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kkurt [141]
3 years ago
14

Penny Lane and Associates purchased a generator on January 1, 2015, for $6,300. The generator was estimated to have a five-year

life and a salvage value of $600. At the beginning of 2017, the company revised the expected life of the asset to six years and revised the salvage value to $300. Using straight-line depreciation, the depreciation expense recorded in 2017 would
Business
1 answer:
s2008m [1.1K]3 years ago
7 0

Answer:

The depreciation expense recorded in 2017 will be $930

Explanation:

Cost of the generator = $6,300

Initial useful life = 5 years

initial salvage value = $600

Revised useful life = 6 years

Revised  salvage value = $300

Now,

Initial Annual depreciation = [ Cost - Initial salvage value ] ÷ Initial useful life

= [ $6,300 - $600 ] ÷ 5

= $1,140

Therefore,

accumulated depreciation till the end of 2016

= 2 × $1,140

= $2,280

Therefore,

Book value for the year 2017

= Cost - accumulated depreciation till the end of 2016

= $6,300 - $2,280

= $4,020

Therefore,

The revised annual depreciation

= [ Book value for 2017 - Revised salvage value ] ÷ Remaining useful life

= [ $4,020 - $300 ] ÷ (6 - 2)

= $930

Hence,

the depreciation expense recorded in 2017 will be $930

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The Affordable Care Act provides that individuals and families may take a tax credit called the ______ to help them purchase hea
scZoUnD [109]

The Affordable Care Act provides that individuals and families may take a tax credit called the <em>Health Insurance Premium Tax Credit </em>to help them purchase health insurance.

<h3>What is Affordable Care Act? </h3>

The Affordable Care Act was enacted to reduce the cost of health insurance coverage for people who qualify for it.

The law of the Affordable Care Act make provision for premium tax credits and cost-sharing reductions to help the lower-income group.

Hence, the Act provides that individuals and families may take a tax credit called the <em>Health Insurance Premium Tax Credit </em>to help them purchase health insurance through a health insurance exchange.

Therefore, the Option C is correct.

Read more about Affordable Care Act

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7 0
3 years ago
A particular plot of land can produce 700 kg of beef per hectare. beef sells for $4/kg. if that land is converted to producing c
Brums [2.3K]

The computation shows that the amount that will be made will be $420.

<h3>How to compute the value?</h3>

From the information, it was stated that a particular plot of land can produce 700 kg of beef per hectare. beef sells for $4/kg.

It was then stated that if that land is converted to producing corn, which sells for $0.15/kg, approximately how much will the farmer make selling corn.

The amount made will be:

= 700 × 4 × 0.15

= 700 × 0.6

= $420

Learn more about computations on:

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3 0
1 year ago
The EPA requires the use of precise forms called the
Musya8 [376]

Answer:

The correct answer is The EPA requires the use of precise forms called? It is a requirement for those working with or owners of transporters and generators of waste materials deemed hazardous to acquire an EPA form 8700-22 called the uniform hazardous waste manifest.

Explanation:

i hope this helps 229 999 0523

8 0
3 years ago
Suppose that preferences over private consumption C and public goods G are such that these two goods are perfect substitutes, th
Temka [501]

Answer:

Please see explanation below.

Explanation:

Public goods are goods consumed collectively, they are provided for all members of a community,

no one can be excluded from their consumption. The consumption by one person does not decrease the consumption possibilities for others. Public goods are available for everybody without paying, and these goods cannot be rationed: they are either provided for the whole community, or for no one. Examples of public goods include the public lighting system, public roads, radio broadcasts, national defence, lighthouses, town pavements, etc.

Private goods, on the other hand, are goods consumed individually, and if a unit has been consumed by

someone, then no one else can also consume the same unit. Private goods are scarcely available, and consuming a unit will decrease the amount available for further consumption. Therefore consumers compete for private goods, i.e. private goods are rival in consumption. Consumers can consume them if they pay the price, non-payers are excluded from consumption.

In the first scenario, given that both the private good and public good are perfect substitutes, the optimum quantity produced by the government is at the point where marginal social cost is equal to the marginal social benefit. This optimum output is lower than that of the private firm because the price of public good is higher than price of private good (since marginal social cost > marginal private cost).

If b increases, that means consumers are willing to give up more units of public goods for one unit of the private good. Therefore, the quantity produced by the government will reduce.

For the second part of the question: C = aG, where a > 0.

This implies that equal or more units of the private good is consumed with a particular units of public good. The optimum output still remain at the point where marginal social cost is equal to marginal social benefit but this output level is lower than if the two goods were to be perfect substitutes.

7 0
3 years ago
During March, the company worked 16,000 machine-hours and produced 10,000 units. The company had originally planned to work 18,0
OLEGan [10]

Complete question:

You have just been hired by SecuriDoor Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company’s costing system and “do what you can to help us get better control of our manufacturing overhead costs.” You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in overhead planning and control.

      After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for April:

                                          Actual Cost in April

 Utilities    $16,700 plus $.14 per machine-hour      $ 21,020    

 Maintenance   $38,300 plus $1.50 per machine-hour   $ 59,100    

 Supplies      $.40 per machine-hour          $ 7,000    

 Indirect labor  $94,700 plus $1.80 per machine-hour   $ 128,000    

 Depreciation   $68,400    $ 70,100  

During March, the company worked 16,000 machine-hours and produced 10,000 units. The company had originally planned to work 18,000 machine-hours during March.

Solution:

1. The activity variances are shown below:

                              SecuriDoor Corporation

                                   Activity Variances

                         For the Month Ended March 30

                                Planning Budget    Flexible Budget    Activity  Variances

Machine-hours (q)          18,000                16,000  

Utilities ($16,700 + $.14q)   $ 19,220         $ 18,940               $ 280   F

Maintenance ($38,300 + $1.50q)  65,300     62,300           3,000   F

Supplies ($.40q)               7,200                6,400                 800   F

Indirect labor ($94,700 + $1.80q)  127,100     123,500       3,600   F

Depreciation ($68,400)    68,400           68,400           0     None

Total                                $ 287,220       $ 279,540              $ 7,680   F

2. The spending variances are computed below:

                               SecuriDoor Corporation

                              Spending Variances

                          For the Month Ended March 30

                                    Flexible Budget    Actual Results  Spending Variances

 Machine-hours (q)         16,000                16,000  

Utilities ($16,700 + $.14q)   $ 18,940         $ 21,020           $ 2,080   U

Maintenance ($38,300 + $1.50q)  62,300     59,100        3,200   F

Supplies ($.40q)               6,400                7,000                600   U

Indirect labor ($94,700 + $1.80q)   123,500     128,000     4,500   U

Depreciation ($68,400)     68,400           70,100                1,700   U

Total                               $ 279,540            $ 285,220  

8 0
3 years ago
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