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ikadub [295]
3 years ago
9

Item 3Item 3 Cutter Enterprises purchased equipment for $87,000 on January 1, 2018. The equipment is expected to have a five-yea

r life and a residual value of $4,800. Using the sum-of-the-years'-digits method, depreciation for 2018 and book value at December 31, 2018, would be
Business
1 answer:
Rus_ich [418]3 years ago
8 0

Answer:

$27,400 and $59,600

Explanation:

The computation of the depreciation expense and the book value using the sum of-the-years'-digits method is shown below:

Depreciation expense is

= (Purchase cost - residual value) × useful life ÷ sum of years

= ($87,000 - $4,800) × 5 years ÷ (5 + 4 + 3 + 2 + 1)

= $27,400

And, the book value is

= Purchase cost - depreciation expense

= $87,000 - $27,400

= $59,600

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The listing and selling brokers agree to split a 7% commission fifty-fifty on a $96,900 lot sale. The listing broker is on a 30%
Sergio039 [100]

Answer:

1,187.03

Explanation:

he listing and selling broker each get 50% of the 7 5 commission.

The commission equal  7/100 x $96,900

Each broker gets   =3,391.5

The selling broker (broker working with the buyer) get 35 % of  3,391.5

=35/100 x 3,391.5

=1,187.025

=1,187.03

5 0
3 years ago
Cook Co. determined that the net value of its accounts receivable at December 31, 20X4, based on an aging of the receivables, wa
Ksenya-84 [330]

Answer:

$9,000

Explanation:

  Bad Debts Written off                                 $22,000

 Uncollectible accounts-recovered             $(8,000)

 Allowance for doubtful accounts reversed

 (opening-closing $40,000-$35,000*)        ($5,000)

Bad Debt Expense for the year                    $9,000

*270,000-235,000  =35,000                        

7 0
3 years ago
Career selection should be based on salary alone. Please select the best answer from the choices provided T F
Ksivusya [100]

Answer: False, career selection should not be based on salary alone.

Explanation: When choosing a career it is important to consider several aspects such as your abilities to perform the task the job requires and how much you would enjoy the job.

7 0
3 years ago
Read 2 more answers
Emma, Inc. reacquired 166,326 of its shares at $22 per share as treasury stock. Last year, for the first time, Emma sold 37,992
Lesechka [4]

Answer:

The correct answer is $152,949.

Explanation:

According to the scenario, the given data are as follows:

Reacquired shares = 166,326

Per share price = $22

So, we can calculate the retained earning decline by using following formula:

Retained earning decline = Cost of Treasury shares - Sales price - Paid in Capital from stock

Where, Cost of treasury shares = 48,987 × $22 = $1,077,714

Now Sales Price = 48,987 × $15 = $734,805

and Paid in Capital from stock = 37,992 × ( $27 - $22) = $189,960

By putting the value in the formula, we get:

Retained earning decline = $1,077,714 - $734,805 - $189,960

= $152,949

6 0
2 years ago
Vito borrows $150,000 from Workers & Farmers Bank to buy a home. If he fails to make payments on the mortgage, the bank has
mariarad [96]

Answer: Option C

Explanation:  Foreclosure is something that occurs if the mortgage is not paid by a borrower. In fact, it is a judicial process through which the person relinquishes all ownership rights.

If the owner is unable to settle off the outstanding loans or sell property through a short sale, then the estate will go to an exchange for foreclosure. If the estate does not sell then, it will be taken over by the lender.

When a lender loans you money without any collateral (credit card debt, for instance), it can take you to court for failure to pay, but it can be very hard to collect money from you.

Lenders often sell this sort of debt to outside collection agencies for pennies on the dollar and write off the loss. This is considered an “unsecured loan.”

5 0
3 years ago
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