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3 years ago

Here is selected financial statement data regarding a company's property, plant, and equipment.

Business

1 answer:

Ahat [919]3 years ago

6 0

Answer:

sale for 346,000

Explanation:

1,725,000 - 1,600,000 = 125,000

if we acquire 500,000

and the different is 125,000 this means we sale for :

purchase - sales = net change

500,000 - sales = 125,000

sales = 500,000 - 125,000 = 375,000

now we solve for the depreciation during the year applied to these assets

520,000 - 465,000 = 55,000

depreciation expense for the year 90,000

there is 35,000 depreciation write off therefore, associate with the traded PPE

net book value of the traded PPE:

375,000 - 35,000 = 340,000

we have a gain for 6,00 thus we sale for 346,000

We had a gain for 6,000

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$12120 is the annual amortization expense

<u>Explanation:</u>

The following formula is used to calculate the annual depreciation expense that will be recorded in the books of accounts

Depreciation = ( cost of the asset minus salvage value) divide by number of years.

Given data in the question: number of years = 10, cost of the asset = $124000, salvage value = $28000

Putting the figures in the formula,

Depreciation expense = ($124000 minus $28000) divide by 10

After solving, we get = $12120

Thus, annual depreciation expense = $12120

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3 years ago

5. A man has $ 10,000 to invest. He invests $ 4000 at 5 % and $ 3500 at 4 %. In order to have a yearly income of $ 500, he must

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6.4%

200 from the 5% of 4000
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160 on 6.4% on 2500

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2 years ago

Read 2 more answers

7. In capitalism, most businesses have a profit motive. Describe at least one reason that businesses with a profit motive may be

kramer

Gaining a profit from sold goods is helpful because the use of scarce resources is optimized. It also provide jobs. The bad side of being in a profit motive business is that some may be tempted to deal with customers . I think that a profit motive business is a good thing.

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3 years ago

If a homeowner wants to sell his property to an adult child for $1, may a sales agent be involved in that transaction?

Umnica [9.8K]

Answer:

Of course a sales agent can be involved, although they will probably charge a fixed amount and not a sales percentage. Many people probably need the help of a sales agent to fill out legal forms, including contracts, etc. Not everyone has the knowledge to prepare them or simply fill them out, and a sales agent can be helpful.

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3 years ago

All of the accounts of the Grass is Greener Company have been adjusted as of December 31, 2016, with the exception of income tax

yulyashka [42]

Answer:

The income before tax is $370450, the income tax is $111135 and the net income is $259315.

Explanation:

As the data table is not visible,online a similar question is found for which the data is attached here with.

From the given data

Service Revenue=$943,000

Interest Revenue=$127,1000

Total Revenue=Service Revenue+Interest Revenue=$1070100

Now The expenses are given as

Supplies Expense=$349,200

Repairs and Maintenance Expense =$258,300

Depreciation Expense=$60,350

Rent Expense=$ 31,800

Total Expense=Supplies Expense+Repairs and Maintenance Expense+Depreciation Expense+Rent Expense=$699650

So the income before tax is given as

Income=Total Revenue-Total Expense

Income=$1070100-$699650

Income=$370450

So the income before tax is $370450.

Now the tax is estimated at 30% as given tax rate as

Tax=Rate*Income

Tax=30%*$370450

Tax=$111135

So the income tax is $111135.

Now the Net income is given as

Net Income=Income-Tax

Net Income=$370450-$111135

Net Income=$259315

So the Net Income is $259315.

8 0

4 years ago