Answer: Debt service funds are required to report accrued interest payable.
Explanation:
The modified accrual basis of accounting is utilized for governmental funds. It should also be noted that permanent funds reflect resources that are legally restricted so that principal may not be expended and earnings are used to benefit the government or its citizenry.
Therefore, the option that debt service funds are required to report accrued interest payable is not true.
Double-declining-balance rate:
By straight-line method, annual depreciation expenses = (85,000-5,000)/5 = $16,000
Rate of depreciation = 16000/(85,000-5,000) = 0.2 = 20%
Then, double-declining-balance rate = 2*Straight-line rate = 2*20 = 40%
From 2nd January 2017 to 31st December 2018 can be approximated as 1 year.
Therefore,
Depreciation expense in yr 1 = 40/100 * 85,000 = $34,000
And,
Book value at December 31 2018 = $85,000 - $34,000 = $51,000
It can be seen that the correct answer is b.
Answer: kindly check attached picture
Explanation:
Kindly check attached picture
Answer:
<u>3</u>
Explanation:
Price elasticity of demand refers to degree of responsiveness of quantity demanded to a change in price.
Price elasticity of demand is calculated as;
average price = 
= $4.5
Average quantity = 
= 75
Elasticity of demand (
) is given by 
÷ 
= 
÷ 
= 3
Thus absolute value (ignoring the negative sign of change in prices) of price elasticity of demand is 3.
The receiver has that responsibility.
