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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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Explanation:

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6 0
3 years ago
You purchase $300 worth of the same stock every quarter for one year at prices per share of $15, $12, $10, and $20, respectively
Ludmilka [50]

Answer:

An apple, potato, and onion all taste the same if you eat them with your nose plugged

Explanation:

6 0
3 years ago
Megasoft Corporation develops, produces, and markets a wide range of computer software including the Windows operating system. M
Nady [450]

Answer:

Megasoft Corporation

1. The amount of accounts receivable that was written off during the year ended June 30, 2016 was:

= $72 million

2. Receivable Turnover Ratio in 2016

= 2016 Net Sales/Average receivables

= $68,000/$16,660 = 4.1

Explanation:

a) Data and Calculations:

                                        June 30, 2016   June 30, 2015

Net Sales Revenue              $68,000            $62,000

Accounts Receivable

(all amounts in millions)      $17,260             $16,060

Allowance for

Doubtful Accounts of                  310                    360

Net Accounts receivable   $ 16,950             $ 15,700

Bad Debts Expense = $22

Allowance for Doubtful Accounts

Date                 Account Titles          Debit      Credit

June 30, 2015 Beginning balance                  $310

2016                 Bad Debts Expense  22

2016                 Accounts receivable                  72

June 30, 2016 Ending balance    $360

Accounts Receivable

Date                 Account Titles          Debit      Credit

June 30, 2015 Beginning balance $16,060

2016                 Net sales                 68,000

2016                 Allowance for Doubtful               $72

2016                 Cash                                       66,728

June 30, 2016 Ending balance                     $17,260

Average receivables = $16,660 ($16,060 + $17,260)/2

Receivable Turnover Ratio in 2016

= 2016 Net Sales/Average receivables

= $68,000/$16,660 = 4.1

8 0
2 years ago
Ratio Calculations Assume the following relationships for the Caulder Corp.: Sales/Total assets 2.2x Return on assets (ROA) 5% R
Valentin [98]

Answer:

2.27% ; 61.54%

Explanation:

Given that,

Sales/Total assets = 2.2x

Return on assets (ROA) = 5%

Return on equity (ROE) = 13%

Therefore,

Return on assets = Profit margin × Assets turnover

0.05 = Profit margin × 2.2

Profit margin = 0.05 ÷ 2.2

Profit margin = 0.0227 or 2.27%

Percent of total assets is from equity:

= Return on assets ÷ Return on equity

= 0.05 ÷ 0.13

= 0.3846 or 38.46%

Hence, the debt is as follows:

Debt = Assets - equity

        = 1 - 0.3846

        = 0.6154 or 61.54%

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