1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Temka [501]
3 years ago
8

Lundy Company purchased a depreciable asset for $99,000 on January 1. The estimated salvage value is $18,000, and the estimated

useful life is 9 years. The double-declining balance method will be used for depreciation. What is the depreciation expense for the second year on this asset?
Business
1 answer:
Mariulka [41]3 years ago
7 0

Answer:

$16, 988.4

Explanation:

The asset has a useful life of 9 years. the straight-line rate of depreciation is 1/9 X 100 = 11 per cent

the cost of the asset is $99,000

First-year depreciation under double-declining will be

Straight-line method rate x 2= 22 %

= 22/100 x 99,000

=0.22 x 99,000

=21,780

the book value after the first year will be 99,000 -21, 780

= 77,220

Depreciation expense for the second year = 22 % of 77,220

=22/100 x 77,220

=$16, 988.4

You might be interested in
• have you ever dealt with company policy you weren't in agreement with? how?
ziro4ka [17]
Yes i do.
A fertilizer company near my area choose to include a chemical substance that promotes Algae's growth in the water.
This substance will make the water surface covered in algae and make the plants inside the water unable to obtain proper sunlight and eventually killed them
3 0
3 years ago
Relevant information is information you can’t trust
Fantom [35]

Answer:

Relevant information is data that can be applied to solve a problem

Explanation:

4 0
3 years ago
Jobs that require lower level skills have better benefits, like health insurance, than jobs that require a college education. Pl
brilliants [131]

Answer:

False, jobs requiring a higher level of education have more benefits than jobs that require minimal education.

8 0
3 years ago
Warren Company began the accounting period with a $32,000 debit balance in its accounts receivable account. During the accountin
ra1l [238]

Answer:

The answer is : $104,000                  

Explanation:

First, we have to lay out the particulars, and explain what each of them mean:

debit balance in account receivable = $32,000. This refers to an amount that cusomers owed the company at the beginning of the period.

revenue recorded = $88,000. This refers to the total sales made by the company.

At the end of the period, we are told that the account receivable contained a balance of $16,000

Therefore it means that after all the payments (both balance from previous period and sales transactions) have been made in cash, the amount which the customers owed the company = $16,000.

Hence the cash collected is calculated as follows

(debit balance at beginning + revenue) - debit balance at the end = cash collected

(32,000 + 88,000) - 16,000 = cash collected

120,000 - 16,000 = cash collected

cash collected = $104,000

6 0
2 years ago
The following are some changes that may take place in the market for textbooks. For each of the following, indicate what will ha
Butoxors [25]

The demand curve will shift right.

(b.)The supply curve will shift right.

(c.)The demand curve will shift left

(d.)The supply curve will shift right.

(e.)The demand curve will shift left.

The demand curve is a graphical depiction of the connection between the cost of a commodity or service and the amount demanded over a specific time period. A common representation will have the price on the left-hand vertical axis and the amount needed on the right-hand horizontal axis. The law of demand states that, when all other factors are equal, the quantity demanded for a given good will decrease as its price rises as shown by the demand curve moving from left to right. Keep in mind that this formulation suggests that quantity is the dependent variable and price the independent variable. The independent variable often appears on the horizontal axis, or x-axis, although economics is an exception.

Learn more about demand curve here

brainly.com/question/14252371

#SPJ9

7 0
1 year ago
Other questions:
  • Project A requires a $280,000 initial investment for new machinery with a five-year life and a salvage value of $30,000. The com
    9·1 answer
  • In what way does the kettle falls five case illustrate a weakness of a federal system? choose the best answer.
    14·1 answer
  • Governments use _____ to boost exports and restrict imports. formal instruments of trade policy administrative trade policies su
    8·1 answer
  • Jason Allen is 30 years and wants to retire when he is 65. So far he has saved (1) $6,960 in an IRA account in which his money i
    14·1 answer
  • Tuity fruity beverage​ company's operating activities for the year are listed below. purchases ​$140 comma 500 operating expense
    11·1 answer
  • One potential drawback of just-in-time (jit) production is that
    13·1 answer
  • Butler Automotive developed a new diagnostic testing procedure that is expected to increase sales by $10,000 per month. As more
    12·1 answer
  • If the variable overhead efficiency variance is $500 unfavorable and the variable overhead spending variance is $100 favorable,
    9·1 answer
  • You are the manager of a firm that sells its product in a competitive market at a price of $50. Your firm's cost function is C =
    11·1 answer
  • The function that serves as an intermediary between an organization shipping a product and the actual carrier is.
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!