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
andriy [413]
3 years ago
6

On January 2, Haskins Company purchases a laser cutting machine for use in fabrication of a part for one of its key products. Th

e machine cost $80,000, and its estimated useful life is five years, after which the expected salvage value is $5,000. For both parts (a) and (b) below: (1) Compute depreciation expense for each year of the machine's five-year useful life under that depreciation method. (2) Use the financial statements effects template to show the effect of depreciation for the first year only for that method. (a) Straight-line
Business
1 answer:
MakcuM [25]3 years ago
3 0

Answer:

Explanation:

Cost of machine - $80000

Useful life - 5 years

Salvage value -$5000

Depreciable amount = 80000-5000= 75000

Annual depreciation = 75000/5 = 15000

Year                    DR                       Accum Dep

Cost                                                                                   8000                  

1                Depreciation 15000       15000  

2               Depreciation  15000      30000

Year 3      Depreciation  15000      45000

Year 4      Depreciation   15000      60000

Year 5      Depreciation   15000      75000

Financial statement template

Balanced sheet

Cash asset + Non cash asset = liabilities + Equity

Cash asset + 65000  = liabilities + equity

Income statement

Revenue - expenses = Net income

Revenue - 15000 - Net Income

You might be interested in
Which report is constructed immediately prior to preparing the financial statements with the purpose of demonstrating that the a
White raven [17]

The report that is constructed immediately prior to preparing the financial statements with the purpose of demonstrating that the accounts balance  is called : Adjusted trial balance

<h3>What is an adjusted trial balance?</h3>

Adjusted trial balance is an account prepared that shows the arithmetic accuracy of the ledger. This balance list the general ledger account balances after any adjustments have been made.

An adjusted trial balance include:

  • Adjustment for prepaid and accrued expenses.
  • Depreciation

Therefore, an adjusted trial balance is a report, constructed immediately prior to preparing the financial statements with the purpose of demonstrating that the accounts balance.

Learn more about adjusted trial balance here: brainly.com/question/14274904

3 0
2 years ago
After 8 years of working for a company that installed underground sprinkling systems for golf courses, Trevor was ready to ventu
BARSIC [14]

Answer:

B. two strengths and one threat

Explanation:

SWOT is an acronym that stands for strengths, weaknesses, opportunities and threats.

SWOT analysis helps an organization assess it's competitive position and devise strategies accordingly. Such an analysis aids an enterprise in decision making and planning.

In the given case, availability of finance/capital conveys strength and so does availability of skilled installers.

The construction activity being at an all time low with residential properties being foreclosed depicts a threat.

Thus, the given scenario represents two strengths and one threat.

3 0
3 years ago
Since the great recession of 2008, the phrase "the new normal" has become increasingly common. this phrase makes reference to
BigorU [14]

The term new normal refers to a wide variety of context wherein something that was considered abnormal before has found its commonplace or sort of became a norm. It is referenced from the financial crisis during 2007-2008 and the global recession from 2008-2012.

3 0
3 years ago
The part of the balance of payments account that lists all long-term flows of payments is called the: A. financial and capital a
Sauron [17]
C I think is the answer look it up
7 0
3 years ago
Pearson Motors has a target capital structure of 30% debt and 70% common equity, with no preferred stock. The yield to maturity
babunello [35]

Answer:

284%

Explanation:

You calculate it using the conversion method

8 0
3 years ago
Other questions:
  • Match the types of databases to their meanings
    12·1 answer
  • What were working conditions like before the labor movement?
    11·1 answer
  • On December 31, 2017, Extreme Fitness has adjusted balances of $960,000 in Accounts Receivable and $87,000 in Allowance for Doub
    10·1 answer
  • Suppose the rate of return on a 10-year T-bond is 4.05%, the expected average rate of inflation over the next 10 years is 2.0%,
    14·1 answer
  • Dynamo Corporation manufactures toasters. Each toaster comes with a 5-year assurance-type warranty. The toasters sell for $60 ea
    14·1 answer
  • Which of the following scenarios will shift the investment demand curve right? Instructions: You may select more than one answer
    6·1 answer
  • 2. Fiscal policy Suppose a hypothetical economy is currently in a situation of deficient aggregate demand of $32 billion. Four e
    11·1 answer
  • A customer holds 1,000 shares of ABC stock valued at 80 in a margin account. The debit balance in the account is $35,000. ABC de
    12·1 answer
  • Select the examples of Early Childhood Development and Services workplaces. Check all that apply. A hospital a private home an o
    5·1 answer
  • In which part of an interview would the interviewer ask questions that help accomplish the goal of the interview
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!