Answer:
$2,500,000
Explanation:
Data provided
Ending assets = $1,500,000
Inventory turnover = 6.0 times
Net sales = $8,000,000
The computation of beginning total asset balance is shown below:-
Average total assets = $8,000,000 ÷ 4
= $2,000,000
Total assets = $2,000,000 × 2
= $4,000,000
Beginning assets = Total assets - Ending assets
= $4,000,000 - 1,500,000
= $2,500,000
Therefore we applied the above formula
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Answer:
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Answer:
The correct answer is C.
Explanation:
Giving the following information:
The equipment cost $90,000 and had an expected salvage value of $15,000. The life of the equipment was estimated to be 6 years.
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (90,000 - 15,000)/6= 12,500
Accumulated depreciation year 2= 12,500*2= 25,000
Book value= 90,000 - 25,000= 65,000
