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
Vaselesa [24]
3 years ago
11

Suppose a manufacturing plant purchased a new heating system in December, 2015 and, after installing and testing the equipment,

it was put into service on January 1, 2016. The total cost to put the equipment into service was $55,000; it is expected to have a useful life of 5 years and a salvage value of $5,000.
Record the Transaction:Using the straight-line method of depreciation, what will the entry be to record depreciation for the 6 months ending June 30, 2016?
Business
1 answer:
garri49 [273]3 years ago
8 0

Answer:

Depreciation for 6 months ending June 30, 2016 is $ 5,000 and the accounting entry to record the transaction is:

Depreciation Expense  - Debit                    $ 5,000

Allowance for Depreciation  - Credit           $ 5,000  

Explanation:

The depreciation charge for the year is calculated as follows:

Total cost of the equipment                             $ 55,000

Salvage Value                                                    $  5,000

Net Depreciable value                                      $  50,000

Estimated Useful Life                                           5 years

Annual Depreciation expense(50000/5)         $ 10,000

Depreciation for 6 months (10000/2)               $ 5,000

You might be interested in
The Board of Directors has voted to add a new product line. Casey's department will be directly responsible for implementing the
liubo4ka [24]

No, because the decision has already been made by the Board of Directors.

More about directors and decision making:

The board's decision-making process is divided into two stages: communication and decision-making. Each director decides whether to incur a cost to communicate his information to others during the communication stage. At the decision-making stage, all directors take actions (e.g., vote) based on their private information and information inferred from the discussion, and the board makes a collective decision. Directors may have conflicts of interest and thus prefer a decision that is not in the best interests of the shareholders. Directors may also have a preference for conformity and thus incur a loss if their actions differ from those of other directors, such as voting differently than the majority.

Learn more about decision making here:

brainly.com/question/16407152

#SPJ4

6 0
2 years ago
The salesperson for the Big Apple Sign Corporation was trying to get a hardware storeowner to buy a new kind of advertising tool
Mars2501 [29]

Answer:

The answer is: E) modified rebuy

Explanation:

A modified rebuy happens when a company (or an individual consumer) will buy a product or service which it has already purchased in the past. But now the company wants to change either the supplier, the product's specifications or the terms of the sale.

In this case, the store owner had already bought advertising tools before, but not this type.

6 0
3 years ago
Read 2 more answers
If Ben and the HR managers do nothing about the promotion opportunities in the organization, employee satisfaction is likely to
Andru [333]

Answer:

Employee satisfaction is likely to be lower

Explanation:

Promotion opportunities are an important form of reward inside an organization. If there are no promotion opportunities in place, this means that employee satisfaction will likely be lower, because there one incentive less to work hard: the incentive of being promoted.

3 0
3 years ago
Bonita Industries has estimated that total depreciation expense for the year ending December 31, 2018 will amount to $583000, an
Mice21 [21]

Answer:

<u><em>Total expenses 936,500</em></u>

depreciation 291,500

wages expense 645,000

Explanation:

Assuming the depreciation are calculate base on straight line or that their output is lineal through the year:

It will be half of the depreciation for the year.

583,000 / 2 =  291,500 depreciation expense for six-month

For the year-end bonused It wll be the same ideal, we assume are earned equally during the year. So at half year half of the bonuses should be earned:

wages expense 1,290,000/2 = 645,000

<u>Total expenses 936,500</u>

7 0
3 years ago
During the first month of operations ended July 31, YoSan Inc. manufactured 2,400 flat panel televisions, of which 2,000 were so
photoshop1234 [79]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Units manufactured= 2,400

Units sold= 2,000

Sales= $2,150,000

Manufacturing costs:

Direct materials= $960,000

Direct labor= $420,000

Variable manufacturing cost= $156,000

Fixed manufacturing cost= $288,000

Total= $1,824,000

Selling and administrative expenses:

Variable= $204,000

Fixed= $96,000

Total= $300,000

<u>Under the absorption costing, the cost of goods sold is calculated using the direct materials, direct labor, and total unitary manufacturing overhead.</u>

First, we need to calculate the cost of goods sold:

Unitary product cost= total cost/units produced

Unitary product cost= 1,824,000/2,400= $760

Now, we can determine the net operating income:

Sales= 2,150,000

COGS= (2,000*760)= (1,520,000)

Gross profit= 630,000

Total Selling and administrative expenses= (300,000)

Net operating income= 330,000

3 0
3 years ago
Other questions:
  • Katy, a manager, is evaluating her team members by rating them from best to worst. This rating is based on their overall perform
    9·1 answer
  • ​companies such as ibm and sperry rand launched the computer industry when they brought the first mainframes to market in the __
    14·1 answer
  • Sam Seller was worried that Barney would not perform under the contract and demanded an assurance. How many days does Barney hav
    6·1 answer
  • Simko Company issued $700,000, 10-year, 4 percent bonds on January 1, 2018. The bonds were issued for $630,000. Interest is paya
    8·1 answer
  • On the product continuum, a system falls in the area of low volume and low standardization, but it is NOT at the extreme left (l
    9·1 answer
  • Paragraph on your bedroom
    10·1 answer
  • What are the costs and sources of inefficiency in a barter B apply.) A. Productivity is increased by specialization. B. Each goo
    5·1 answer
  • A history is an interview of the patient that includes the following elements:
    14·2 answers
  • You have set up an appointment for an in-home sales presentation with mrs. Fernandez, who expressed interest in the medicare pla
    8·1 answer
  • Running at the same constant rate, 6 identical machines can produce a total of 270 bottles per minute. At this rate, how many bo
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!