Answer:
Annual depreciation= $7,996
Explanation:
Giving the following information:
Purchase price= $42,000
Useful life= 5 years
Salvage value= $2,020
<u>To calculate the annual depreciation under the straight-line method, we need to use the following formula:</u>
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (42,000 - 2,020) / 5
Annual depreciation= $7,996
Answer:
The correct answer is option C.
Explanation:
The decision-making process followed by consumers assumes that consumers are rational beings who are trying to maximize their satisfaction using their limited income.
So these consumers will consume the good or combination of goods that maximize their total utility derived from the consumption of these goods.
The consumers have limited income, they are aware of the marginal utility they derive from the consumption of an additional unit and they are also able to rank their preferences.
Answer:
The incorrect statement is letter "B": Residents of Canada meet the definition as a qualifying person.
Explanation:
Credit for Other Dependent is a tax credit taxpayers can claim for every qualifying dependent that is not considered as a Child Tax Credit (17 years or older and elderly parents). The taxpayer can get up to $500 nonrefundable credit for each of those qualifying dependents. Residents of Canada and Mexico do not meet the definition of qualifying dependent.
Answer:
$2 per unit per year
Explanation:
The calculation of the inventory carrying cost per unit per year is shown below:
Inventory Carrying cost per unit per year is
= Total Annual Inventory cost ÷ Economic order quantity
= $400 ÷ 200 units
= $2 per unit per year
It is computed By dividing the total annual inventory cost from the economic order quantity, in order to get the inventory carrying cost
Therefore, the first option is correct
Answer:
910.18
Explanation:
After Chin's down payment the amount borrowed is ...
(1 - 20%)($180,000) = 0.80·$180,000 = $144,000
The amount of the payment is given by the amortization formula ...
A = P(r/n)/(1 -(1 +r/n)^(-nt))
for P borrowed at rate r for t years, compounded n times per year.
A = 144000(0.065/12)/(1 -(1 +.065/12)^(-12·30)) = 910.18
The monthly loan payments will be 910.18.
