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Tasya [4]
3 years ago
6

Kingston Company purchased a piece of equipment on January 1, 2015. The equipment cost $200,000 and had an estimated life of 8 y

ears and a salvage value of $25,000. What was the depreciation expense for the asset for 2016 under the double-declining-balance method
Business
1 answer:
DaniilM [7]3 years ago
3 0

Answer:

Annual depreciation= $32,812.5

Explanation:

Giving the following information:

The equipment cost $200,000 and had an estimated life of 8 years and a salvage value of $25,000.

<u>To calculate the annual depreciation expense, we need to use the following formula:</u>

Annual depreciation= 2*[(book value)/estimated life (years)]

2015:

Annual depreciation= 2*[(200,000 - 25,000) / 8]

Annual depreciation= $43,750

2016:

Annual depreciation= 2*[(175,000 - 43,750) / 8]

Annual depreciation= $32,812.5

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The journal entry for an installment note payment includes all except:__________.
soldi70 [24.7K]

Answer: a. a credit to Accounts Payable.

Explanation:

When paying off a note, cash will be used so cash will have to be credited to show that it is decreasing.

Interest expense will be debited by the interest accumulated on the loan because expenses are debited when they increase.

Notes Payable will be debited to show that the note has now been retired.

There is no credit for Accounts payable involved in this transaction.

5 0
3 years ago
Which statement is accurate about safe posture?
-Dominant- [34]
Hello! Here is the answer to your question.

<span> Safe posture includes keeping the natural S-curve in your back.


I hope this helps you and have a Great day!</span>
5 0
3 years ago
A financial institution formed by a large organization for its members is a credit union.
balu736 [363]
This should be True.
4 0
3 years ago
Ralph Lauren: Accounts receivable turnover and number of days' sales in receivables Ralph Lauren Corporation designs, markets, a
SVETLANKA909090 [29]

<em>MISSING INFORMATION:</em>

   concept                     //    Year 2     //     Year 1

Sales                                     7,620             7,450

Account Receivables             655                588

Answer:

Yes, there is. The days to collect increase by 4.16 to 29.77 from 26.61

Which is a bad sing as the company delays more to collect form their customers

Explanation:

Account Receivable turnover:

Average receivable:

(458 + 588 ) / 2  =  523

7,450 / 523 =   14.25

Days to collect: 365 / 14.25 = 25,61

Second Year:

Average receivable: (655 + 588) / 2 = 621.5

Turnover: 7,620 / 621.5 =  12.26

Days to collect: 365 / 12.26 = 29,77

29.77 - 25.61 = 4.16

6 0
3 years ago
Suppose banks keep no excess reserves and that all banks are currently meeting the reserve requirement. The Federal Reserve then
ANTONII [103]

Answer:

1. Assets is debited for $10,000 as loans.

2. Liabilities is credited for $10,000 as deposits.

Explanation:

Note: This question is not complete as the amount is omitted. The complete question is therefore presented before answering the question as follows:

Suppose banks keep no excess reserves and that all banks are currently meeting the reserve requirement. The Federal Reserve then makes an open market purchase of ​$10000 from Bank 1.

Use the​ T-account below to show the result of this transaction for Bank​ 1, assuming Bank 1 keeps no excess reserves after the transaction.

The explanation of the answer is now given as follows:

Note: See the attached photo for Bank 1's T-Account.

In the attached photo, we can see that:

1. Assets is debited for $10,000 as loans.

2. Liabilities is credited for $10,000 as deposits.

6 0
3 years ago
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