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
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

You might be interested in
When I but a what I'm loaning money to an organization
PSYCHO15rus [73]
Bussiness company house idk
5 0
4 years ago
Read 2 more answers
At your next meeting with the senior management team, you suggest this, and you're met with a lot of blank looks. The managers d
Nostrana [21]

Answer and explanation:

Under such a scenario, it is important to highlight that the SWOT analysis is useful to spot the internal Strengths and Weaknesses of the firm as well as the external Opportunities and Threats of the market. The SWOT analysis is a helpful tool that allows companies to understand what their core competencies are as well as the components that need improvement. At the same time, the SWOT analysis gives the firm an idea of what are the sectors of the market that could bring potential profits for the entity and which ones represent potential losses.

7 0
3 years ago
Jerry's company is beginning a new project, and he has been assigned to find a telecommunications tool that will improve operati
lions [1.4K]

true because you need to look and evaluate the details provided

8 0
4 years ago
Read 2 more answers
Throughout the course of your life, you have converted some of your cash on hand to certificates of deposit and bonds. You also
Serjik [45]

Answer:

intangible property

Explanation:

Intangible property can be defied as property that doesn't have any physical attributes that give them value. For example, a car is a tangible since you can drive it around, but a certificate of deposit is just a piece of paper (or even a computer code) and nothing else. The same applies to bonds and stocks, you know they are valuable but their value is not provided by their physical characteristics.

Other intangible property include patents, software, licenses, copyrights and trademarks. All of these can be extremely expensive, for example Microsoft is worth hundreds of billions and it sells digital ones and zeros.

4 0
3 years ago
In Part 5 of Form 940, Peterson Company reported FUTA tax liabilities as follows:
kari74 [83]

Answer:

First quarter: <em>amount </em>$0 <em>date: </em>-

Second quarter: <em>amount </em>$606.60 <em>date:</em> July 31

Third quarter: <em>amount </em>$0 <em>date: </em>-

Fourth quarter: <em>amount </em>$537 <em>date:</em> January 31

Explanation:

As per IRS, in part 5 of Form 940, Peterson Company will report FUTA tax liability by Quarter only if Total FUTA Tax after Adjustments is more than $500. So, Peterson Company is not required to pay FUTA tax until FUTA tax liability is more than $500 and if in any particular quarter the FUTA tax liability is less than $500 then the cumulative amount will be taken with the next quarter until the FUTA tax liability reaches more than $500. So first quarter will add up with quarter 2 and the FUTA tax liability will be $606.60 & third quarter will add up with fourth quarter and the FUTA tax liability will be $537.  

As far as due dates are concerned, the due date of the first quarter is the month after the end of first quarter. So, for the quarter from January to March the Due Date will be April 30, from April to June the Due Date will be July 31, from July to September the Due Date will be October 31, from October to December the Due Date will be January 31.

6 0
4 years ago
Other questions:
  • On October 1, 20X1, Acme Fuel Co. sold 100,000 gallons of heating oil to Karn Co. at $3 per gallon. Fifty thousand gallons were
    8·2 answers
  • A friend and fellow student shares her employment experience over the last 12-week summer break. It took her one full week to fi
    9·1 answer
  • A minor league baseball team plays 80 games in a season. if the team won 14 more than twicetwice as many games as they​ lost, ho
    13·1 answer
  • Pauline wants to develop a line of flatware and pottery. She is experimenting with various names and symbols to develop a tradem
    10·1 answer
  • _______is the practice whereby a foreign producer intentionally sells its products in the United States for less than the cost o
    13·1 answer
  • Lionel was visiting a potential customer to discuss a sale of desktop computers. The customer informed Lionel that the customer’
    7·2 answers
  • What if the meaning of the cumulative EAC (cell M105) at the conclusion of Period 6?
    8·1 answer
  • Outstanding stock of the West Corporation included 40,000 shares of $5 par common stock and 10,000 shares of 5%, $10 par non-cum
    6·1 answer
  • Suppose that market demand is Q = 660 – 12P and marginal cost is MC = 5. The consumer surplus in a perfectly competitive market
    12·1 answer
  • Firms use both the __________ and __________ models. in fact, these models complement each other in that one focuses outside the
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!