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
boyakko [2]
3 years ago
13

Swifty Company constructed a building at a cost of $2,266,000 and occupied it beginning in January 2001. It was estimated at tha

t time that its life would be 40 years, with no salvage value.
In January 2021, a new roof was installed at a cost of $309,000, and it was estimated then that the building would have a useful life of 25 years from that date. The cost of the old roof was $164,800.
1. What amount of depreciation should have been charged annually from the years 2001 to 2020? (Assume straight-line depreciation.)
Business
1 answer:
statuscvo [17]3 years ago
7 0

Answer:

$56,650

Explanation:

Depreciation: The depreciation is an expense that shows a reduction in the value of the fixed assets due to tear and wear, obsolesce, usage, time period, etc. It is shown on the debit side of the income statement. It is a non-cash item that does not affect the cash balance.

The computation of the depreciation expense under the straight line method is shown below:

= (Original cost - residual value) ÷ (useful life)

= ($2,266,000 - $0) ÷ (40 years)

= ($2,266,000) ÷ (40 years)  

= $56,650

In this method, the depreciation is same for all the remaining useful life

All other information which is given is not relevant. Hence, ignored it

You might be interested in
A company's total marketing communications mix consists of a special blend of advertising, sales promotion, public relations, pe
marusya05 [52]

Answer:

A. the promotion mix

Explanation:

3 0
3 years ago
NextLinx Corporation provides a wide range of strategic implementation services for small- and medium-sized organizations. It al
maks197457 [2]

Answer:

The correct answer is: e-commerce enabler.

Explanation:

An e-commerce enabler is an online-based business that allows other individuals and businesses to offer their products as part of the enabler's webpage. The e-commerce enabler acts as a mall where different stores offer their goods without the need of having a correlation. One of the most famous e-commerce enabler worldwide is Alibaba.

5 0
3 years ago
At the current steady state capital-labor ratio, assume that the steady state level of per capita consumption, (C/N)*, is greate
Blizzard [7]

Answer:

C) a reduction in the saving rate will have an ambiguous effect on (C/N)*

Explanation:

The steady state consumption refers to the difference between how capital wears out or depreciates vs total output. In order to keep a steady state consumption, the savings rate (which equals investment) must be enough to replace any worn out or completely depreciated capital.

Since the consumption rate is already higher than the steady state consumption, the effect of a decrease in the savings rate is ambiguous. Every dollar earned by a household is either spent or saved, and in order for savings to decrease, spending must increase.

But in this case, the spending level is already too high. A decrease in savings should increase consumption but the effects of the increase in the capital labor ratio and the per capita consumption are not certain.

6 0
2 years ago
EA8.
docker41 [41]

Answer:

Bribery in the world of business typically happens when an organization or representative of an organization gives financial benefits to an official to gain favor or manipulate a business decision - True.

Bribery is the giving or offering of items of value (especially money) to a government official in exchange for favorable treatment. Bribing is unethical and illegal, but it is common practice in many countries, so common that it is expected.

The Foreign Corrupt Practices Act was implemented in the aftermath of disclosures that businesses were violating the IMA Code of Ethics - True.

In the seventies, U.S. Government investigations found that hundreds of U.S. companies operating abroad had turned to bribery in order to gain the favor of foreing officials. This conduct is related to the statement explained above: bribery is pervasive in many countries around the world.

Managers are required to follow specific rules issued by the IMA for internal financial reporting. - False.

The IMA Code of Ethics does not provide specific rules for financial reporting (these specific rules are found instead either in the Generally Accepted Accounting Principles (GAAP) or in the or in the International Financial Reporting Standards (IFRS)).

The IMA Code of Ethics instead provides principles, or ethical guidelines, to be followed by participants in the management accounting profession.

Ethics is more than obeying laws - True.

Ethics goes beyond what is legally right, and is more related to what is morally right. An ethical person should do the right thing even if there is no legal code explicitely telling him to do so.

The Sarbanes-Oxley Act addressed public company accounting reform. - True

This act added requirements for public accounting firms, and included legal penalties including possible jail time for certain types of misconduct. The Act was enacted following major accounting scandals such as Enron.

5 0
3 years ago
Which of the following is an example of an agency relationship?
zysi [14]

The answer is : d: A client that ends a transaction with one business to start another

6 0
3 years ago
Read 2 more answers
Other questions:
  • What are the origins of the reactants and the destination of the products?
    6·1 answer
  • A firm expects to increase its annual dividend by 20 percent per year for the next two years and by 15 percent per year for the
    9·1 answer
  • The consumer surplus from​ water, which is​ cheap, is​ ______ than the consumer surplus from​ gold, which is expensive. The tota
    10·1 answer
  • Olga, a salesperson for Pre-owned Cars & Trucks, Inc., tells Quincy, "This is the best car I’ve ever seen." This statement i
    13·1 answer
  • The database of Aster Corp. was hacked and confidential data was leaked to its competitors. This resulted in a huge financial lo
    5·1 answer
  • Which of the following statements is correct when considering a SWOT analysis? Group of answer choices1. Strengths and threats o
    7·1 answer
  • Choices companies give customers of the
    14·1 answer
  • The __________ shows how the capital is structured in the business, including the value of assets and the amount the firm owes a
    9·1 answer
  • The preferred approach to allocate joint costs to products is the value basis, which allocates a joint cost in proportion to the
    10·1 answer
  • A(n) ________ is a force in the environment that requires a company to address it.
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!