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Oksanka [162]
3 years ago
5

On April 1, 2019, Sheffield Corp. purchased new machinery for $459000. The machinery has an estimated useful life of five years,

and depreciation is computed by the sum-of-the-years'-digits method. The accumulated depreciation on this machinery at March 31, 2021, should be
Business
1 answer:
astra-53 [7]3 years ago
3 0

Answer:

$275,400

Explanation:

Accumulated depreciation is the amount of depreciation which is accumulated against each years depreciation and carried until the disposal of the asset. This account will be closed on the disposal of the asset with cost of the asset.

Cost of Machinery = $459,000

Useful life = 5 years

In sum of the year method we add all the years and calculate the respective depreciation based on the year of depreciation as follow

Sum of Years = 5 + 4 + 3 + 2 + 1 = 15

As only only 2 years depreciation is accrued and accumulated from April 1, 2019 to March 31, 2021.

Accumulate depreciation = $459,000 x (5+4) / 15 = $275,400

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3 years ago
The following are selected 2017 transactions of Sean Astin Corporation.
Vadim26 [7]

Answer and Explanation:

The Journal entries are shown below:-

A. a. Purchase Dr, $50,000

           To Accounts payable $50,000

(Being purchase of inventory is recorded)

b.Accounts payable Dr, $50,000

            To Notes payable $50,000

(Being issuance of notes is recorded)

c.Cash Dr, $50,000

  Discount on notes payable Dr, $4,000

             To Notes payable $54,000

(Being amount borrowed from bank and issued notes is recorded)

B. a. Interest expenses Dr, $1,000 ($50,000 × 8% × 3 ÷ 12)

            To Interest payable $1,000

(Being interest expenses is recorded)

b. Interest expenses Dr, $1,000 ($4,000 × 3 ÷ 12)

                 To Discount on notes payable $1,000

(Being interest expenses is recorded)

C. The Computation of interest-bearing note and the zero-interest-bearing note is shown below:-

Interest-bearing note = Note payable + Interest payable

= $50,000 + $1,000

= $51,000

Zero-interest-bearing note = Note payable - Discount

= $54,000 - ($4,000 - $1,000)

= $54,000 - $3,000

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8 0
3 years ago
You are attending college in the fall and you need to purchase a computer. You must finance the purchase because your parents wi
rodikova [14]

The correct answer is installment credit. The explanation is below.

Installment credit allows you to purchase an item and then pay for it in installments. The reason that this would be the best option for you is that you do not have the money now to make the purchase, but you are able to make smaller monthly payments in order to purchase a computer.

Installment credit is better than revolving credit for new borrowers. Revolving credit would allow you to charge additional purchases on your revolving credit account. The installment plan only finances one item, rather than like a credit card, which is how revolving credit works. You would not choose non-installment credit because this would require you to make this payment all at once in a short period of time. It would not allow you to spread the payments out over time.

3 0
3 years ago
What general conclusions can be drawn about Eli’s situation? Check all that apply.
Alex777 [14]

Answer:

He may still be covered in some cases.

He faces more risk than insured people do.

He may have to take precautions but many factors are beyond his control.

Not being able to afford insurance was a factor in him not being covered.

Explanation:

I got it correct

7 0
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Answer:

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