

ipn [44]

Answer:

a. Must have a good faith belief that the tax return position will be accepted by the IRS.

Explanation:

Certified Public Accountant (CPA) is a term used to refer to the state title of approved accountants in the Uniform Certified Public Accountant Examination. The CPA allows these professionals to issue opinion statements in financial reports, following a few rules. For example, the Tax Services Standards Statement No. 1 states that a basic principle of the provision of tax services that the CPA has is to have a good faith belief that the tax return position will be accepted by the IRS.

3 0

3 years ago

Which one of the following is not a right of common stockholders?a) To share proportionately in all management decisions.b) To s

lozanna [386]

Answer: Option A

Explanation: Common stockholders refers to the holders of common equity of an organisation. These shareholders are actually the owners of the organisation. They have the potential to earn maximum benefit and bear the maximum risk.

They have the right to select the auditor and board of directors but they cannot interfere with the management decisions. This right stands in the domain of the top managers which are appointed by these shareholders.

Thus, we can conclude that the correct option is A .

5 0

3 years ago

Given that Jacob's Chocolates Company had beginning retained earnings of $4,000; net income during the period of $10,000; and di

natta225 [31]

Answer:

C. $13,700

Explanation:

Given that;

Beginning retained earnings = $4,000

Net income during the period = $10,000

Dividends = $300

Computation of Ending balance in the retained earnings account

= Beginning retained earnings + Net income during the period - Dividends

= $4,000 + $10,000 - $300

= $13,700

Therefore, the ending balance in the retained earnings account is $13,700

5 0

3 years ago