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Masja [62]
3 years ago
8

Testbank Multiple Choice Question 100 Bramble Corp. purchased machinery on January 2, 2015, for $880000. The straight-line metho

d is used and useful life is estimated to be 10 years, with a $86000 salvage value. At the beginning of 2021 Bramble spent $188000 to overhaul the machinery. After the overhaul, Bramble estimated that the useful life would be extended 4 years (14 years total), and the salvage value would be $42000. The depreciation expense for 2021 should be
Business
1 answer:
ValentinkaMS [17]3 years ago
5 0

Answer:

33,585.71

Explanation:

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Tommy McCartney is a sixteen-year-old high school student. He has worked forty hours per week at the local convenience store ove
Kay [80]

Answer: Yes,it is legal and or ethical to allow Tommy to escape his contractual obligations.

Explanation:

A contract is an agreement made between two or more persons which the court of law can enforced. Under the law of contract, one of the essential elements of a valid contract is capacity, which states that a person must be of legal age before such a person can enter into a contract. For example a legal age is 18 years. In a law of contract any contract enter into with a minor is null and void according to the law. The exception to this rule is when a minor enter into a contract for the supply of necessity such as food and clothing. It is evidence that Tommy McCartney is 16 years old as at the time of entering into the contract for the purchase of the car from the store. In this case, by virtue of being a minor he does not have the backing of the law to enter into the contract for the purchase of the car from the store as at the time he does so.

Therefore, based on this legal point ,the contract is voidable.Tommy money must be returned to him because the contract between him and the store is null and void.It is therefore legal to allow Tommy to escape his contractual obligations

4 0
3 years ago
During an economic​ recession, A. the bond demand and supply curves both shift to the left and the equilibrium interest rate usu
anygoal [31]

Answer:

B. the bond demand curve shifts to the​ left, the bond supply curve shifts to the​ right, and the equilibrium interest rate usually rises.

Explanation:

In this case:

  • The supply increases, curve shifts to the right.
  • The demand increases, curve shifts to the left
  • Both the above shifts cause the price of bonds to decrease
  • The above changes cause interest rate to increase

In this way, the quantity of bonds increase

8 0
3 years ago
Medical Equipment Supply Company and Natural Rehabilitation Center enter into a contract for a lease of a certain number of whee
nydimaria [60]

Answer:

a. automatically.

Explanation:

Since in the question it is mentioned that there is a contract between the center and the company for leasing a certain number of wheelchairs. Also, it gives assurance with respect to the good title to be valid

And under the UCC, this title warranty arises automatically as in this case the automatization is done in most of the cases

Hene, the correct option is a.

6 0
3 years ago
The rental real estate exception favors: A. lower-income taxpayers (AGI less than $80,000). B. middle-income taxpayers (AGI grea
Andru [333]

Answer:

D) lower-income taxpayers and middle-income taxpayers.

Explanation:

The rental real estate exemption allows taxpayers who are not real estate professionals, to deduct up to $25,000 of real estate loss per year.

This exemption applies for taxpayers with an adjusted gross income of $150,000 or less. Only those that have an AGI of less than $100,000 are able to deduct the full $25,000 exemption, but as their AGI increase, the exemption starts to phase out.  

The two basic requirements for qualifying for this exemption is that the individual actively participates in the management of the real estate property that generated the loss and that they own at least a 10% interest in the property.

4 0
3 years ago
Embree Corp. purchased a four-year insurance policy on May 1, Year 2, for $12,000, effective immediately. The company expensed t
BlackZzzverrR [31]

Answer:

a. Debit to Prepaid Insurance of $10,000

* Option for this question was missing so I have attached a similar question with this answer and answered accordingly.

Explanation:

Insurance purchased for four years was actually prepaid insurance on May 1, Year 2.

The company expensed all amount by positing following entry ( which is a wrong entry)

DR.   Insurance Expense  $12,000

Cr.    Cash                          $12,000

It should be entered as follow:

DR.   Prepaid Insurance   $12,000

Cr.    Cash                          $12,000

At the end of the year 2 8 months has been passed for which $2,000 is accrued and it will be recorded, as all the amount is charged to the expense account we will adjusted the remaining amount of $10,000 to correct this mistake.

Now at the end of year 2 the correct entry which will settle the expense and prepaid insurance as well is as follow.

DR.   Prepaid Insurance   $10,000

Cr.    Insurance Expense  $10,000

6 0
3 years ago
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