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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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On November 1, 2018, Mason Corp. sold $700,000 of its 10% term bonds dated October 1, 2018. The bonds were sold to yield 8%, wit
kvv77 [185]

Answer:

$16,000

Explanation:

The computation of the amount reported for the interest payable is shown below:

= Principal × rate of interest × number of months ÷ (total number of months in a year)  

= $800,000 × 8% × (3 months ÷ 12 months)  

= $16,000

The three months should be taken from October 1 To November 1 and November 1 to December 31

We simply applied the above formula so that the interest payable amount could come

7 0
3 years ago
Sage Company had cash receipts from customers in 2020 of $137,920. Cash payments for operating expenses were $84,990. Sage has d
Triss [41]

Answer:

sales revenue for the period: $  143,900

operating expenses:               $   78,000

Explanation:

We solve for sales using the account recievable identity:

beginning account receivable + sales - collection = ending account receivable

12,330 + sales - 137,920 = 18,310

sales = 137,920 + 18,310 - 12,330 = 143,900

Then, for operating expenses, we have a prepaid expenses thus unexpired and therefore, not expenses under accrued accounting.

we solve like this:

beginning prepaid expenses    19,800

payment on expenses              84,990

total expenses payment          104,790

We now subtract the prepaid (unexpired) to get the amount accrued for the period:

104,790 - 26,790 = 78,000

4 0
2 years ago
Which action can hurt your credit score? I. Paying your phone bill late. II. Taking the bus to work. III. Maxing out several cre
BartSMP [9]
All of the above josehernandez2017!

6 0
3 years ago
Bob makes his first $ 800 deposit into an IRA earning 7.4 % compounded annually on his 24th birthday and his last $ 800 deposit
Likurg_2 [28]

Answer:The answer is $17,387.67

Explanation:

Let Principal = P, Rate = R% per annum, Time = n years

Amount = P ( 1 + R/100)∧n

P = $800, R = 7.4%, n = 24

A = 800 ( 1 + 7.4/100)∧24

A = 800 ( 1 + 0.074)∧24

A = 800 ( 1 .074)∧24

A = 800 (5.547569512)

A = 800× 5.5475569512

A = $4,438.05

Deposit made at 39th birthday

P = $800, R = 7.4%, n = 39

A = 800 ( 1 + 7.4/100)∧39

A = 800 (1 + 0.074)∧39

A = 800 (1.074)∧39

A = 800 (16.187022604)

A = 800× 16.187022604

A = $12,949.62

How much is in the IRA when Bob retires will be

$4,438.05 + 12,949.62

= $17,387.67

6 0
3 years ago
Prepare a 2019 individual tax return using the following fact pattern. Compute net tax payable or refund due for Alice and Bruce
Lana71 [14]

Answer:

Oof thats a long question.

Explanation:

4 0
2 years ago
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