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nataly862011 [7]
3 years ago
10

A company purchased a plant asset for $53,000. It has a salvage value of $3,000 and annual depreciation expense of $5,000. It ca

lculates depreciation using the straight-line method. The balance of the company's Accumulated Depreciation account at the end of the current year after-adjusting entries is $15,000. What is the asset's remaining useful life
Business
1 answer:
marshall27 [118]3 years ago
3 0

Answer:

The remaining useful life of the asset is = 10 - 3 = 7 years

Explanation:

The straight line method of depreciation charges a constant depreciation expense through out the useful life of the asset. The formula for depreciation expense under this method is,

Depreciation expense = (Cost - Salvage value) / Estimated useful life of the asset

Plugging in the values for depreciation expense per year, cost and salvage value, we can calculate the total expected life of the asset.

5000 = (53000 - 3000) / estimated useful life of the asset

estimated useful life of the asset = 50000 / 5000

estimated useful life of the asset = 10 years

As the accumulated depreciation  balance is of 15000, the depreciation for 15000/5000 = 3years has been charged.

The remaining useful life of the asset is = 10 - 3 = 7 years

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Click this link to view O*NET’s Work Contexts section for Accountants. It describes the physical and social elements common to t
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3 years ago
They want to make a profit of $55,498 Unit Variable costs = $11 Unit selling price is = $37 Fixed costs = $18,470 How many units
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To find the answer you need to consider that the profit is equal to the sales minus the costs.

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6 0
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The owner of Hanson Manufacturing is considering the idea of establishing a smoke-free workplace and instigating an incentive pl
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Answer:

$2000

Explanation:

According to CDC research, each employee who smokes costs his or her organization approximately $2000 per year due to reasons such as;

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