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
inn [45]
2 years ago
5

Sandhill Chemicals Company acquires a delivery truck at a cost of $30,800 on January 1, 2022. The truck is expected to have a sa

lvage value of $3,700 at the end of its 4-year useful life. Compute annual depreciation for the first and second years using the straight-line method.
Business
1 answer:
oksian1 [2.3K]2 years ago
3 0

Answer:

$6,775

Explanation:

The computation of the depreciation expense using the straight line method is shown below:

Straight-line method:

= (Original cost - residual value) ÷ (useful life)

= ($30,800 - $3,700) ÷ (4 years)

= ($27,100) ÷ (4 years)  

= $6,775

In this method, the depreciation is same for all the remaining useful life

Therefore, in the first and second year the same depreciation expense is to be charged i.e $6,775

You might be interested in
You just invested $1000 in an account that returns 5% per year. After 50 years, when you are old and gray, what will be the valu
nikitadnepr [17]
Jahsjsjshsnsjdjjshsnananaa
3 0
2 years ago
Read 2 more answers
Near the end of 2010, the ledger of Stivers Company included the following accounts and balances: Allowance for Doubtful Account
Minchanka [31]

Answer and Explanation:

The computation of the balances of the Allowance for Doubtful Accounts, Bad Debt Expense and Accounts Receivable is shown below;

For Accounts receivable  

a) Opening balance $200,000 Debit balance

b) Current year credit sales (75% of $800,000) $600,000 Debit balance

c) (-) Current collection from accounts receivables -$450,000 Credit balance

d) (-) Bad debt expenses -$11,000 Credit balance

e) Closing balance of accounts receivables $339,000 Debit balance

for Allowance for Doubtful Accounts  

Allowance required as per Current year analysis (2% of (75% of $800,000) $12,000 Credit balance

(-) Opening balance $1,000 Credit balance

$11,000 Credit balance

The journal entry is  

Bad debt expense a/c …Dr   11000  

      To Allowance for Doubtful Accounts 11000  

The Closing balance of Allowance for Doubtful Accounts 12000 Credit balance

For Bad debt expenses  

The journal entry is    

Bad debt expense a/c …Dr   11000  

      To Allowance for Doubtful Accounts 11000  

The Closing balance of Bad debt expense account 0

7 0
2 years ago
A monopolist sells 2,000 units for $20 each. The total cost of 2,000 units is $30,000. If the price falls to $19, the number of
leonid [27]

Answer:

Decrease by $1

Explanation:

Given:

Old data:

Q0 = 2,000 units

P0 = $20

Total revenue before change = 2,000 x $20 = $40,000

After change in Price.

Q1 = 2,100 units

P1 = $19

Total revenue After change = 2,100 x $19 = $39,900

Computation of Marginal Revenue:

Marginal Revenue = (P1 - P0) / (Q1 - Q0)

= ($39,900 - $40,000) / (2,100 - 2,000)

= -100 / 100

= $(-1)

Marginal revenue will decrease by $1

8 0
3 years ago
What are stocks? Sorry it’s so simple but I was hoping I could get a good answer.
bazaltina [42]
Stocks are securities that represent ownership in the one company you decide to invest in.For companies its a way to make money to invest in other projects yet for investors its a way to earn money and outpace inflation over time.
Hope that answers
5 0
3 years ago
On October 2 a buyer made an offer, which he agreed to keep open for three days. The seller made a counter offer, which the buye
Alisiya [41]

Answer:

Void

Explanation:

As long as the seller made a counter offer, this counter offer made by the seller automatically leads to the rejection of the original offer from the buyer. In this light, as long as the original contract has been rejected by the seller, it is impossible for the seller to then change his mind and make a decision to accepting the original contract because at this point, the contract is void.

8 0
3 years ago
Other questions:
  • The city of Angola, Indiana is considering building a snowmobile trail on the land owned by the city. The life of the project is
    10·1 answer
  • A home improvement firm has quoted a price of? $9,800 to fix up? eric's backyard. five years? ago, eric put? $7,500 into a home
    13·1 answer
  • Blair Scott started a sole proprietorship by depositing $75,000 cash in a business checking account. During the accounting perio
    14·2 answers
  • Diversification means - Options A strategy for company growth by starting up or acquiring businesses outside the company s curre
    15·1 answer
  • The following data are available relating to the performance of Sooner Stock Fund and the market portfolio: Sooner Market Portfo
    9·1 answer
  • Dual Advertising/Co-branding partnership what is it?
    11·1 answer
  • A portion of FICA that is paid to provide eligible retired workers and
    7·1 answer
  • I want to buy a new car. My choices are a red convertible sports car or a full-size pick-up
    7·1 answer
  • Consider the following for the costs of a pair of jeans: Direct material costs: $2 per yard and 3 yards are needed Direct labor
    9·1 answer
  • The pair of items that is likely to have the largest positive cross-price elasticity of demand is:
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!