Answer:
$1,305,600
Explanation:
Date of acquisition = Jan, 1 2016
Cost of purchase = $1,904,000
Initial useful life - 15 years
Initial amortization - 1904000/14
= $126,933
Date of review of amortization policy -2019
Accumulated amortization before 2019 -126,933.33*3=380800
Remaining useful years at December 2019 7
Amortization in 2019 =1904000-380800/7 =217,600
Carrying value at December 2019 = 1904000 - (380800 +217600) =1305600 Please note that change in amortization policy can only be applied progressively and not retrospectively
Answer:
Achived that the breakeven
Answer:
57.8$
Explanation:
Here we know that:
- One trip to work averages 14 miles
- Therefore, one return trip home-work averages 14*2=28 miles
- You work 20 days per month
So, the average number of miles per month is:
Then, we also know that the car averages 28 miles per gallon; this means that the number of gallons consumed on average in 1 month is equal to the average number of miles (560) divided by 28:
So, 20 gallons per month.
Finally, we know that the cost of the gas is 2.89$/gallon. Therefore, the average total cost per month is equal to the average number of gallons per month (20) times the cost per gallon:
Answer:
Bill Gates said, "Develop your people to do their jobs better than you can. Transfer your skills to them. This is exciting but it can be threatening to a manager who worries that he is training his replacement. Smart managers like to see their employees increase their responsibilities because it frees the managers to tackle new or undone tasks."
Explanation:
Bill Gates is an American computer pioneer and philanthropist. He is a co-founder of Microsoft, where he was the chairman of the board. He has now left the day-to-day work at Microsoft to work full-time within the Bill & Melinda Gates Foundation. According to Forbes magazine, Gates is the second richest person in the world (after Jeff Bezos) with a fortune of about $105 billion.
Answer:
Debit : Allowance for doubtful debts = $2900
Credit : Accounts receivables = $2900
Explanation:
An account for allowance for doubtful debts is a contra account created, predicting that certain debtors will not be able to pay for the goods and services they purchased. This may be based on historical experiences. Doubtful debts aren’t officially uncollectible, it is simply an estimation made, but bad debts are, where you have officially written off a certain accounts receivable as uncollectible.
An allowance for doubtful debts is recorded in the balance sheet, directly under accounts receivables. Bad debts are recorded as an expense in the income statement. When there is an allowance for doubtful debts, the bad debts account is debited and the allowance for doubtful debts account is credited.
According to the question, the balance was $2,200 (Cr) in the allowance for doubtful debts account. The initial expected amount for allowance for doubtful debts was $5100 (Cr). This means that the difference was the amount that was declared as uncollectible and officially written off i.e. bad debts. Thus $2900 ($5100 -$2200) would have been confirmed as bad debts.
The entry to record the above transaction is:
Debit : Allowance for doubtful debts = $2900
Credit : Accounts receivables = $2900
