Answer:
A debit of $7.6 million to a loss account
Explanation:
Step 1. Given information.
- Carrying value is 21.4 million
- Market value when retired is 29 million.
Step 2. Formulas needed to solve the exercise.
Gain(Loss) = Carrying value - Market value when retired
Step 3. Calculation.
= 21.4 million - 29 million
= 7.6 million
Step 4. Solution.
A debit of $7.6 million to a loss account
Answer:
The correct option is 1
Explanation:
In Absorption costing, all production costs: direct labor, direct materials, and factory overhead whether fixed or variable are considered products costs.
In variable costing, only direct materials, direct labor and variable factory overhead are considered product costs.
So if units are produced are greater than units sold Absorption cost will be greater than Variable cost and vice versa.
Answer: Equal Opportunity and Responsibility.
Explanation: Every successful organization share in common: a common goal they target to achieve, proper coordination, and hierarchy of authority.
In most organizations authority is NOT equal and each individual has their key roles they perform to ensure success is achieved.
There is always a leader or a team of leaders and those following their lead.
Answer:
The correct answer is $23,663
Explanation:
Spreadsheet is attached with the calculus.
Depreciation expense is the difference between the cost of the asset and the residual value, divided by the useful life of the asset.
Depreciation expense=(original cost-residual cost) /useful life
In this case, conditions change at third year. First, we must calculate the depreciation expense with the first situation. The first 2 years , we are going to decrease the asset value with this depreciation expense.
Situation 1 Depreciation expense 14375
At third year , we must recalculate the depreciation expense. The final value of second years is the new "original value".
Situation 2
Original Value 97250
Residual Value 2600
Useful life 4
Depreciation expense= (97250
- 2600
)/4
Depreciation expense= 23,663
