Answer:
$30,000
Explanation:
Amortization is the process of expensing the cost of an intangible over its useful life. It is equivalent to depreciation in physical assets.
Under the straight-line depreciation, the depreciation amount is constant throughout the life of the asset.
For Bricktown, the cost of the asset is $50,000
use-life is five years,
the rate of depreciation will be 1/5 x 100
=1/5 x 100
20 percent
depreciation per year will 20% x $50,000
=20/100 x 100
=10,000
Accumulated depreciation at the end of the second year
=$10,000 x 2
=$20,000
The carrying value after two years will be the value of the asset - accumulated value. ( carrying value is the book value).
=$50,000 - $20,000
=$30,000
Answer: The correct answer is d) amount charged to expense since the acquisition of the plant asset.
Explanation: Based on<em> IAS 16: Property, Plant and Equipment</em>, depreciation of an asset commences when the asset is available for use. To buttress the option d above, chosen as correct, the depreciation expense charged commences since the time the asset is put into use, using the acquisition (historical) value and backing out the salvage value.
Depreciation is calculated by different methods. Most commonly used is the straight-line method, which is: (Acquisition amount minus salvage value)/No of years.
On a monthly basis, depreciation charge is recorded to expense and accumulated depreciation by debiting depreciation expense, and crediting accumulated depreciation. This continues immediately the asset is available for use. The accumulated depreciation warehouses all the depreciation expense charged till date (you cannot get this value from depreciation expense, since income statement is zerorized yearly, but balance sheet does not).
Answer:
A. $6,100
B. Yes
Explanation:
A. Preparation of a schedule of accounts payable for Bioplast Jewelry, Inc., as of January 31, 2019 Using the final balances of the vendor accounts to
Accounts Payable—Evans Enterprises $1,400
( 1,600-$200)
Accounts Payable—Stamos Distributors $2,800
(3,100-$300)
Accounts Payable—Tonetta Company 1,900
Total $6,100
($1,400+$2,800+$1,900)
B. Yes based on the above Calculation, the total of The accounts payable schedule agree with the balance of the accounts payable account
reason been that each of the vendor account balance will the close Accounts Payable (control account).
<span>The social media management dashboard that allows marketing managers submit messages to social media on a scheduled basis and also collect and analyze data from social media is called hootsuite.
The hootsuite was </span>created by Ryan Holmes in 2008 and became <span>the most widely used platform for managing social media.</span>
The journal entry to record the cash refund to the customer includes a debit to Sales Returns and Allowances and a credit to Cash for $40.
An item is returned to the seller by a customer or client as a sales return.
- Refund policies are customizable by businesses. There are other options, such as allowing free returns within a set time limit, imposing a restocking cost, or only allowing returns with a receipt. A shop credit or exchange may be available from some businesses. Accountants can enter these transactions in a sales returns account after confirming a return complies with a company's policy.
- An allowance is a reserve set aside in anticipation of costs that will arise at a later time. By creating a reserve, a cost that would have otherwise been recognized in a later period is instead recognized sooner, into the present period.
Learn more about Sales return, here
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