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Ann [662]
3 years ago
13

Billie Bob purchased a used camera (five-year property) for use in his sole proprietorship in the prior year. The basis of the c

amera was $2,400. Billie Bob used the camera in his business 60 percent of the time during the first year. During the second year, Billie Bob used the camera 40 percent for business use. Calculate Billie Bob's depreciation deduction during the second year, assuming the sole proprietorship had a loss during the year. (Billie Bob did not place the asset in service in the last quarter.)
Business
1 answer:
ludmilkaskok [199]3 years ago
6 0

Answer:

$48

Explanation:

Property's been listed in the business and use drops by more than n 50%, we have to use the straight-line method and all prior years' excess depreciation has to be recovered. The asset's been recapture within the five (5) years and the half-year convention will to be applied.

The evaluation for the current year's depreciation before adjusting for the prior year is done as follows

$2,400 × 0.20 × 40% = $192.

But we have to recover prior depreciation of $144 ($2,400 × 0.20 × 60% = $288 taken less $144 (straight-line, ½ year)) that would have been taken.

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A company’s accountant is trying to prepare an adjusted trial balance from the list of accounts below. Cash $ 12,000 Retained Ea
Alik [6]

Answer:

114000

Explanation:

4 0
3 years ago
Brock Company makes candy. During the most recent accounting period Brock paid $3,000 for raw materials, $4,000 for labor, and $
LenaWriter [7]

Answer:

A. $ 1.800

Explanation:

The total manufacturing costs for the period are:

Raw materials                                         $  3,000

Labor                                                       $  4.000

Overhead costs                                      <u>$  2,000</u>

Total cost of goods manufactured       <u>$  9,000</u>

Units started and completed                   10,000

Cost per unit $ 9,000 / 10,000 units    $     0.90 per unit

Units inventory at end of period               2,000

Inventory value at period end $ 0.90 * 2,000 = $ 1,800  

7 0
3 years ago
The future value of​ $100 received today and deposited in an account for four years paying semiannual interest of 6 percent is​
jonny [76]
Formula: FV = PV(1+ r)^n

Fv is the future value, Pv is the present value, r is the interest rate, n is the number of periods.

FV = $100(1 + 0.06)^(6*2) = $201.22


4 0
2 years ago
Suppose Hamilton decides that if the price of their blenders is $32, the quantity demanded will be 1,000 units, and if the price
olya-2409 [2.1K]

Answer:

-2.5

Explanation:

Elasticity of demand measure the responsiveness of demand against the change in price of the product. It shows how much demand changes if there is the change in price.

Change in Quantity = ( S2 - S1 ) / [ ( S2 + S1 )/2 ]

Change in Quantity = ( 800 - 1,000 ) / [ ( 800 + 1,000 )/2 ]

Change in Quantity = -200 / 900

Change in Quantity = -0.2222222

Change in price = ( P2 - P1 ) / [ ( P2 + P1 )/2 ]

Change in price = ( $35 - $32 ) / [ ( $35 + $32 )/2 ]

Change in price  = $3 / $33.5

Change in price  = 0.090

Elasticity of Supply = Change in Quantity / Change in Price

Elasticity of Supply = -0.2222222 / 0.090 = -2.5

Elasticity of Supply = 0.597 = 0.60

8 0
3 years ago
Holding other factors constant, if food prices decline relative to the prices of other products, then the real wages of agricult
yawa3891 [41]

Answer: decrease; decrease

Explanation:

Agriculture is food production and sales, when there is a decline in prices of food it would affect the workers wages and reduce employment.

6 0
3 years ago
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