Answer:
$3,000 and $35,000
Explanation:
The computations are shown below:
The depreciation expense would be
=(Original cost - residual value) ÷ (useful life)
= ($50,000 - $5,000) ÷ (15 years)
= ($45,000) ÷ (15 years)
= $3,000
In this method, the depreciation is same for all the remaining useful life
The book value would be
= (Original cost of equipment) - (depreciation × number of years)
= ($50,000) - ($3,000 × 5 years)
= $50,000 - $15,000
= $35,000
Answer:
(a) (i) Define the term "Green Revolution" as used during the period 1945 to 1985.
- The use of modern agricultural techniques became widespread around many regions in the world. This led to higher yields through the use of fertilizers, pesticides, genetically modified seeds and mechanical machinery.
(ii) Explain the principal agricultural practices/technologies associated with the green revolution.
- extensive use of fertilizers, pesticides, genetically modified seeds and mechanical machinery.
(iii) Name TWO regions, in different parts of the world, where the green revolution has had a significant impact on crop yields.
- In North America, Mexican food production increased and they stopped importing food. Although currently that has reversed, and it is importing even more food than before.
- In Brazil, agricultural production increased dramatically. Both total farmed area and yields have continued to increase in the past years becoming a threat to the amazon basin.
(b) Identify and discuss TWO social, political, or cultural conditions necessary for the success of the agricultural practices/technologies of the green revolution.
- Emigration from rural areas to urban areas which resulted in a rapid expansion of urban centers. Since less labor was needed in farms, many people left rural areas due to lack of jobs.
- People started accepting genetically modified crops, which were not well accepted at first. A lot of money was invested in research and development of new seeds, fertilizers and pesticides.
(c) Identify and discuss TWO significant economic or ecological factors that may limit the long-term success of the agricultural practices/technologies of the green revolution.
- Many new agricultural techniques have resulted in a decrease of soil fertility. In many places crops cannot grow unless a lot of fertilizer is used.
- Countries were the green revolution was originally successful, like Mexico (where it started), have reduced the total area dedicated to crops. As the yields increased, the price of food started to decrease and many small farms could not keep operating.
Answer:
Retained earnings on the December 31, 2019: $253,000
Explanation:
Ending balance in retained earnings is calculated by using following formula:
Ending balance in retained earnings = Beginning balance in retained earnings + Net income - Cash dividends - Stock dividends
Grizzly Company had Retained Earnings at December 31, 2018 of $210,000. Beginning balance in retained earnings at January 01, 2019 is $210,000
Net income = Revenues - Expenses = $410,000 - $355,000 = $55,000
Ending balance in retained earnings = $210,000 + $55,000 - $12,000 = $253,000
Answer:
March 31
Dr. Payroll Tax Expense: 3071.25
Cr. FICA- Social security taxes payable:
1395
Cr. FICA- Medicare taxes payable:
326.25
Cr. SUTA-State unemployment taxes payable:
1215
Cr. FUTA- Federal unemployment taxes payable: 135
Explanation:
March 31
Dr. Payroll Tax Expense: 3071.25
Cr. FICA- Social security taxes payable:
(6.2%×$2,250) 1395
Cr. FICA- Medicare taxes payable:
(1.45%×$2,250) 326.25
Cr. SUTA-State unemployment taxes payable:
(5.4$×$2,250) 1215
Cr. FUTA- Federal unemployment taxes payable: (0.6%×$2,250) 135
