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3 years ago

When using straight-line depreciation to compute depreciation for a partial year:

Business

1 answer:

PtichkaEL [24]3 years ago

8 0

Answer:

compute depreciation for a full year under straight minusline depreciation and multiply it by the fraction of the year that you held the asset.

Explanation:

Under straight-line depreciation, the asset value is spread equally throughout its useful life.

To get the depreciation of a partial year, you need to calculate the depreciation a full year first.

Divide the asset value by the number of its useful years to get depreciation value for one year. To compute partial depreciation, you need to establish the fraction of the year to be depreciated. Divide the number of months by twelve to get the fraction.

To get actual depreciation, multiply this fraction by a full year depreciation.

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Step2247 [10]

Answer:

$3,500 and deferred tax liability

Explanation:

The computation of the deferred tax is shown below:

= Service performed × tax rate

where,

Service performed is $10,000

And, the tax rate is 35%

Now placing the values

The amount of deferred tax is

= $10,000 × 35%

= $3,500

This amount reflect the deferred tax liability

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3 years ago

Customer satisfaction surveys will be effective when the questions included in the survey can provide actionable results.

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Answer:

TRUE

Explanation:

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3 years ago

In a statement of cash flows using the indirect method, an increase in available-for-sale securities due to an increase in their

damaskus [11]

Answer:

The correct answer is d) A deduction from net income in determining cash flows from operating activities.

Explanation:

To get net cash flow using the indirect method we must make adjustments to the net income.

It depends on the account if it is added or subtracted to net income.

In this case, an increase in available-for-sale securities due to an increase in their fair value should be reported as a deduction from net income.

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3 years ago

During January, Luxury Cruise Lines incurs employee salaries of $1.2 million. Withholdings in January are $91,800 for the employ

Zarrin [17]

Answer: Please see below for answer

Explanation:

Journal for employee salary and withholdings

Particulars Debit Credit

Salaries Expense $1, 200,000

FICA tax Payable $91,800

Federal Income Tax Withholding Payable $180,000

State Income Tax Withholding Payable $75,000

Health Insurance Payable $12,000

Salaries Payable $841,200

Journal to record employer provided fringe benefits for January

Particulars Debit Credit

Salaries expense(fringe benefits)$ 36,000

Accounts payable to blue cross shield $36,000

Journal to record employer payroll taxes

Particulars Debit Credit

Payroll Tax Expense $166, 200

FICA tax Payable $91,800

unemployment tax payable $74,400

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3 years ago

McGuire Company acquired 90 percent of Hogan Company on January 1, 2010, for $234,000 cash. This amount is reflective of Hogan's

anzhelika [568]

Answer:

D. $1,800 Decrease

Explanation:

book value Fair value adjustment

01 Jan 10,000 8,000 2,000

Depreciation -1000 -800 -200

31 Dec 9,000 7,200 1,800 Decrease

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3 years ago

When using straight-line depreciation to compute depreciation for a partial​ year:

When using straight-line depreciation to compute depreciation for a partial year: