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KATRIN_1 [288]
3 years ago
9

Franco breeds a wide variety of fish. For the last nine years he has been going to Fins-to-You, a local pet store that specializ

es in tropical fish and aquarium supplies, for all of his needs. He buys everything from fish food to aquarium heaters to replacement fish from this store. Which of the following terms best describes the relationship Franco has with Fins-to-You?
functional relationship
Business
1 answer:
Amiraneli [1.4K]3 years ago
7 0

Functional relationship best describes the relationship Franco has with Fins-to-You.

Explanation:

A functional relationship connects roles or administrative structures at varying management categories based on the specialization aspect of a role for which equal responsibility is exchanged.

The relationship between time and distance is a true example of a functional relationship. We are all mindful that travel distances take time and it takes some time to do so when we drive some distance (or stand still). A practical interaction is the relationship between distance and time.

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Machinery purchased for $64,200 by Sheridan Co. in 2016 was originally estimated to have a life of 8 years with a salvage value
ArbitrLikvidat [17]

Answer:

Sheridan Co.

a. It is not necessary to correct the prior year's depreciation.  Depreciation is an accounting estimate and does not require the adjustment of prior year's accounts when there is a correction in its estimates.

b. Entry to record depreciation for 2021:

Debit Depreciation Expense $4,387

Credit Accumulated Depreciation $4,387

To record the depreciation expense for the year.

Explanation:

a) Data and Calculations:

Purchase of machinery in 2016 = $64,200

Original estimated useful life = 8 years

Salvage value = $4,280

Depreciation amount = $59,920 ($64,200 - $4,280)

Depreciation expense per year = $7,490 ($59,920/8)

Accumulated depreciation for 5 years = $37,450

Net book value = $26,750 ($64,200 - $37,450)

Remaining estimated useful life = 5 years

Salvage value = $4,815

New depreciable amount = $21,935 ($26,750 - $4,815)

Depreciation expense per year = $4,387 ($21,935/5)

4 0
3 years ago
how does this affect the balance sheet sale of used equipment with book value of 300,000 for 500,000 cas
Andrei [34K]

Answer:

Cash increases by $500,000

Equipment decreases by $300,000

Profit increases by $200,000

Explanation:

Cash increases by $500,000 because the equipment was exchanged for cash.

The equipment (property,plant and equipment account) decreases by $300,000 because this particular equipment will be removed from PPE account.

Equity increases by $200,000 because there is a profit of $200,000 from the sale.

7 0
3 years ago
Which of the following refers to the knowledge and competence of service providers and the ability to convey trust and confidenc
Fittoniya [83]

Answer:

Assurance

Explanation:

Assurance refers to providing guarantee for the work done about the quality and quantity of work done.

This provides an ability of confidence and faith in the user. Therefore, the correct option for conveying competence in the service and their knowledge through service provided the with the confidence that the service provided will fulfill the demand of user is Assurance.

5 0
3 years ago
The contribution margin format income statement: Multiple Choice is most frequently used for financial statement reporting purpo
Ede4ka [16]

Answer: uses a behavior pattern classification for costs rather than a functional cost classification approach.

Explanation:

The behavioral pattern of a cost refers to its relationship with the volume of production or sales. Costs that change along with the volume of production or sales are termed "variable costs" and costs that do not change are termed "fixed costs".

The Contribution Margin income statement classifies costs by whether they are variable or fixed which is why it is said that the format uses a behavioral for cost classification pattern not a functional one.

7 0
3 years ago
Please Help!!!!
Tju [1.3M]

Answer: look into file sharing options so that everyone can work on the same file at the same time.

Explanation:

If a sales group consist of a team that wants to make presentation, the thing that should be done by the group should be to look into file sharing options so that everyone can work on the same file at the same time.

The work should be delegated among the group members so that the file can be worked on at same time and every necessary things can be put in place.

6 0
3 years ago
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