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
vladimir2022 [97]
3 years ago
10

An asset having a four-year service life and a salvage value of $6,000 was acquired for $50,000 cash on April 5. Using straight-

line depreciation, what will be the depreciation expense at the end of the first year, December 31?
Business
1 answer:
Lana71 [14]3 years ago
3 0

Answer:

the depreciation expense at the end of the first year, December 31 is $ 8,250

Explanation:

Straight line Method of Depreciation Charges the same amount of depreciation over the useful life of the asset.

Depreciation Charge = (Cost - Salvage Value) / Useful Life

Depreciation Charge = ($50,000-$6,000) / 4 years

                                   = $11,000

<u>Apportionment of Depreciation Charge</u>

<em>From April 5 to December 13 there are 9 months</em>

Therefore depreciation for the year is apportioned as follows :

Depreciation Charge = 9/12× $11,000

                                   = $ 8,250

You might be interested in
When Larry purchased a Jet Ski personal watercraft for $4,999, he was also given free financing and three hours of free lessons
stellarik [79]

Answer:

Value added

Explanation:

Value-added - it is the total difference that comes out between the product value in the market and the cost of producing that product. cost of a product is based on the survey which gives the idea that how much cost may be assigned to the product.

The value of this difference help to determine the profit on products.

Higher the value of add, higher will be the charges of product and higher will be the revenue collected.

4 0
3 years ago
Rough Hewn Lumber Company orally contracts with Joe for the purchase of five acres of Joe's timberland. Joe makes the transfer b
Reptile [31]

Answer:

b. quasi contract

Explanation:

-Liquidated damages refers to a mechanism in a contract in which a party can request a compensation because of breach.

-Quasi contract is  an agreement that is recognised by a court when there is no written contract between two parties and there is a conflict about a payment of a product or service.

-Reformation is a change made by a court in a document when one party that participates in it makes a request.

-Restitution is when someone receives a compensation for a loss or an injury.

According to the options given and the definitions, the answer is quasi contract.

7 0
3 years ago
Steve went to his favorite hamburger restaurant with $3, expecting to buy a $2 hamburger and a $1 soda. when he arrived he disco
inysia [295]
The answer is The income effect. 
Income effect is described as the change in demand of a service or good brought on by change in the income of a consumer.It is observed in two cases first is when income of person increases and second is when price of goods or service decreases. 
The scenario given in the question is an example of second case as the price of burger was less than normal Steve perceived his income to be able to buy more product in same price
8 0
3 years ago
Aquatic Equipment Corporation decided to switch from the LIFO method of costing inventories to the FIFO method at the beginning
otez555 [7]

Answer:

Explanation:

1. The computation of the balance in retained earnings is shown below:

= Beginning retained earning balance + adjusted net income

where,

Beginning retained earning balance is $780,000

And, the adjusted net income is = Inventory × ( 1 - tax rate)

= $60,000 × (1 - 40%)

= $36,000

Now put these values to the above formula  

So, the value would equal to

= $780,000 + $36,000

= $816,000

2. The journal entry is shown below:

Inventory A/c Dr $60,000

   To Retained earning A/c $36,000

   To Tax payable A/c          $24,000

(Being inventory is adjusted and the remaining balance is credited to tax payable account)

4 0
3 years ago
After you send in your FAFSA form, what will you receive back
goldenfox [79]
<span>After you submit the Free Application for Federal Student Aid (FAFSA), you will be sent a Student Aid Report (SAR). If they have a valid e-mail address on file for you, they will send you an e-mail, within 3 to 5 days, with instructions on how to access an online copy of your SAR.</span>
8 0
3 years ago
Other questions:
  • Which of the following does not describe​ derivatives? A. These financial instruments are often used to speculate. B. Insurance
    15·1 answer
  • An employee at a company is suffering from severe back injury, which is a covered disability. The employee comes to know of a va
    7·1 answer
  • Money in your emergency fund could be wisely used:
    7·1 answer
  • How are information systems transforming business and why are they so essential for running and managing a business today?
    12·1 answer
  • What is the relationship between insurance and successful financial management? Why is insurance important?
    12·2 answers
  • Soccer Wholesale purchased land and a warehouse for $990,000. In addition to the purchase price, Soccer Wholesale makes the foll
    10·1 answer
  • Martin, an employee at a boutique store, is required to handle store displays and also ensure that all the sales records tally a
    15·1 answer
  • Wilson company paid 6,700 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. The ba
    12·1 answer
  • Businesses employ workers from city neighborhoods and rural areas. These workers are perfect substitutes and cannot relocate in
    5·1 answer
  • As a rule, a profit-maximizing restaurant owner employs each factor of production up to the point at which the value of the marg
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!