Answer:
2273
Explanation:
In this question, we are asked to calculate Tom Tom’s maximum depreciation for this first year.
The term maximum depreciation is accounting principle talks about to what extent has the value of an asset been used.
To calculate his maximum depreciation, we need to be conversant with some conventions. The mid-month convention is what we need to understand here. What the convention assumes is that an asset which is placed into service during a given month is assumed to have been placed into
Such service at the middle of such month in question. Also, it is also assumed that disposing an asset at the beginning of one month or any other time of the month is same as disposing the said asset at the middle of the month. This is what the mid month convention is talking about.
It must also be noted that Residential property has a 27.5-year recovery period. The depreciation is thus $2,273 ($100,000 x 2.273%). This gives us the value of the maximum depreciation
Answer:
journal entry are given below
carrying value = $4000 and cash received is $2000
Explanation:
given data
delivery van cost = $20,000
accumulated depreciation = $16,000
Annual depreciation = $2,000
solution
journal entry are
date title debit credit
December 29, 2019 Cash $2000
Accumulated depreciation $16000
Delivery van $20000
note that
here carrying value is = $20000 - $16000
carrying value = $4000
and cash received is $2000
A decline in interest rates in expected to increase economic growth.
1 c AROUND THE INDUSTRY AVERAGE FOR OUR FEILDS
2c LOST PRODUCTIVE TIME PROSPECTIVE NEW HIRES
3C LEAVING TO ATTEND COLLEGE FULL TIME
Each tire is worth $134.79 :)
