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jolli1 [7]
3 years ago
10

How is depreciation accounted for if disposal of a plant asset occurs during the year? A : It is not recorded for the year. B :

It is not recorded if the asset is scrapped. C : It is recorded for the fraction of the year to the date of the disposal. D : It is recorded for the whole year.
Business
1 answer:
Brrunno [24]3 years ago
8 0

Answer:

C : It is recorded for the fraction of the year to the date of the disposal.

Explanation:

Depreciation is the expense charged for providing against benefits arising through the assets. When any assets are to be sold, then depreciation is to be provided against the time period it is used as the benefit have been received for such.

Therefore, even in case of sales of the asset, the depreciation is provided for the period, it is in the books, and held in hand.

Therefore, the correct statement is:

Statement C

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The answer is "True".

Explanation:

In the given question, some information is missing, that is "Fill in the blank", which can be described as follows:

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B. List Operational Costs

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Someone similar to Mother Teresa would most likely measure their work success in terms of income.
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False

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Citi Compary is preparing the company's statement of cash flows for the fiscal year just ended. The following information is ava
ladessa [460]

Answer:

There appears to be a missing option A,of $44,000, which is correct option

The amount of cash dividends paid is $44,000 as shown below

Explanation:

The cash dividends paid in the year can be summarized below:

Cash dividends outstanding at the beginning of the year        $17,000

Cash dividends declared during the year                                   $40,000

less cash dividends outstanding at the end of the year            ($13,000)

Amount of cash dividends paid during the year                         $44,000

It expected that the dividends payable at the beginning of the year is given precedence over dividends outstanding at the end of year when it comes to making payment,hence the reason the earlier one is added to the cash dividends declared in the year and the later one taken out.

4 0
3 years ago
Use the information in the table below:
tiny-mole [99]

Answer:

1. $5,250 billion.

2. $3,000 billion.

Explanation:

1. M1 = M2 - Savings deposits - Money market mutual funds - Small time deposits

M1 = $13,700 billion - $7,000 billion - $700 billion - $750 billion

M1 = $5,250 billion

Thus, M1 is $5,250 billion.

2. Currency in circulation = M1 - Checking deposits  

Currency in circulation = $5,250 billion - $2,250 billion

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Thus, the amount of currency in circulation is $3,000 billion.

8 0
4 years ago
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