Answer:
$4,870.5
Explanation:
Annual Depreciation Expense:
= [(Cost - Salvage Value) × Machine Usage in 2020] ÷ Total Estimated Working Hours
Depreciation Expense for 2020 (for 3 months only - October to December):
= [($115,900 - $13,900) × 1,910] ÷ (10,000) × (3/12)
= ($102,000 × 1,910) ÷ (10,000) × (1/4)
= $19,482 × (1/4)
= $4,870.5
Notes:
Depreciation will be calculated for only 3 months since the asset has been acquired on 1st October 2020.
Buying is the highest risk investment because the outcome is unknown and you have to take a gamble.
Answer:
C. impose barriers to entry with a copyright, which allows only the government to supply a good or service.
Explanation:
- The oligopolies is a market or industry where there exist small but large sellers and hence form an market competition and hence lead to higher prices to the consumers. As they have their market structures. Entry barriers include high investment and strong consumer liabilities.'
- Thus governments can set barriers to entry of these firm as to market only those goods and services that the government recommend fit for the sales
Answer:
Ernst Consulting
Balance Sheet
For the Month Ended October 31, 202x
Assets:
Cash $12,650
Accounts receivable $12,800
Office supplies $2,850
Office equipment $17,530
Land $45,940
Total assets $91,770
Liabilities and stockholders' equity:
Accounts payable $8,110
Common Stock $83,540
Retained earnings $120
Total liabilities and stockholders' equity $91,770
Explanation:
I ordered the accounts and included a couple that were missing:
- Cash 12,650
- Accounts receivable 12,800
- Consulting revenue 12,800
- office supplies 2,850
- Land 45,940
- office equipment 17,530
- Accounts payable 8,110
- Cash dividends 1,570
- Common Stock 83,540
- Rent expense 3,110
- Salaries expense 6,490
- Telephone expense 850
- Miscellaneous expenses 660
First we need to determine net profit for the month:
Consulting revenue 12,800
Salaries expense -6,490
Rent expense -3,110
Telephone expense -850
Miscellaneous expenses -660
net profit = $1,690
retained earnings = net profit - dividends distributed = $1,690 - $1,570 = $120
