Answer:
The balance in right-of-use asset after two years using straight-line method is $428,571.
Explanation:
Right-of-use asset is simply the lessee's right to the use of leased asset under the agreed terms. The term came into being as a result of IFRS 16 Leases, which replaced IAS 17.
Using straight-line method, depreciation expense is calculated as (Cost - Residual Value) / No of useful life
The economic life of the asset is what we would use as the useful life and not the lease term since that approximates the useful life of the asset.
Therefore, depreciation = ($600,000 - 0) / 7 years = $85,714 yearly
Accumulated depreciation for 2 years is $85,714 x 2 = $171,429 approximately
Therefore, the balance (net book value) in the right-of-use asset after two years will be $600,000 - $171,429 = $428,571
Answer and Explanation:
Under the approval process, students need many types of resources from which they can get more and more knowledge in research, faculty advisors are provided to the research students to get those resources. Also with the help of the research mentor students gets additional resources. Some resources can be obtained in some special circumstances also from the IRB office.
Answer:
The net realizable value of Miller's receivables at the end of Year 2 was: $42,010
Explanation:
Open a Trade Receivable Account as follows :
Debits :
Revenue $133,000
Totals $133,000
Credits:
Cash $87,000
Balance $46,000
Totals $133,000
Note that Allowance for Doubtful debts is estimated at 3% of the Company`s Sales on Account
Allowance for Doubtful debts = $133,000 × 3%
= $ 3, 990
<u>Net realizable value of Miller's receivables</u>
Trade Receivable Balance $46,000
Less Allowance for Doubtful Debts $3,990
Trade Receivables $42,010
Answer:
lost-update program
Explanation:
lost-update program is problem that occurs in database system when two different data or transaction are simultaneously saved on the same column and on the same row within a database. This conflict results to the loss of the first part of the saved data because it will be overwritten by the other different data for transaction.
From the question, Charles and Irene are working on the same copy of data, Charles's data overwrite Irene's leading to what is known as lost-update program
