Answer:
the correct answer is $2,359.38
good luck
Answer:
$155,000
Explanation:
Given the information above,
Depreciation charge (straight line) = (Cost - Residual value) ÷ Estimated useful life
Therefore,
2021 Depreciation charge = ($2,635,000 - $0) ÷ 17
= $155,000
The journal entry to correct the error will include a credit to accumulated depreciation of $155,000
<u>Answer: </u>7.1 92000
7.2 70000
7.3 30000
7.4 -40000
<u>Explanation:</u>
7.1 Explicit cost means the cost which occurs to meet the expenses for the business operations
The explicit cost is calculated below.
Wages and salaries 700000
Interest on bank loan 50000
Cost supplies 150000
Depreciation 20000
Total Explicit cost $920000
7.2 Implicit cost means the opportunity cost that is foregone by investing in other type of investment. Implicit cost is not incurred by the business actually.
Risk free return 30000
Risk premium 40000
Total Implicit cost $70000
*7.3 The difference between the cost and the revenue provides the accounting profit of the firm.
Accounting Profit
= Revenue - Explicit Cost
=950000 - 920000
Total accounting profit firm= $30000
7.4 Economic profit means the profit arrived by the firm after deducted the total of explicit and implicit cost.
Economic Profit
=Revenue - (Explicit Cost + Implicit Cost)
=950000 - (920000 + 70000)
Total Economic Loss incurred= $-40000
Answer:
C
Explanation:
Escrow service is a form of risk mitigation medium in the course of a transaction , where a third party receives and disburses money for the main transacting parties as can be seen in the scenario given .
Nothing is really wrong in the transaction as suspected by the Wrights but a difference in the rules guiding escrow in North and South Carolina.
Escrow instruction are due for signing in South Carolina by both parties immediately after they have all signed the purchase agreement , about 60 days ahead of the actual close of the escrow date , while in North Carolina , escrow are not signed until the day before the actual close of escrow.
