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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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If demand for personal computers increases as a result of an increase in income, a. personal computers must be a normal good b.
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3 years ago
An example of _____ is causing panic selling by telling people that value in a neighborhood will decline due to the purchase of
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2 years ago
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Answer:

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