Answer:
$6
Explanation:
depreciation rate per hour using the units-of-production method = (cost of asset - residual value) / estimated hours of operation
($80,000 - $5,000) / 12,500 = $6
Answer:
Equilibrium price would fall
Equilibrium quantity would remain unchanged
Explanation:
A perfectly inelastic demand means the quantity demand doesn't change regardless of changes in price.
If supply increases, equilibrium price falls while quantity remains unchanged.
Refer to the image attached for a graphical explanation.
I hope my answer helps you
100% percent State Farm
Who wOuLdN’t
Answer:
<u>Closing Entries Dated 31, 2016</u>
Dr. Cr.
Closing Income Accounts
Service revenue $186,100
Interest revenue $90,300
Income Summary $276,400
Closing Expense Accounts
Income Summary $153,400
Supplies Expense $96,900
Advertising expenses $18,200
Salaries and wages $21,000
Income tax expense $17,300
Closing Income Summary Account
Income Summary $123,000
Retained Earning $123,000
Closing Dividend Account
Retained Earning $7,800
Dividend $7,800
Explanation:
All the Income and Expenses accounts are closed to Income summary account. The net balance of income summary account is transferred to retained earning account. The dividend balance is also transferred to retained earning account to close it. Ultimately all the balances are netted off in retained earning account.
Answer:
Under the lower-of-cost-or- net realizable value basis of accounting for inventories, the value that Taylor should report for the TVs on the balance sheet is $350 × 5 = $1,750
Explanation:
The lower-of-cost-or- net realizable value basis of accounting for inventories values inventory at the lower of its cost or net realizable value. This basis of accounting gives a <em>faithful representation</em> to the users of the value of assets in inventory that firm holds. This is also <em>prudent</em> in that profits are not overstated in the Income statement.