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Marianna [84]
3 years ago
10

On January​ 1, 2018,​ Jordan, Inc. acquired a machine for $ 1 comma 040 comma 000. The estimated useful life of the asset is fiv

e years. Residual value at the end of five years is estimated to be $ 55 comma 000. Calculate the depreciation expense per year using the straightminusline method.
Business
2 answers:
Keith_Richards [23]3 years ago
5 0

Answer:

$197,000

Explanation:

Depreciation is the systematic allocation of the cost of an asset to the income statement over the estimated useful life of that asset.

It is determined as the depreciable value of the asset over the estimated useful life of the asset where the depreciable value is the difference between the cost and salvage value of the asset

Mathematically, using the straight line method , the annual depreciation

= (cost - salvage value)/estimated useful life

= ($1,040,000 - $55,000)/5

= $197,000

romanna [79]3 years ago
4 0

Answer:

Annual depreciation= $197,000

Explanation:

Giving the following information:

Purchasing price= $1,040,000

Residual value= $55,000

Useful life in years= 5

<u>Under the straight-line method, the annual depreciation is the same during the useful life of the machine. To calculate the annual depreciation, we need to use the following formula:</u>

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (1,040,000 - 55,000)/5= $197,000

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3 0
2 years ago
Big Tommy Corporation is a local grocery store organized seven years ago as a corporation. The bookkeeper prepared the following
Natali [406]

Answer:

                        Big Tommy Corporation

      Profit and Loss for the year ended December 31

Sales                                                                         404,000

Cost of Goods Sold                                                 279,000

Gross Profit                                                               125,000

<em>Operating Expenses:</em>

Salaries and Wages Expense                   58,000

Office Expenses                                         16,000

Travel Expenses                                           1,000    75,000

Operating Income:                                                     50,000

Non-Operating Expenses

Income Tax Expense                                 15,000     15,000

Net Income                                                                 35,000

Explanation:

Multistep income statement makes a clear distinction on Operating Incomes and Expenses and Non-Operating Incomes and Expenses

Operating income is Profit generated from Primary activities of the company

Non-Operating Incomes and Expenses do not relate to the Primary activities of the firm.They occur as a result of secondary activities.

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3 years ago
There are 72,922 seats in Lambeau Field where the Green Bay Packers play football. The Packers have sold out their season ticket
In-s [12.5K]

Answer: quantity demanded of Packers tickets decreased.

Explanation:

First and foremost, we should note that normal goods are the goods that when the income of an individual rises, the individual will buy more and in a case whereby the income reduces, the person will buy less.

Therefore, during recession when people's incomes decreased, the quantity demanded of Packers tickets decreased as well

7 0
3 years ago
Foreign investors assess not only the interest rate offered on financial securities but also (check all that apply):
Greeley [361]

Answer:

their total wealth

-their future expenditure needs

-the risk on the security

Explanation:

Financial System

This simply are markets and various financial units or intermediaries that help transfer financial assets, real assets, and financial risks in various forms from one person to another, from one place to another, and from one point to another

3 Main functions of the Financial System

1.) The achievement of the purposes for which people use the financial system

2.) The discovery of the rates of return that equate aggregate savings with aggregate borrowings

3.) The allocation of capital to the best uses

An investment

This is simply defined as the current commitment of current resources in the hope of getting greater resources in the future. It reduces current consumption in hopes of greater future consumptions. When making investment, different actions are considered before decision making.

7 0
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Lisah, Inc., manufactures golf clubs in three models. For the year, the Big Bart line has a net loss of $5,000 from sales $201,0
mel-nik [20]

Solution:

Differential Analysis:      

                                      Continue      Eliminate      Net income

                                                                                   Inc/Dec  

                                                                                             

Sales                               201000             0                -201000  

variable cost                     176000             0                 176000  

Contribution margin          25000              0                -25000  

Fixed cost                        30000           20300               9700  

Net income / (loss)           -5000             -20300          -15300  

No, The Product line shall not be eliminated  

4 0
3 years ago
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