1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
mel-nik [20]
3 years ago
5

Crane Company purchased a new machine on October 1, 2022, at a cost of $89,920. The company estimated that the machine has a sal

vage value of $9,440. The machine is expected to be used for 71,300 working hours during its 8-year life. Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 2 decimal places, e.g. 5,275.25.) 2022 2023 The depreciation expense under the straight-line method $
Business
2 answers:
ipn [44]3 years ago
8 0

Answer:

2021 --- $2,515.00

2022 -— $10,060

Explanation:

GIVEN the following ;

Cost of machine = $89,920

Date of purchase = October 1, 2022

Salvage value = $9,440

Number of Useful years = 8

To calculate depreciation expense using the straight line method:

Straight line depreciation =

(Cost of machine - Salvage value) / number of useful years

$(89,920 - 9,440) ÷ 8

$80,480 ÷ 8 = $10,060

Depreciation expense for 2021:

October 1 — December 31, 2021 = 3 months :

$10,060 × (3÷12) = $2,515.00

Depreciation expense for 2022:

January 1 — December 31, 2022 :

1 whole year:

Depreciation expense = $10,060.00

guapka [62]3 years ago
7 0

Answer:

For the year 2022 , $2,515

For the year 2023, $10,060

Explanation:

In this question, we are asked to compute the depreciation expense under the straight-line method for the years 2022 and 2023 for the new machine purchased by Crane company.

We employ a mathematical approach in tackling this.

Mathematically;

Straight line depreciation = (cost - salvage value)/ number of years useful

From the question we can identify the following;

Cost of purchase= $89,920

Salvage value = $9,440

Number of years useful = 8 years

Plugging this to get the straight line depreciation, we have;

(89,920-9,440)/8 = 80,480/8 = 10,060

For the year 2022, we have ; 3 months window since, machine was purchased October and we are assuming year end December 31st

Thus, straight line depreciation for year 2022 = 3/12 * 10,060 = $2,515

For 2023, straight line depreciation = 10,060( since we have a full year)

You might be interested in
Which of the following statements best describes a chart of accounts?
krok68 [10]
The right answer for the question that is being asked and shown above is that: "d. It s a list of account titles in the order in which they can be found in the ledger." The statement that best describes a chart of accounts is that d. It s a list of account titles in the order in which they can be found in the ledger.<span>
</span>
8 0
3 years ago
Interest on a Note Payable is most appropriately accrued:_____________
Thepotemich [5.8K]

Answer: Interest on a Note Payable is most appropriately accrued: "B. as of the end of each accounting period during which the note is a liability.".

Explanation: As long as the Note Payable remains a liability and has not yet reached its due date, according to the accrual principle, at the end of each accounting period the accrued interest must be recognized, and when the Note payable reaches its expiration it must remain with balance 0 the interest not accrued account.

8 0
3 years ago
2. Sunshine Bakery bakes 660 loaves of bread each day and estimates that 10% of the bread will go stale before it is
Alisiya [41]

Answer:

$0.79

Explanation:

The Bakery bakes 660 loaves of bread

The cost of baking one bread= $0.46

The total cost of baking all loaves of bread

= $0.46 x 660

=$303.60

The desired mark up is 55% of cost

=55% of $303.60

=55/100 x $303.60

=0.55 x $303.60

= $166.98

Desired revenues = $166.98 +$303.60

=$470.58

The number of sellable breads= 660 - (10% of 660)

=660-66

=594

Desired income is $470.58; sellable output is 594.

price per bread should be

=$470.58/594

=$0.79222

Price per bread = $0.79

3 0
2 years ago
An investment that costs $5,800 will produce annual cash flows of $2,480 for a period of 4 years. Given a desired rate of return
aleksandrvk [35]

Based on the present value of the annual cash flows and the investment cost, the present value index is 1.39

<h3>How is the present value index calculated?</h3>

To find the present value index, use the formula:

= Present value of cash flow/Investment cost

The present value of cash flow is:

= Annual cash flows x Present value interest factor of annuity, 9%, 4 years

= 2,480 x 3.239719877

= $8,034.51

The present value index is:

= 8,034.51 / 5,800

= 1.39

Find out more on present value index at brainly.com/question/23259683

#SPJ1

8 0
1 year ago
In 2013, there were approximately 155 million people in the labor force and the unemployment rate was 7.4 percent. If the unempl
Marianna [84]

Answer:

(a) 3.7

(b) 3.7

Explanation:

The unemployment rate is calculated as the ration of unemployed workers over the labor force. The labor force is the total number of employed plus unemployed workers:

Unemployment\,Rate=\frac{Unemployed\,Workers}{Labor\,Force}=\frac{Unemployed\,Workers}{Employed\,Workers+Unemployed\,Workers}

Then if there were 155 million people in the labor force and 7.4% where unemployed that means that 11.47 million people where unemployed

0.074=\frac{Unemployed\,Workers}{155}

Unemployed\,Workers=0.074*155=11.47

If unemployment rate would have been 5% we have

Unemployed\,Workers=0.05*155=7.75

That means that 3.72 million fewer unemployed workers. Since Labor Force is the sum of unemployed and employed workers. The reduction in unemployment implies that they were now employed .

5 0
3 years ago
Other questions:
  • Equipment maintenance costs for manufacturing explosion-proof pressure switches are projected to be $125,000 in year one and inc
    14·1 answer
  • Prior to the 1997 federal tobacco settlement a pack of cigarettes sold for $2.48. The terms of the settlement required a decreas
    7·1 answer
  • Jose visited a garage sale and found a baseball card collection which he believed was worth over $1,000. he bought the collectio
    11·1 answer
  • Answer the following statement true (T) or false (F).
    7·1 answer
  • On January 1, 2019, Upward Company purchased a copy machine. The machine costs $320,000, its estimated useful life is 8 years, a
    7·1 answer
  • Fixed costs may be relevant in a decision.<br> A. True<br> B. False
    11·1 answer
  • What is large office​
    14·1 answer
  • A manufacturer of disposable foam products entered into a written contract with a take-out restaurant to sell them 5,000 disposa
    12·1 answer
  • Account which shows gross profit or gross loss of the business is called​
    7·1 answer
  • Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was started and completed during
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!