Answer:
$740,200
Explanation:
Depreciation is the systematic allocation of the cost of an asset to the income statement over the estimated useful life of that asset.
It is determined as the depreciable value of the asset over the estimated useful life of the asset where the depreciable value is the difference between the cost and salvage value of the asset
Mathematically,
Depreciation = (Cost - Salvage value)/Estimated useful life
Depreciation = (900,000 - 101,000)/5
= $159,800
Book value is the cost net accumulated depreciation
= $900,000 - $159,800
= $740,200
Answer:
A) The income tax return for 2018 was filed on March 3, 2019. The three-year statute of limitations will begin to run on:
- April 16, 2019 (the next day after the tax deadline)
B) The income tax return for 2018 was filed on August 13, 2019. The statute of limitations will begin to run on:
- August 13, 2019 (the same day the taxes were filed)
C) The income tax return for 2018 was prepared on March 31, 2019, but was never filed. Through some misunderstanding between the preparer and the taxpayer, each expected the other to file the return. The statute of limitations:
- If the taxes were not filed, then the statute of limitations cannot begin to run.
D) The income tax return for 2018 was never filed because the taxpayer thought no additional tax was due. The statute of limitations:
- If the taxes were not filed, then the statute of limitations cannot begin to run.
Answer:
Co-operatives throughout the world share a set of values that give them their distinctive character.
Self-help
In co-operatives, people help each other whilst helping themselves by working together for mutual benefit.
Self-responsibility
Individuals within co-operatives act responsibly and play a full part in the organisation.
Democracy
A co-operative will be structured so that members have control over the organisation – one member, one vote.
Equality
Each member will have equal rights and benefits (according to their contribution).
Equity
Members will be treated justly and fairly.
Solidarity
Members will support each other and other co-operatives.
Answer:
B. permanent, temporary, and permanent accounts
Explanation:
Having in mind the closing of accounts at the end of the accounting year, the <em>difference between permanent and temporary accounts</em> is the following:
- Permanent accounts are the ones that are not closed at the end of the account year; instead, their balance is moved to the following year, as the starting balance. <em>Asset </em>accounts which are permanent are: <u>Accounts receivable</u>, Investment, Equipment, Cash, while the permanent <em>Liability </em>accounts are Accounts payable, <u>Salary Payable</u>, Utilities Payable...
- Temporary accounts always start with zero balance when the accounting year begins. The balance at the end of the year is handled by moving it to another account. All sorts of revenues and <u>expenses </u>belong to this account category.
GDP stands for Gross domestic product. It is one of the primary indicators used to gauge the health of a country's economy. It represents the total dollar value of all goods and services produced over a specific time period
