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aliina [53]
3 years ago
12

A company purchased new furniture at a cost of $17,000 on September 30. The furniture is estimated to have a useful life of 5 ye

ars and a salvage value of $2,300. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the furniture for the first year ended December 31
Business
1 answer:
Hitman42 [59]3 years ago
3 0

Answer:

The correct answer is $735

Explanation:

Solution

Given that:

Now,

The first step is to find How much depreciation expense will be recorded for the furniture for the first year ended December 31.

Thus,

The depreciation for a complete year under the method called straight line is given as follows:

The depreciation for a complete year under the method called straight line =(Cost -Salvage Value)/ Useful life

=($17,000 -$2,300) /5

=$14700/5

= $2940 per year

However,

Because the furniture was purchased on September 30, the depreciation will be computed from October to December (three months)

The depreciation for three months is shown below:

Depreciation = Yearly deprecation * 3/12

= $2940 * 3 /12

= $8820/12

=$735

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Answer:

Explanation:

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3 years ago
A technician is talking to end users about the specifications for an upgraded application server. The users of the application r
grigory [225]

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6 0
3 years ago
A credit entry was recorded for unearned revenue and a debit for cash. What does this entry indicate?
rusak2 [61]

Answer:

This means that there is an increase in cash(cash has been collected). And for the unearned revenue which is a liability, there is an increase in the liability

Explanation:

This means that there is an increase in cash(cash has been collected). And for the unearned revenue which is a liability, there is an increase in the liability.

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7 0
2 years ago
Pedregon Corporation has provided the following information:
Ulleksa [173]

Answer:

$22,750

Explanation:

Data provided

Fixed manufacturing overhead = $16,500

Units produced = 5,000

Variable manufacturing overhead = $1.25

The computation of the total amount of manufacturing overhead cost is shown below:-

Manufacturing overhead = Fixed manufacturing overhead + Variable manufacturing overhead

= $16,500 + (5,000 × $1.25)

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= $22,750

5 0
3 years ago
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daser333 [38]

Answer:

a prior period adjustment

Explanation:

A prior period adjustment -

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2 years ago
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