Answer: The answer is D $300 computer, $240 oven
Explanation:
According to IRS tables on the calculation of depreciation on computer and oven, it is estimated that an asset such as computer will have a depreciation useful life of 5 years
Therefore since computer cost and printer = $1,500, useful life = 5 year
Cost ÷ useful life
= 1,500 ÷ 5
= $300
For oven since the cost =$1,200, useful life = 5years
Cost ÷ useful life
= 1,200 ÷ 5
= $240
- Travel and Entertainment Credit - Consumers use cards with no interest and non-revolving balance.
- Revolving Check Credit - Consumers use prearranged loan using special checks.
- Closed-End Credit - Consumers pay off dept and credit is automatically renewed.
- Revolving Credit - Consumers take out a loan with a repayment date and have a specific purpose.
<h3>What is meant by Consumer Credit?</h3>
Consumer credit refers to debt incurred by an individual to pay for products and services. An example of consumer credit is a credit card.
Consumer credit might refer to any sort of personal loan, although it is more frequently used to denote unsecured debt that is incurred to pay for regular products and services. Consumer debt can, however, also refer to secured loans like mortgages and auto loans.
Installment credit is given for a predetermined time period and is utilized for a specified purpose.
Open-ended revolving credit is a type of loan that can be applied to any kind of transaction.
To learn more about consumer credit from given link
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Answer:
C. $12,000 under the cash method and $4,000 under the accrual method
Explanation:
Under the cash basis of accounting, whenever an amount is received or paid, it is recognized in the books of accounts
Whereas, on the accrual basis of accounting, the cash received / payment or not it is recognized in the books of accounts. It is recorded when it is earned not when it is received or paid.
So, by this above information
The cash method would recognize $12,000 ($1,000 × 12 months)
Whereas
The accrual method would recognize $4,000 ($1,000 × 4 months)
We assume the books are closed on December, 31
