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3 years ago

What are the difference classifications for deposit account

Business

1 answer:

erma4kov [3.2K]3 years ago

5 0

Answer:

Deposits accounts classified as currents accounts, savings accounts and money market accounts.

Explanation:

Deposit account is a kind of savings account which allows the person or an individual to deposit or withdrawn the money by the account holder. These transactions are recorded in the banks books and the resultant balance will be reported as a liability for the bank.

The several different kinds of deposit accounts involves money market accounts, current accounts, call deposit accounts, Certificates of deposit (CDs) and savings accounts.

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Archie Co. purchased a framing machine for $55,000 on January 1, 2021. The machine is expected to have a four-year life, with a

Flauer [41]

Answer:

c) $15,900 and $17,900 respectively.

Explanation:

First calculate the Sum of all years digits

Sum of all years digits = 4 + 3 + 2 + 1 = 10

Now calculate the Depreciation rate using following formula

Depreciation rate = Remaining useful life / Sum of years digits

2021

Depreciation Rate = 4 / 10 = 0.40 = 40%

2022

Depreciation Rate = 3 / 10 = 0.30 = 30%

2023

Depreciation Rate = 2 / 10 = 0.20 = 20%

2024

Depreciation Rate = 1 / 10 = 0.10 = 10%

The depreciation schedule is attached. Please find it.

On December 31, 2022 the depreciation expense is $15,900 and Ending Book Value is $17,900

Download pdf

4 0

3 years ago

Exact Photo Service purchased a new color printer at the beginning of 2018 for $42,700. The printer is expected to have a four-y

MAVERICK [17]

Answer:

Depreciation for 2018 is = $15,120.60

Depreciation for 2019 is = $13,133.84

Depreciation for 2020 is = $10,401.04

Depreciation for 2021 is = $10,660.65

Explanation:

solution

we know here

Depreciation under Units of production method is

Depreciation is = (Cost - Salvage value) × (No of units produced ÷ Expected units of production)

put here value for each year

Depreciation for 2018 is = (42700-1708) × (553300 ÷ 1500000)

Depreciation for 2018 is = $ 15,120.60

Depreciation for 2019 is = (42700-1708) × (480600 ÷ 1500000)

Depreciation for 2019 is = $ 13,133.84

Depreciation for 2020 is = (42700-1708)× (380600 ÷ 1500000)

Depreciation for 2020 is = $ 10,401.04

Depreciation for 2021 is = (42700-1708)× (390100 ÷ 1500000)

Depreciation for 2021 is = $ 10,660.65

5 0

4 years ago

What are the elements of the tort of negligence??

natali 33 [55]

What are the elements of the tort of negligence??
Answer:*Presence of a Duty of Care. The first element is establishing the presence of a duty owed by one person to another.

*Someone Breached Their Duty. The second element is a breach of the duty owed by one person to another.

*The Breach Directly Causes Injuries. 

*Proving Monetary Losses.

4 0

3 years ago

What song lyric from the Rolling Stones expresses a powerful economic idea?

Kazeer [188]

Answer:

The correct answer is: "You can't always get what you want".

Explanation:

British well-known rock band "The Rolling Stones" was formed in 1962. Along their hits, we can identify "Paint it black", "Give me shelter", "Wild Horses", "Waiting on a friend" or "You can't always get what you want" (released in 1996) which is a song encouraging people to fight for what they want to achieve even if not all the time what is desired can be obtained.

3 0

4 years ago

Tobin Supplies Company expects sales next year to be $520,000. Inventory and accounts receivable will increase $90,000 to accomm

elena-s [515]

Answer:

$17,200

Explanation:

Calculation to determine How much external financing will Tobin Supplies Company have to seek

Net Income=[$520,000 x 20%]

Net Income = $104,000

Dividend Pay-out= [$104,000 x 30%]

Dividend Pay-out = $31,200

Additions to Retained Earnings = [$104,00 - $31,200]

Additions to Retained Earnings=$72,800

Now let determine the The External Financing Needed using this formula

The External Financing Needed = Increase in Assets – Additions to retained earnings

Let plug in the formula

The External Financing Needed= $90,000 - $72,800

The External Financing Needed= $17,200

Therefore The External Financing Needed is $17,200

7 0

3 years ago