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ikadub [295]
3 years ago
12

S10-5 (book/static) On February 28​, 2017​, Rural Tech Support purchased a copy machine for $ 53 comma 400. Rural Tech Support e

xpects the machine to last for six years and to have a residual value of $ 3 comma 000. Compute depreciation expense on the machine for the year ended December​ 31, 2017​, using the​ straight-line method.
Business
1 answer:
Andrews [41]3 years ago
3 0

Answer:

$7,000

Explanation:

depreciation expense using straight line method = (purchase cost - salvage value) / useful life = ($53,400 - $3,000) / 6 years ) = $8,400 per year

since the machine was used for 10 months, the depreciation expense for 2017 = $8,400 x 10/12 = $7,000

the adjusting journal entry should be:

December 31, 2017, depreciation expense

Dr Depreciation expense 7,000

    Cr Accumulated depreciation - copy machine 7,000

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worty [1.4K]

Answer:

Deductibles

Explanation:

In general usage, the term deductible may be used to describe one of several types of clauses that are used by insurance companies as a threshold for policy payments.  Deductibles are typically used to deter the large number of claims that a consumer can be reasonably expected to bear the cost of, by restricting its coverage to events that are significant enough to incur large costs, the insurance firm expects to pay out slightly smaller amounts much less frequently, incurring much higher savings  . Deductibles are a portion of the insured loss (in dollars) paid by the policy holder .Collision and comprehensive coverage are subject to a deductible that you, as the insured,  would select. Other coverage that may be sold include towing, rental/reimbursement and  mechanical breakdown. A deductible is a portion of a covered loss that is not paid by the insurer. The  deductible is subtracted from the amount the insurer would otherwise be obligated to pay you as  the insured. The deductible amount is selected by you. Generally, a higher premium is charged  for a lower deductible and lower premium for a higher deductible.

5 0
3 years ago
The strength of the economy depends on the balance of production and consumption of goods and services true or false
34kurt
The answer is True because it depends on both 
4 0
3 years ago
Read 2 more answers
1. What is the difference between fixed, variable, and periodic costs?
lisov135 [29]

Answer:

The difference is in how they response to the level of production of the firm.

Variable cost are directly associated with the production level, therefore changes with the number of units produced.

Fixed costs do not change with the level of production and remains fixed. Usually, fixed cost changes with the time.

Periodic Costs are the costs that cannot be capitalised and are incurred for a period of time. Such as administrative costs.

Explanation:

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3 years ago
Whole Foods Market ordered 12 cases of organic vegetable soup with a list price of $18.90 per case and 8 cases of organic baked
Ira Lisetskai [31]

Answer: The answer is given below

Explanation:

a. What is the extended list price of the order?

This will be gotten by multiplying the number of cases with the price list. From the question, we are told that Whole Foods Market ordered 12 cases of organic vegetable soup with a list price of $18.90 per case and 8 cases of organic baked beans with a list price of $33.50 per case.

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Organic baked beans= 8 × $33.50

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Total = $226.80 + $268

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We are told that the wholesaler offered Whole Foods a 39% trade discount. This will be:

= 39% × $494.80

= 39/100 × $494.80

= 0.39 × $494.80

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The total net amount will be the total price of the order and the discount. This will be:

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5 0
3 years ago
A third-degree price discriminating monopolist can sell its output either in the local market or on an internet auction site (or
Natasha2012 [34]

Answer:

the firm should have sold less output in the local market, and more output on the internet auction site.

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3 years ago
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