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
Shalnov [3]
3 years ago
14

Teal Company changed depreciation methods in 2020 from double-declining-balance to straight-line. Depreciation prior to 2020 und

er double-declining-balance was $87,900, whereas straight-line depreciation prior to 2020 would have been $54,900. Teal’s depreciable assets had a cost of $241,300 with a $43,800 salvage value, and an 8-year remaining useful life at the beginning of 2020. Prepare the 2020 journal entry related to Teal’s depreciable assets (equipment).
Business
1 answer:
velikii [3]3 years ago
5 0

Answer:

Dr Depreciation Expense 13,700

Cr Accumulated Depreciation 13,700

Explanation:

assets.This is a change in estimate effected by a change in accounting principle.

Cost of depreciable assets $241,300

Accumulated depreciation (87,900)

Carrying value at January 1, 2020 153,400

Salvage value (43,800)

Depreciable base 109,600

Depreciation in 2014 = $109,600 ÷ 8 = $13,700

Journal entry related to Teal’s depreciable assets

Dr Depreciation Expense 13,700

Cr Accumulated Depreciation 13,700

You might be interested in
Can somebody please give me 10 examples of jobs that have to do with finance?HELP ASAP
tamaranim1 [39]

Finance Jobs:

Financial planner, Financial Analyst, Investor Relations Associate, Budget Analyst, Actuary, Accountant, Credit Analyst, Attorney, Commercial Real Estate Agent, Business Teacher.


Marketing Jobs:

Marketing Specialist, Social Media Manager, Email Marketing Manager, Product Manager, Brand Manager, Media Buyer, eCommerce Manager, Web Producer, Public Relations Managers

3 0
3 years ago
A senator from a state with several steel-rod factories explains that it is necessary to impose trade restrictions, such as a ta
Sergio [31]

Answer:

Jobs argument

Explanation:

-The national-security argument states that some industries have to be protected by imposing tariffs to maintain the local production in case of a war.

-The unfair-competition argument says that the domestic market has to be protected when there is unfair competition because companies from other countries are subject to different regulations.

-Using-protection-as-a-bargaining-chip argument states that the threat of imposing a restriction can help to eliminate a restriction that was imposed by another country.

-Infant-industry argument says that new industries have to be protected because they don't have economies of scales that their competitors from others countries have.

-The jobs argument claims that the trade with other countries eliminates the local jobs.

According to this, the answer is that the senator is using the jobs argument to argue for the trade restriction on steel rods because he claims that it is necessary to impose those restrictions to protect the workers from losing their jobs.

8 0
3 years ago
The fair rate is 8%. What is 100 per year, forever, worth now?
777dan777 [17]

Answer:

1. $1,250

2. $855.95

3. $3,333.33

4. $92.59

5. $46.32

6. $671.01

Explanation:

1.

$100 per year forever

Constant Cash flow every year forever is actually a perpetuity its present value is

PV of Perpetuity = Cash flow / rate of return

PV of $100 Perpetuity = $100 / 0.08 = $1,250

2.

$100 per year for 15 years

Constant Cash flow every year for specific time period is actually a Annuity  its present value is

PV of annuity = P + P [ ( 1 - ( 1 + r )^-n ) / r ] = $100 + $100 [ ( 1 - ( 1 + 0.08 )^-15 ) / 0.08 ] = $855.95

3.

$100 per year grow at 5% forever

It is a growing perpetuity and its present value will be calculated as follow

Present value of growing perpetuity = Cash flow / Rate of return - growth rate

Present value of growing perpetuity = $100 / 0.08 - 0.05 = $3,333.33

4.

$100 once at the end of this year

Present value = P ( 1 + r)^-n = $100 ( 1 + 0.08 )^-1 = $92.59

5.

$100 once after 10 years

Present value = P ( 1 + r)^-n = $100 ( 1 + 0.08 )^-10 = $46.32

6.

$100 each year for 10 years @ 8%

PV of annuity = P + P [ ( 1 - ( 1 + r )^-n ) / r ] = $100 + $100 [ ( 1 - ( 1 + 0.08 )^-10 ) / 0.08 ] = $671.01

5 0
3 years ago
Read 2 more answers
: Based on the corporate valuation model, Wang Inc.'s total corporate value is $750 million. Its balance sheet shows $100 millio
Leni [432]

Answer:

450 million is the firm’s value of equity

Explanation:

In this question, we are asked to calculate the best estimate for the firm’s value of equity in millions.

To calculate this, we proceed as follows;

Mathematically;

Firm’s value of equity= [(Total corporate Value - (Notes payable + Long term debt)]

From the question, we identify the total corporate value as 750 million, the notes payable as 100 million and a long term debt of 200 million

Now, plugging these into the equation above, we have ;

Firm’s value of equity = 750 million - (100 million + 200 million) = 750 million - 300 million = 450 million

7 0
4 years ago
Needs and wants are limited, you are only limited by your mind. If you can imagine it, then your business can provide it.
ikadub [295]
False you can’t be limited
3 0
3 years ago
Other questions:
  • Saint Nick Enterprises has 17,500 shares of common stock outstanding at a price of $69 per share. The company has two bond issue
    15·1 answer
  • Corporate Communications director Mark Schurman describes how Herman Miller employees are assigned to teams not necessarily high
    12·1 answer
  • Bob's Warehouse has a pre-tax cost of debt of 8.4 percent and an unlevered cost of capital of 14.6 percent. The firm's tax rate
    15·1 answer
  • A project with a life of one year has an accounting break-even point of 2,962 units. The fixed costs are $46,308 and the depreci
    9·1 answer
  • Outsourcing means that :
    10·1 answer
  • Acme Enterprises just bought a new manufacturing machine. Which of these costs should be capitalized? (Check all that apply.)
    15·1 answer
  • Month Maintenance Machine Health Number of Shipping Units
    14·1 answer
  • E Corporation produces a single product. The cost of producing and selling a single unit of this product at the company's normal
    14·1 answer
  • Describe the parliamentary meeting procedure and its purpose.
    7·1 answer
  • During a presentation, promptly complying with requests raised by audience members
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!