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maks197457 [2]
3 years ago
14

At the beginning of year 1, Looby Corp. purchases equipment for $100,000. The equipment has a residual value of $20,000 and an e

xpected useful life of 10 years. What is accumulated depreciation at the end of year 2 using straight-line depreciation
Business
1 answer:
ANEK [815]3 years ago
4 0

Answer:

Accumulated Depreciation at the end of year  =  $16,000

Explanation:

<em>Under the straight line method of depreciation, the cost of an asset less the salvage value is spread equally over the expected useful life.</em>

<em>An equal amount is charged as annual depreciation over the life of the asset. The annual depreciation is calculated as follows:</em>

Annual depreciation:

= (cost of assets - salvage value)/ Estimated useful life

Cost - 100,000

Residual value = 20,000

Estimated useful life = 10 years

Annual depreciation = (100,000- 20,000)/10 =8,000

Annual depreciation = 8,000

Accumulated Depreciation for 2 years = Annual depreciation× number of years

                            = 8,000× 2 = 16,000

Accumulated Depreciation for 2 years =  $16,000

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Which stage of the funding life cycle would be most closely associated with funding amounts below $50,000
ch4aika [34]

Answer: Pre-seed Funding Stage

Explanation:

The Pre-seed funding stage is described as the period in which start-ups are getting off with their operations from nothing or off the ground

The most common pre-series investors are:

Startup Owners

Friends and Family

Early Stage Venture Funds

The Pre-seed funding stage associates with funds between $10,000 to $100,000

5 0
3 years ago
U.S. car dealers sell both used cars and new cars each year. However, only the sales of the new cars count toward GDP. Why does
Airida [17]

Answer:

It will be double counting

Explanation:

GDP or gross domestic product is the measure of the total value of productions in the economy per period. In calculating the GDP, economists consider only finished products produced within the borders of a country in a financial year.

Second-hand cars cannot be counted in the calculation of GDP because it will result in double counting. GDP is calculated using the income, expenditure, or production approach.  The second-hand cars were accounted for when they were purchased or sold for the first time. If the production method was used, the vehicles were accounted for in the year they were manufactured.

3 0
3 years ago
(More than 1 answer)Which of the following collect and evaluate career outlook information: Internal Revenue Service
Lerok [7]

Answer: U.S. Dept. of Labor, Universities, and Colleges, as well as, State Department of Education collect and evaluate career outlook information.

Explanation:

4 0
3 years ago
During 2020, Sam and Libby, a married couple, decided to sell their residence, which had a basis of $200,000. They had owned and
baherus [9]

Answer:

$50,000:$400,000

Explanation:

Based on the information given we were told that the Broker's commissions and other selling expenses was the amount of $50,000 in which They as well made purchased of a new residence in July for the amount of $400,000 which means that the recognized gain will be $50,000 the amount of Broker's commissions and other selling expenses and the adjusted basis of the new residence will be $400,000 which is the cost of purchasing a new residence.

6 0
3 years ago
On January 1, 2018, Ogleby Corporation signed a five-year noncancelable lease for equipment. The terms of the lease called for O
Olin [163]

Answer:

With respect to this lease, for 2018 Ogleby should record interest expense of $57,058 and depreciation expense of $107,225. The right answer is c

Explanation:

According to the given data we have the following:

PV of lease=$750,578

Annual payment=$180,000

Rate of interesr=10%

The interest expense would be calculated as follows:

Interest expense = ( PV of lease - Annual payment ) * Rate of interest

Interest expense = ( $750,578 - $180,000 ) * 10%

Interest expense = $57,058

Therefore, With respect to this lease, for 2018 Ogleby should record interest expense of $57,058 and depreciation expense of $107,225.

4 0
3 years ago
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