Answer:
Part A
1. Straight-line.
Year Depreciation expenses ($)
2018 228,750
2019 228,750
2020 228,750
2021 228,750
2. Double-declining balance.
Year Depreciation expenses ($)
2018 460,000
2019 230,000
2020 115,000
2021 110,000
3. Units-of-production. (Assume annual production in cuttings of 200,000; 350,000; 260,000; and 110,000.)
Year Depreciation expenses ($)
2018 198,913
2019 348,098
2020 258,587
2021 109,402
Part B
1. Straight-line.
Year Depreciation expenses ($)
2018 114,375
2019 228,750
2020 228,750
2021 228,750
2022 114,375
2. Double-declining balance.
Year Depreciation expenses ($)
2018 230,000
2019 345,000
2020 172,500
2021 86,250
2022 81,250
3. Units-of-production. (Assume annual production in cuttings of 200,000; 350,000; 260,000; and 110,000.)
Year Depreciation expenses ($)
2018 99,457
2019 273,505
2020 303,342
2021 183,995
2022 54,701
Explanation:
Note: See the calculation in the attached excel file.
Answer:
The proper adjusting entry on December 31 is, D. Debit Insurance Expense, $4,700; credit Prepaid Insurance, $4,700.
Explanation:
The entry of prepaid insurance made earlier was $8,150 and on December 31, it was calculated that the unexpired amount of insurance was $3,450. So first we will calculate the amount of prepaid insurance which has been expired,
$8,150 - $3,450 = $4,700
To record the expired prepaid insurance, we will first debit prepaid insurance expense with $4,700 and then credit prepaid insurance with $4,700.
Prepaid Insurance is an asset and it will decrease by a credit of $4,700, so that the remaining balance in prepaid insurance account is $3,450 which is the remaining unexpired prepaid insurance.
The definition in my own words are:
- Cash Basis of Accounting: is type of accounting that that makes use of revenues and expenses at the time cash is received.
- Accrual Basis of Accounting: The accrual basis of accounting focus on recording revenues .
- Matching Principle: can be regarded as accounting concept that focus on companies report expenses .
- Time-Period Principle: is one that a business should report the states that financial results of its activities .
- Accounting Period: serves as the period of time that is used for accounting functions, this can be a fiscal year.
<h3>What is accounting?</h3>
Accounting serves as the process which involves the recording as well as summarizing business and financial transactions.
Learn more about Accounting on:
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Hello. You forgot to show the answer options. The options are:
Andy has lost his faith in the system after talking to the principal and he has decided to act on his own.
Andy has become very angry about the racist fans and he will put an end to their comments no matter what.
Andy is intent on making a change for the better and putting an end to the racist comments coming from the racist fans.
Andy feels bad for the protesting players, but he does not want to get too involved in other people’s problems.
Answer:
Andy is intent on making a change for the better and putting an end to the racist comments coming from the racist fans.
Explanation:
Racism is the conflict that is bothering Andy, affecting him to the point of looking for a way to diminish racist comments and even prevent them from happening. In summary, we can say that the conflict causes Andy to look for changes in his schools, suppressing racism and promoting a more comfortable and fair environment for all students.
