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
Licemer1 [7]
3 years ago
15

On October 1, 2022, Ivanhoe Company places a new asset into service. The cost of the asset is $87500 with an estimated 5-year li

fe and $24500 salvage value at the end of its useful life. What is the depreciation expense for 2022 if Ivanhoe Company uses the straight-line method of depreciation? $4375. $8750. $17500. $3150.
Business
1 answer:
Dimas [21]3 years ago
5 0

Answer:

$3150

Explanation:

Given:

Cost of the asset purchased = $87500 (on 1st October. 2022)

Salvage value at the end of its useful life = $24500

Useful life estimated = 5 years

Question asked:

What is the depreciation expense for 2022 if Ivanhoe Company uses the straight-line method of depreciation?

Solution:

<u>As we know:</u>

Straight-Line\ Depreciation\ Expense=\frac{Cost\ - Salvage\ Value}{Useful\ Life\ of\ the\ Asset}

                                                               =\frac{87500-24500}{5} =\frac{63000}{5} =12600

Depreciation expenses per year = $12600

But we have to find depreciation expenses for 2022 for:-

From 1st October, 2022 to 31st December, 2022 = 3 months.

<em><u>Straight-Line Depreciation Expense for Partial Year = </u></em>

<em><u /></em>D\times\frac{N}{12} \\\\ D=Depreciation\ expense\ for\ a\ complete\ year.\\N= Number\ of\ months\ during\ which\ the\ fixed\ asset\ was\ available\ for\ use

Depreciation Expense for 3 months = 12600\times\frac{3}{12} =\frac{37800}{12} =3150

Therefore, the depreciation expense for 2022 if Ivanhoe Company uses the straight-line method of depreciation is $3150.

                                                             

You might be interested in
Holt company purchased a computer for $8,000 on january 1, 2016. straight-line depreciation is used, based on a 5-year life and
lora16 [44]
<span>Given data shows that $1000 as salvage value and purchased computer for $8000 Depreciation was: (8,000 - 1,000) / 5 = 1,400 per year. Two year's depreciation = 2,800 Book value after two years = 8,000 - 2,800 = 5,200 After the estimates are revised, there are two more years remaining with a salvage value of 500. (5,200 - 500) / 2 = 2,350 depreciation for 2018</span>
4 0
3 years ago
Kawai Corporation, which makes and sells 85,000 radios annually, currently purchases the radio speakers it uses for $8.00 each.
andriy [413]

Answer:

Effect on income= $-117,500

Explanation:

Giving the following information:

Kawai Corporation, which makes and sells 85,000 radios annually, currently purchases the radio speakers it uses for $8.00 each.

Kawai estimates that the cost of materials and labor needed to make speakers would be a total of $6.50 for each speaker. Also, supervisory salaries, rent, and other manufacturing costs would be $170,000. Allocated facility-level costs would be $75,000.

Buy= 85000*8= $680,000

In house:

Production costs= 6.5*85,000 + 75,000= 627,500

Other fixed costs= 170,000

Total cost= $797,500

Effect on income= 680,000 - 797,500= $-117,500

3 0
3 years ago
Economic models often: vary greatly in assumptions and simplifications. are correct. provide similar answers. fail to explain an
polet [3.4K]

Answer:

Economic models often vary greatly in assumptions and simplifications.

Explanation:

Most models in Classical Economics are based on a lot of generalizations and simplifications, that intend to model the behavior of the situations of the real world but often fail to encompass all the intricacies and complications that even most straightforward situations present. These simplifications help the Economists figure out the mathematical laws that are governing the real world economic systems. Therefore making the economic modeling a simpler process.

Classic economics implies three basic assumptions:

1- People behave rationally in any situation.

2- Firms and individual want to maximize profit and utility

3- People act independently based on available information.

7 0
3 years ago
The goal of ____ is to establish international technological standards to facilitate the global exchange of information and barr
arsen [322]

The goal of <u> ISO</u>  is to establish international technological standards to

facilitate the global exchange of information and barrier-free trade.

<h3 /><h3>what is the goal of ISO in IT to global exchange?</h3>

  • The International Organization for Standardization (ISO) is an international nongovernmental organization made up of national standards bodies;

  • It develops and publishes a wide range of proprietary, industrial, and commercial standards and is comprised of representatives from various national standards organizations.

  • The organization's abbreviated name—ISO—is not an acronym; it derives from the ancient Greek word ísos, meaning equal or equivalent.

  • Because the organization would have different acronyms in different languages, the founders of the organization decided to call it the short form ISO.

  • The International Organization for Standardization (ISO) is an international nongovernmental organization made up of national standards bodies that develop and publishes a wide range of proprietary, industrial, and commercial standards.

  • The International Organization for Standardization (ISO) was founded in 1947 and is headquartered in Geneva, Switzerland.

  • In addition to producing standards, ISO also publishes technical reports, technical specifications, publicly available specifications, technical corrigenda, and guides.

To learn more about ISO, refer

to brainly.com/question/25311149

#SPJ4

5 0
1 year ago
A tile manufacturer has supplied the following data: Boxes of tiles produced and sold 520,000 Sales revenue $ 2,132,000 Variable
Greeley [361]

Answer:

vdf

Explanation:

vnfdhhddhehejejrjrjrjrjrjrrururrirjriririrkrkrkr

3 0
3 years ago
Other questions:
  • Proper ventilation in the kitchen is important for employee safety and comfort. the most important thing employees can do in rel
    11·1 answer
  • The graph shows a point of equilibrium. A graph has Quantity supplied on the x-axis and price in dollars on the y-axis. A line t
    9·2 answers
  • Handy hiking produces backpacks. In 2007, its highest and lowest production levels occurred in july and january, respectively. I
    11·1 answer
  • The Chinese culture is a tight social framework in which people take care of the members of a broader in group and act loyal to
    10·1 answer
  • Suppose the total monetary value of all final goods and services produced in a particular country in 2008 is $500 billion and th
    14·1 answer
  • Budgeted professional labor is $200,000. One of the firm's professionals completed work and the customer was billed $45,000 for
    13·2 answers
  • Goods that are considered to be needs tend to be elastic when the price changes. inelastic when the price changes. elastic when
    9·2 answers
  • What most likely resulted after the U.S. Poured resources into stopping the spread of communism after World War II? * 1 point U.
    14·1 answer
  • The Dow Jones is currently valued at $24,000 and the 1-year Dow Jones Mini Future contract has a price of $24,750. Note Dow Jone
    10·1 answer
  • Michael is the project manager in a manufacturing company. He wants his organization to use technology for higher revenue and pr
    8·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!