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
Eddi Din [679]
3 years ago
5

Equipment costing $20,000 with a salvage value of $4,000 and an estimated life of 8 years has been depreciated using the straigh

t-line method for 2 years. Assuming a revised estimated total life of 6 years, and no change in the salvage value, the depreciation expense for Year 3 would beA. $4,000.B. $2,667.C. $3,000.D. $2,000
Business
1 answer:
laiz [17]3 years ago
7 0

Answer:

C. $3,000

Explanation:

Depreciation is the systematic allocation of the cost of an asset to the income statement over the estimated useful life of that asset.

It is determined as the depreciable value of the asset over the estimated useful life of the asset where the depreciable value is the difference between the cost and salvage value of the asset

Mathematically,  

Depreciation = (Cost - Salvage value)/Estimated useful life

Given that On January 1, Year 1, Sophia Company purchased an asset that cost $100,000. The asset had an expected useful life of five years and an estimated salvage value of $20,000,

Annual depreciation

= ($20,000 - $4,000)/8

= $2,000

At the beginning of the 3rd year, the carrying amount of the asset

= $20,000 - 2($2,000)

= $16,000

Since the company revised its estimated total life of 6 years, annual depreciation will be  (including year 3)

= ($16,000 - $4,000)/4

= $3,000

You might be interested in
Why are some countries today much poorer than other countries? Are today's poor countries destined to always be poorer than toda
DerKrebs [107]

Answer:

Countries in the modern age stay poor because they do not have the privilege of having a country that cares about its people. Typically these countries have been involved in some sort of conflict with other nations or with themselves. A country like Mozambique would be considered poor because their political leaders during the age of the soviet union thought all the money would be in Communism which turned out to not be true.

Explanation:

3 0
4 years ago
If nothing is stated to the contrary in terms of an auction, an auction is presumed to be ________.
KATRIN_1 [288]

Answer: with reserve

Explanation: If nothing is stated to the contrary in terms of an auction,an auction is presumed to be ________.

A)non-binding

B)a quasi-contract

C)without reserve

D)with reserve

E)an implied-in-law contract

An auction is presumed to be with reserve if nothing is stated to the contrary (in terms of an auction). What this means is that the seller is merely expressing or showing his intent to receive offers. In contrast, however, if an auction is without reserve, the lowest bid must be accepted by the auctioneer but if it is with reserve, the auctioneer may refuse to sell the item if he is not satisfied with the size of the highest bid.

3 0
3 years ago
Bridgett received her bank statement with a previous balance of $181.36. Total deposits were $475.00. Total checks written were
Inessa [10]

Answer:

$484.11

Explanation:

Calculation to determine How much money does Bridget have in her checking account?

Previous balance of $181.36

Add Total deposits $475.00

Less Total checks written $165.25

Less service charge $7.00

Checking account balance $484.11

Therefore How much money does Bridget have in her checking account is $484.11

8 0
3 years ago
"what is the general term for providing minor services to constituents, introducing bills for specific citizens, and attempting
kirza4 [7]

The correct answer is the work included in case work. They are likely to be composed of the following;

<span>-          </span>Provide minor services

<span>-          </span>Talking to constituents

<span>-          </span>Influencing decisions by the regulatory commission

<span>-          </span>Presenting special bills for the sake of them

8 0
4 years ago
The term ________ refers to a limited-capacity store that not only retains information over the short term (maintenance), but al
notka56 [123]

Answer:

Short term memory or working memory

Explanation:

Woekin memory or short term memory refers to a limited-capacity store that not only retains information over the short term (maintenance), but also permits the performance of mental operations with the contents of this store (manipulation)

7 0
3 years ago
Read 2 more answers
Other questions:
  • Scenario: Elly owns a small coffee shop. She has only one employee. One weekend, she decides to take a break from work. She is w
    11·1 answer
  • simpson and homer corporation acquired an office building on three acres of land for a lump-sum price of $2,400,000. The buildin
    9·1 answer
  • Which loan type requires you to make loan payments while you’re attending school?
    9·2 answers
  • Femur Co. acquired 70% of the voting common stock of Harbor Corp. on January 1, 2019. During 2019, Harbor had revenues of $2,500
    15·1 answer
  • Clearcopy, a printing company, acquired a new press on January 1, 2019. The press cost $173,400 and had an expected life of 8 ye
    15·1 answer
  • List the 5 major parts of an Ad
    14·1 answer
  • The Manda Panda Company uses the allowance method to account for bad debts. At the beginning of 2018, the allowance account had
    8·1 answer
  • Organizations known as ________ are often a source of funding for lower-income communities. These organizations have a significa
    9·1 answer
  • An attendant at a car wash is paid according to the number of cars that pass through. Suppose the probabilities are 1/12, 1/12,
    14·1 answer
  • What is the available cash that a property yields if the income is equal to $350,000, the cash expenses equal $110,000, and the
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!