Tom works at a company that has a closed shop arrangement. in which industry does tom most likely work

Archie Co. purchased a framing machine for $45,000 on January 1, 2021. The machine is expected to have a four-year life, with a

k0ka [10]

Answer: $10,000 and $25,000

Explanation:

DEPRECIATION FOR 2022.

Straight line method of depreciation means it depreciates by the same amount every year. You can calculate by

(Cost - Residual Value) / useful life.

=($45,000 - $5,000) / 4

= $10,000.

Each year the framing machine reduces by $10,000 meaning in 2022 the depreciation will be $10,000.

BOOK VALUE AT DECEMBER 31, 2022

We've established that every year the value drops by $10,000.

On December 31, 2021, it dropped by $10,000.

On December 31, 2022, it dropped by another $10,000.

Adding that together gives you 10,000 + 10,000 = $20,000.

$20,000 is the total depreciation at the end of 2022.

Subtract that figure from the cost,

=$45,000-$20,000

=$25,000.

BOOK VALUE ON DECEMBER 31, 2022 is $25,000.

8 0

3 years ago

Table 13-8 quantity of output fixed cost variable cost 0 $20 $0 1 $20 $10 2 $20 $40 3 $20 $80 4 $20 $130 5 $20 $200 6 $20 $300 r

OverLord2011 [107]

the answer is is is
5

4 0

3 years ago

During March, Pendergraph Corporation incurred $65,000 of actual Manufacturing Overhead costs. During the same period, the Manuf

Yanka [14]

Answer: Credit to manufacturing overhead of $67000.

Explanation:

The journal entry to record the application of Manufacturing Overhead to Work in Process would be:

Debit Work in Progress $67000

Credit Manufacturing overhead $67000.

( To record the application of manufacturing overhead to work in process).

5 0

3 years ago

Esquire Comic Book Company had income before tax of $1,000,000 in 2016 before considering the following material items:

Ganezh [65]

Answer:

Esquire Comic Book Company

Income Statement

For the Year Ended December 31, 2016

Operating income $1,000,000

Restructuring costs ($80,000)

Income from continuing operations b/ Taxes $920,000

Income tax expense ($368,000)

Income from continuing operations $552,000

Discontinued operations:

Operating income $500,000
Loss on disposal ($350,000)
Income tax on discontinued operations ($60,000)

Income from discontinued operations $90,000

Net income $642,000

Explanation:

Income from discontinued operations must be reported separately, but any restructuring costs must be included as operational expenses.

8 0

3 years ago

Drag the tiles to the correct boxes to complete the pairs. Match the components of an income statement with their description.

Korolek [52]

Answer:

see below

Explanation:

1. COGS

Expenses incurred for manufacturing or obtaining the products and materials sold during a given period.

COGS are the direct expenses in the production process. They include labor, materials, and direct overheads.

2. Gross profit

Balance arrived at after deducting the expenses incurred on the goods sold from the revenue earned by selling the goods.

The revenues must exceed the expenses for a business to realize a gross profit. Otherwise, it will be a loss.

3. Operating expenses

Expenses that a business incurs to carry out its daily operations. They are the indirect cost of production. Examples include insurance, administrative, and security costs.

4. Selling expenses

Money spent on advertising, traveling, and promotions. These are the costs incurred in the selling process.

5 0

2 years ago