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Svetradugi [14.3K]
3 years ago
10

Cork Oak Corporation purchased a heavy-duty truck (not considered a passenger automobile for purposes of the listed property and

luxury automobile limitations) on May 1, 2019 for use in its business. The truck, with a cost basis of $24,000, has a 5-year estimated life. It also is 5-year recovery property. How much depreciation should be taken on the truck for the 2019 calendar tax year using the conventional (for financial accounting purposes) straight-line depreciation method?
Business
1 answer:
vlabodo [156]3 years ago
7 0

Answer:

$3200

Explanation:

The depreciation expense under the conventional straight line depreciation will be calculated using the following formula:

Straight-line Depreciation = (Cost - Scrap Value) / Useful Life

The useful life here is 5 years, cost is $24000 and scrap value is $0 which can be calculated using the following formula:

Straight-line Depreciation = ($24,000 - 0) / 5 Years = $4800 per year

This is for a year and we need  for the year end 31 December, 2019 for eight months.

The per month depreciation charge = $4800 / 12 = $400 per month

For 8 months = $400 * 8 months = $3200

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3 years ago
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The unit of product is the cost object when the plantwide overhead rate method is used.
Marina CMI [18]
<span>The plantwide overhead rate method means </span>using overhead rate to allocate costs to products and includes <span>indirect costs (overhead cost) to cost allocation base (single plantwide overhead rate) to cost objects (products 1-3).
</span><span>The statement that the unit of product is the cost object when the plantwide overhead rate method is used is true. </span>
3 0
3 years ago
Calistoga Produce estimates bad debt expense at 0.50% of credit sales. The company reported accounts receivable and allowance fo
zysi [14]

Answer:

(D) $ 1,450

Explanation:

The ending balance in allowance for uncollectible accounts is calculated by the following equation.

Opening Balance + Allowance for the year - Receivables written off = Ending Balance

$ 1,610 + $ 1,590 (0.5 % of sales on credit, $ 318,000 *0.5%) - $ 1,750 ( Receivables written off) = Adjusted allowance for uncollectible accounts <u>$ 1,450</u>

The amounts collected are not relevant in  calculating the ending balalnce

4 0
3 years ago
The following information pertains to Lightning Inc., at the end of December: Credit Sales $ 20,000 Accounts Payable 10,000 Acco
OLEGan [10]

Answer:

Lightning Inc.

Computation of Bad Debts Expense:

7% of $7,500 =   $525

21% of $1,600 =    336

46% of $1,300 =   598

Total                 $1,459

Explanation:

a) Data and Calculations:

Credit Sales $ 20,000

Accounts Payable 10,000

Accounts Receivable 10,400

Allowance for Uncollectible Accounts 400 credit

Cash Sales 20,000

Lightning uses the aging method and estimates it will not collect 7% of accounts receivable not yet due, 21% of receivables up to 30 days past due, and 46% of receivables greater than 30 days past due.

The accounts receivable balance of $10,400 consists of $7,500 not yet due, $1,600 up to 30 days past due, and $1,300 greater than 30 days past due.

Age Analysis of Accounts Receivable balance of $10,400

                  Not yet due     up to 30 days         greater than 30

                                               past due              days past due

Percentage         7%                         21%                  46%

Balance           $7,500                  $1,600               $1,300

Bad debts          $525                     $336                 $598

Bad debts Expense = $1,459            

6 0
3 years ago
____ includes) the application of knowledge, skills, and tools to achieve a specific business objective
nlexa [21]

<u>Project management</u> includes the application of knowledge, skills, and tools to achieve a specific business objective.

Project management refers to the use of specific knowledge, tools, skills, and techniques in order to deliver something of value to people. For instance, developing software for an improved business process, relief effort after a natural disaster, construction of a building, the expansion of sales.

Project management goals are set to achieve a specific business objective through a successful development of the project's procedures of planning, initiation, execution, regulation and closure as well as the guidance of the project team's operations.

Hence, project management achieves a specific business objective.

To learn more about project management here:

brainly.com/question/4475646

#SPJ4

4 0
1 year ago
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