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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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Answer:the answer is a market index is a measurement of sections of the stock market

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It is computed from the price of selection stock it is a tool used by investors and financial managers to describe the market and to compare the return on specific Investments

4 0
3 years ago
Read 2 more answers
Each listed stock option contract gives the holder the right to buy or sell __________ shares of stock.
TEA [102]

Every indexed stock choice agreement offers the holder the right to buy or promote a hundred shares of stock.

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Definition: 'stock' represents the holder's part-possession in a single or several groups. in the meantime, 'percentage' refers to an unmarried unit of possession in a corporation. as example, if X has invested in stocks, it is able to imply that X has a portfolio of shares across special companies.

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4 0
1 year ago
what does it mean when you have demand for a good or service a.you can afford the good but may be unwilling to buy it. b.you wan
Nonamiya [84]
D. You are willing and able to buy the good at the given price
8 0
3 years ago
During 2022, Sheridan Company entered into the following transactions.
malfutka [58]

Answer with its Explanation:

Transaction 1: The purchase of equipment is increase in the fixed assets and as the amount paid is in cash, the decrease in cash asset will also be with the same amount. This means the net effect on assets will be zero.

Accounting Equation is given as under:

Fixed Assets + Current Asset  = Equity + Liability

Equipment 318,770   -  Cash $318,770  = Zero Net Effect

Transaction 2: The increase in the equity will increase the current asset as well here, which means:

Fixed Assets + Current Asset  = Equity + Liability

Current Assets + $139,050   =  Issued common stock + $139,050

Transaction 3: The purchase of inventory on account means that the current asset would be increased and the payables will increase with the same amount. The effect on the accounting equation is given as under:

Fixed Assets + Current Asset  = Equity + Liability

Current Asset + $70,94   =   Current liabilities + $70,940

4 0
3 years ago
A group formed by people seeking friendship or pursuing common interests that has no official leader or specific organizational
Mice21 [21]

Answer:

C. informal group

Explanation:

An informal group is the one created naturally by employees for their own sake, <em>their formation is voluntary with no official leader and relationships are personal, based on the member's interests.</em> Considering this information the correct answer is C. informal group.

I hope you find this information useful and interesting! Good luck!

5 0
3 years ago
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