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Masteriza [31]
3 years ago
13

DogMart Company records depreciation for equipment. Depreciation for the period ending December 31 is $1,400 for office equipmen

t and $2,650 for production equipment. Prepare the two entries to record the depreciation.
Business
1 answer:
emmainna [20.7K]3 years ago
8 0

Answer:

December 31 (office equipment depreciation expense)

  • Dr Depreciation Expense - office equipment 1,400
  • Cr Accumulated Depreciation - office  equipment  1,400

Dec. 31 (production equipment depreciation expense)

  • Dr Depreciation Expense - production equipment 2,650
  • Cr Accumulated Depreciation - production  equipment   2,650

Explanation:

Since depreciation is an expense and it increases, it should be debited.

Since accumulated depreciation is a contra asset account and it increases, it should be credited.

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Answer:

1. Trade off

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4. Diminishing marginal utility

Explanation:

1. Giving up one benefit or advantage to gain another regarded as more favorable is called trade-off. Every economic decision involves some trade-off.

2. Opportunity cost is the second-best alternative or value of the alternative, that must be given up when making a choice. Because of scarce resources with alternative uses allocation of resources involves some opportunity cost.

3. Cost-benefit analysis can be defined as the process of examining the benefits and costs of each available alternative in arriving at a decision. Resources are allocated efficiently if the cost incurred and benefit earned is equal.

4. As we go on increasing the quantity consumed of a product, the marginal utility or satisfaction earned from its consumption goes on decreasing. This is called diminishing marginal utility.

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3 years ago
Some of the following future cash flows have been expressed in then-current (future) dollars and others in CV dollars. Use an in
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Answer:

$62,267.91

Explanation:

first we must calculate the interest rate = 10% + 6% + (10% x 6%) = 16.6%

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present values for:

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total present value = $62,267.91

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People are often motivated to achieved anything. In the United States, personal success and professional achievement are important motivators is a true statement.

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