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zzz [600]
3 years ago
13

Which of the following statements is true regarding depreciation methods?

Business
1 answer:
r-ruslan [8.4K]3 years ago
7 0

Answer:

The correct answer is letter "D": The use of a higher estimated life and a higher residual value will lower the annual amount of depreciation expense recognized on the income statement.

Explanation:

Depreciation distributes the cost and cost over the useful life of the assets of tangible and real assets. A business could depreciate an asset over a period of up to thirty years, depending on the type of asset it is. There are many depreciation methods but, among the most common we can find the <em>Straight-line method, the Double Declining Balance method</em>, and <em>the Units of Production method</em>. As long as the estimated life of the asset and its residual value is high, the amount filed for the depreciation will be lower.

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Were Social Security and Medicare the largest contributors of revenue for the federal government in Fiscal Year 2019? Explain.(1
Bingel [31]

It is false because the individual income taxes contributed about $1.718 trillion in Fiscal Year 2019 while Social Security and Medicare taxes only contributed $1.242 trillion.

<h3>What is an Income tax?</h3>

These are tax imposed on earned income by people in a country while the Social Security and Medicare taxes are imposed on people income while working as well.

However, the individual income taxes contributed about $1.718 trillion in Fiscal Year 2019 while Social Security and Medicare taxes only contributed $1.242 trillion.

Therefore, the Option C is correct.

Read more about Income tax

<em>brainly.com/question/26316390</em>

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5 0
2 years ago
Read 2 more answers
Loran's pretax accounting income in 20X1 is $100,000. Loran had bad debt expense for financial reporting purposes of $14,000 in
stira [4]

Answer:

$2,800

Explanation:

Particulars                                                                       Amount

Favorable temporary difference at the end of 20X2   $7000

* Income tax rate                                                             <u>   40%  </u>

Deferred tax asset account at the end of 20X2         <u>$2,800</u>

6 0
3 years ago
In January, Hometown Ice Cream Shoppe reported the following balances in their income statement accounts. Based on this informat
Gekata [30.6K]

Answer:

A) Debit of $1,445

Explanation:

Closing entries refers to the balance statements that are entered at the end of an accounting period in order to transfer the temporary account balances into permanent accounts. Based on the balances listed in the question it can be said that the closing entry to retained earnings will be Debit of $1,445. This refers to money going out of the account and can be calculated by adding all the revenue to the account and subtracting the expenses leaving $ - 1,445 thus being debit.

7 0
3 years ago
In _________, machines are designed to do multiple tasks so that they can produce a variety of products.
zhenek [66]
<span>flexible manufacturing</span>
4 0
3 years ago
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Suppose you were considering depositing money in a savings account at two different banks. Each bank will pay 5% interest. Howev
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Answer

The answer and procedures of the exercise are attached in a microsoft excel document.  

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

Bank-B is better to invest because it has higher Future value due to higher effective annual interest rate.

4 0
2 years ago
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