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Novosadov [1.4K]
2 years ago
14

Gomez Company purchases a piece of equipment on Jan. 2, 2014, for $30,000. The equipment has an estimated life of eight years or

50,000 units of production and an estimated residual value of $3,000. Lester uses a calendar fiscal year. Using the straight-line method, what is the depreciation expense for 2014?
Business
1 answer:
lidiya [134]2 years ago
8 0

Answer:

Depreciation expense for 2014 = $3,375

Explanation:

Given:

Equipment cost = $30,000

Estimated life = 8 years or 50,000 units

Estimated residual value = $3,000

Find:

Depreciation expense for 2014 = ?

Computation:

Depreciation = (Equipment cost– Estimated residual value) / Estimated life

Depreciation expense for 2014 = ($30,000 - $,3000) / 8

Depreciation expense for 2014 = ($27,000) / 8

Depreciation expense for 2014 = $3,375Answer:

Depreciation expense for 2014 = $3,375

Explanation:

Given:

Equipment cost = $30,000

Estimated life = 8 years or 50,000 units

Estimated residual value = $3,000

Find:

Depreciation expense for 2014 = ?

Computation:

Depreciation = (Equipment cost– Estimated residual value) / Estimated life

Depreciation expense for 2014 = ($30,000 - $,3000) / 8

Depreciation expense for 2014 = ($27,000) / 8

Depreciation expense for 2014 = $3,375

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Answer and Explanation:

As per the data given in the question,

Flexible manufacturing overhead budget

Activity level :

Machine hours 2,000 hours    3,000 hours     4,000 hours

Variable costs :

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Indirect material $2.50   $5,000  $7,500         $10,000

Maintenance $0.80  $1,600     $2,400             $3,200

Utilities $0.30   $600                $900               $1,200

Total variable cost $22,600     $25,800          $34,400

Fixed costs :

Supervision             $800        $800               $800

Insurance                $200         $200              $200

Property taxes        $300         $300              $300

Depreciation           $900        $900              $900

Total Fixed cost      $2,200     $2,200          $2,200

Total Cost               $24,800   $28,000        $36,600

3 0
2 years ago
Welfare economics is the study of Select one: a. taxes and subsidies. b. how technology is best put to use in the production of
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Answer:

Correct option is (d)

Explanation:

Welfare economics deals with the study of distribution of resources affect the overall welfare of the society and economy as a whole.

It is a part of economics that studies the role of government in aligning policies for the welfare of the society and ensuring that every section of the society is equally developed.

The concept was developed as inequality in distribution of wealth and resources was observed across different sections of the economy. Poor was becoming poorer and rich, becoming richer. This hampered overall growth of the economy, thereby giving birth to welfare economics.

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Because of an accident Royce was involved in, his insurance company has increased his annual premium for auto insurance by 5.2%.
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Answer:

D) $571.24

Explanation:

Royce' premiums for the  previous year were:

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The total premium of the policy was $543

Since the premiums will increase by 5.2%, the new total premium will be = $543 x 1.052 = $571.24

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