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MAXImum [283]
3 years ago
5

Gordon Chemicals Company acquires a delivery truck at a cost of $35,400 on January 1, 2017. The truck is expected to have a salv

age value of $3,900 at the end of its 4-year useful life. Compute annual depreciation for the first and second years using the straight-line method. (Round answers to 0 decimal places, e.g. 125.) First Year Second Year Annual depreciation under straight-line method
Business
1 answer:
lara31 [8.8K]3 years ago
7 0

Answer: $7,875 per year for each of the first two years.

Explanation: The method to calculate the amount of depreciation using the straight line method is to subtract the salvage price from the purchase price and then divide it by the numbers of years in its useful life.

($35,400 - 3,900)/4 = $31.500 / 4 = $7,875 per year

$7,875 is the amount of depreciation for each year of the four years of the truck’s useful life.

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mario62 [17]

Expanding your trade credit can increase your sales volume. More time to checkout increases a customer's purchasing power and the number of products they purchase extends trade credit to your customers.

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6 0
2 years ago
Assume that you can receive $500,000, $515,000, and $600,000 over a 3 year period and the present value of those sums at 8% is $
bagirrra123 [75]

Answer:

present value = $500,000/1.08 + $515,000/1.08² + $600,000/1.08³ = $1,380,791.80

you calculated the present value correctly, assuming that you receive the annual payments at the end of each year (ordinary annuity).

but if you receive the annual payment at the beginning of the year (annuity due) = $500,000 + $515,000/1.08 + $600,000/1.08² = $1,493,255

it's not exactly the same value, but it is much closer and you could assume that the difference is due to rounding: ($1,493,255 - $1,495,370) / $1,495,370 = -0.1%

7 0
3 years ago
Jenna Parker owns and manages her single-member LLC, which provides a wide variety of financial services to her clients. She is
tatiyna

Answer:

$57,000

Explanation:

Net Income reported = $300,000

W-2 Wages = $120,000

Assets with an adjusted basis = $75,000

Taxable income before QBI deduction = $285,000

Total taxable income from all source deduction(including standard deduction) = $1,200 for singles & $24,000 for married filling jointly

<u>Calculation of QBI deduction for 2020</u>

The maximum possible pass through deduction = 20% * $285,000 = $57,000

Hence, the income is not over $415,000. So he doesnt qualify for the W-2 wages deduction.

7 0
3 years ago
Annalise received financial aid offers from two universities.
natima [27]

Answer:

Option A will save her $15,500.

Explanation:

Financial aid is the assistance given to students to cater to a college education. It excludes Scholarships and grants as these are not cost items by other forms of assistance.

<u>Total for University Option A</u> excluding scholarships and grants

Tuition & Fees $10,000

Room and Board $11,500

Work-Study  <u>$ 4,000 </u>

Total for A  <u>$25,500</u>

<u>For university option B</u>

Tuition & Fees  $28,000  

Room & Board $ 9,000

Work-study  <u>$ 4,000</u>

Total for B  <u>$41,000</u>

Option B is more costly than A by :$41,000 - $25,500=$15,500.

Therefore, Option A saves $15,500

5 0
3 years ago
Read 2 more answers
At December 31, Amy Jo's Appliances had account balances in Accounts Receivable of $314,000 and in Allowance for Uncollectible A
Alex787 [66]

Answer:

$11,750

Explanation:

The computation of bad debt is shown below:-

Bad debt expense = Estimated allowance for uncollectible at the year end - Existing balance in allowance for uncollectible account credit balance

= ($314,000 × 4%) - $810

= $12,560 - $810

= $11,750

Therefore for computing the bad debt expenses we simply applied the above formula.

8 0
3 years ago
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