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Lynna [10]
3 years ago
6

Green Company purchases a truck for $30,000 on the first day of the year. Green Company uses straight-line depreciation and esti

mates the residual value on the truck to be $5,000. The truck's estimated service life is 5 years. What is the amount of depreciation expense for the first year the truck is in operation?
Business
1 answer:
SpyIntel [72]3 years ago
6 0

Answer:

$5,000

Explanation:

The depreciation by Green Company in respect of truck for the first year of operations shall be calculated using the following mentioned formula;

Depreciation for the year=  (Cost of asset-Residual value)/useful life

Cost of asset=$30,000

Residual value=$5,000

useful life=5

Depreciation for the year=($30,000-$5,000)/5=$5,000

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Answer:

b) inventory is sold on credit.

Explanation:

Liquidity is defined as the a business to use its current assets to settle it's current liabilities.

This is calculated by using the working capital ratio.

Working capital ratio = Current assets ÷ Current liabilities.

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When inventory is sold on credit, it does not result in immediate increase in cash as payment is in the future. So there is a reduction in the current asset of the company.

A reduction in the numerator of the working capital ratio results in lower value of the ratio (lower liquidity)

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Answer:

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8 0
2 years ago
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