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asambeis [7]
3 years ago
15

"Cincinnati Supply, Co. is a local supplier to the Kraft Heinz Company, which is the third-largest food and beverage company in

North America and the fifth-largest food and beverage company in the world. Cincinnati Supply, Co. purchased new furniture at a cost of $33,000 on January 1. The furniture is estimated to have a useful life of 6 years and a $3,000 salvage value. The company uses the straight-line method of depreciation. What is the amount of depreciation expense reported on December 31
Business
1 answer:
ASHA 777 [7]3 years ago
7 0

Answer:

Annual depreciation= $5,000

Explanation:

Giving the following information:

Purchasing price= $33,000

Salvage value= $3,000

Useful life= 6 years

To calculate the depreciation expense under the straight-line method, we need to use the following formula:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (33,000 - 3,000)/6

Annual depreciation= $5,000

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Brand attitude is the opinion of consumers towards a product determine through market research.
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2 years ago
Adjustments to expense accounts at the end of the accounting period are made to adhere to accrual accounting principles, specifi
babymother [125]

Answer: Revenue Recognition

Explanation:

From the given text/information/scenario , we can state that the answer to the following question is revenue recognized. Revenue recognition is referred to as or known as the accounting principle that tends to outline certain specific conditions and circumstances under which the revenue is recognized.

4 0
3 years ago
Rafael sold an asset to Jamal. What is Rafael's amount realized on the sale in each of the following alternative scenarios?
alex41 [277]

Answer:

First scenario    amount realized is $85,000

Second scenario    amount realized is $105,000

Third scenario    amount realized is $72,000

Explanation:

first scenario:

Cash  proceeds  $80,000

vehicle worth       $10,000

selling expense   ($5,000)

Amount realized  $85,000

second  scenario:

Cash  proceeds        $80,000

mortgage relief        $30,000

selling commission   ($5,000)

Amount realized        $105,000

Third scenario:

Cash  proceeds        $20,000

land worth                $50,000

Marketable securities $10,000

selling commission   ($8,000)

Amount realized        $72,000

The second option is the most beneficial as the benefits of $105,000 is more than the amount realized on other options

6 0
3 years ago
Say that the economy is in a recession, which is causing the value of gold to fall by three percent. If you have gold reserves w
Ipatiy [6.2K]

Answer:

Hi,

The correct answer option is C. $257.70

Explanation:

The question is on percentage reduction

Given initial value of gold reserves=$8590

% reduction during recession=3%

<u>New value after reduction; </u>

Δpercentage= 100%-3%=97%

New value of gold= 97/100 × $8590

=$8332.30

<u>Value lost due to recession;</u>

Initial value of gold- new value of gold

$8590- $8332.30

$257.70

7 0
3 years ago
Read 2 more answers
Someone please help me with this.
antiseptic1488 [7]

Please do not post the same question so many times. It makes it difficult for us to help other people. Thanks

7 0
3 years ago
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