1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
AlladinOne [14]
3 years ago
5

Sadler Corporation purchased equipment to be used in manufacturing. The purchase was made at the beginning of 2015 by paying cas

h of $150,000. The equipment has an estimated residual value of $10,000 and an expected useful life of 10 years. At the beginning of 2017, Sadler concluded that the total useful life of the equipment will be 8 years rather than 10, and that the residual value will be zero. Sadler uses the straight-line method for depreciation.
Prepare the journal entry to record depreciation on the equipment for 2016.
Business
1 answer:
il63 [147K]3 years ago
6 0

Answer:

The journals entry to record depreciation on the equipment for 2016 will be:

Debit Depreciation expense $14,000

Credit Accumulated depreciation $14,000

<em>(To record depreciation expense for Year 2016)</em>

Explanation:

Under straight-line method, depreciation expense is (cost - residual value) / Estimated useful life = ($150,000 - $10,000) / 10 years = $14,000 yearly depreciation expense. This applies to Years 2015 and 2016.

The change in the estimate in Year 2017 will not affect the depreciation expense for 2016 based on the previous parameters,

You might be interested in
Prepare journal entries to record the following transactions for the village of Radnor. Classify the expenditures as Parks suppl
zzz [600]

Answer:

A. Dr Encumbrances $14,000

Cr Budgetary fund balance $14,000

B. Dr Budgetary fund balance $8,000

Cr Reserved for encumbrances Encumbrances $8,000

Dr Expenditures – Park supplies $8,300

Cr Voucher payable $8,300

C. Dr Budgetary fund balancereserved for encumbrance $6,000

Cr Encumbrances $6,000

Dr Expenditures – Parks supplies $5,800

Cr Vouchers – payable $5,800

D. Dr Voucher payable $8,300

Cr Cash $8,300

Explanation:

Preparation of Journal entries

A. Dr Encumbrances $14,000

Cr Budgetary fund balance $14,000

($8,000+$6,000)

B. Dr Budgetary fund balance $8,000

Cr Reserved for encumbrances Encumbrances $8,000

Dr Expenditures – Park supplies $8,300

Cr Voucher payable $8,300

C. Dr Budgetary fund balancereserved for encumbrance $6,000

Cr Encumbrances $6,000

($14,000-$8,000)

Dr Expenditures – Parks supplies $5,800

Cr Vouchers – payable $5,800

D. Dr Voucher payable $8,300

Cr Cash $8,300

3 0
3 years ago
JTL has 148,000 shares of stock outstanding. The firm has extra cash so it announced this morning that it is willing to repurcha
MrRissso [65]

Answer:

A tender offer.

Explanation:

This is simple explained to be the offer put to place to execute a work or even services for a said/given price. These offers are typically said to be done publicly; shareholders in some cases a been put to place to sell their shares for a specified price and within a particular window of time. Target sales orders which are been tabled/offered are been usually placed at certain premium value which are effective in market price and is often contingent upon a minimum or a maximum number of shares sold. In many other cases, tender are seen to be in security forms or other non-cash alternatives are offered in exchange for shares.

3 0
3 years ago
When the US government becomes aware of economic changes, the discovery is most likely to influence 1. how the nation allocates
snow_tiger [21]

Answer:

1. How the nation allocates resources

Explanation:

Government is the chief decision maker in any economic model because their power enables to allocate nation`s resources among economic unit. As such they keep watch on the economic changes and trends in order to make the best economic decision for the nation. When government becomes aware of economic changes, it will try to allocate resources efficiently and effectively based on signal given by the changes.

For example, if US government is aware that the economy is nearing recession, it will be put in preventive measures to escape the intending recession and make sure it allocates its scarce in efficient way among the economic units by spending more on capital projects, raising social empowerment spending and doing other necessary things.

So the discovery of economic changes will most likely influence how the nation allocates resources.

5 0
3 years ago
How is the price elasticity of demand​ measured? A. by multiplying the percentage change in the​ product's price by the percenta
Lapatulllka [165]

Answer:

How is the price elasticity of demand​ measured?

c. by dividing the percentage change in the quantity demanded of a product by the percentage change in the product's price

Explanation:

Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price when nothing but the price changes. More precisely, it gives the percentage change in quantity demanded in response to a one percent change in price.

8 0
3 years ago
Read 2 more answers
You saved $500 in currency in your piggy bank to purchase a new laptop. The $500 you kept in your piggy bank illustrates money’s
otez555 [7]

Answer:

The answer to the three fill in the banks as per order given in question are- store of value , unit of account , medium of exchange.

Explanation:

When $500 are kept in piggy bank to buy laptop, it illustrates the store of value function of money. This is a function where money is kept or stored to purchase some item in the future, given money doesn't lose its purchasing power .

The $500 price of laptop shows the unit of account function of money , where money is the standard numerical of measurement for the goods and services or any other transaction in the market.

The $500 which was used to buy the laptop shows the medium of exchange function of money , where money is used as intermediary for exchange of goods and services.

7 0
3 years ago
Other questions:
  • Choose a well-known company that you are familiar with, and explain how that company could use each of the five P's of the marke
    10·2 answers
  • Here are selected data for Wilson​ Company: Estimated manufacturing overhead ​ $259,650 Factory utilities ​ $30,200 Estimated la
    11·1 answer
  • What should a consumer consider when shopping for a credit card? Check all that apply.
    6·2 answers
  • An automobile final assembly plant has an annual production capacity of 200,000 cars. The plant operates 50 weeks/yr, 2 shifts/d
    11·1 answer
  • Bennett Company’s high and low level of activity last year was 150,000 units produced in June and 50,000 units produced in Janua
    10·2 answers
  • True or false supply curves are created when the data from a supply schedule is graphed.
    13·1 answer
  • Economist Bruce Kirchhoff contends that business failures are much lower than traditionally reported.
    13·1 answer
  • The net cost to society from the imposition of a tax is also known as:
    13·1 answer
  • I hate to do this but, I really need a gift card for my mom for her birthday and I am broke So please use my fetch reward code,
    6·1 answer
  • Besides starting the vehicle, what else can 2022 versa’s available remote engine start in do?
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!