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hoa [83]
3 years ago
13

Jing Company was started on January 1, Year 1 when it issued common stock for $31,000 cash. Also, on January 1, Year 1 the compa

ny purchased office equipment that cost $15,500 cash. The equipment was delivered under terms FOB shipping point, and transportation cost was $1,600. The equipment had a five-year useful life and a $6,000 expected salvage value. Using double-declining-balance depreciation, what the amount of depreciation expense and the amount of accumulated depreciation, respectively, that would appear on the December 31, Year 3 financial statements?
Business
1 answer:
romanna [79]3 years ago
6 0

Answer:

$156

Explanation:

equipment cost = $15,500 + $1,600 = $17,100

five year useful life ⇒ double declining depreciation rate = (1 / 5) x 2 = 40%

salvage value = $6,000

  • depreciation year 1 = 40% x $17,100 = $6,840, book value = $10,260
  • depreciation year 2 = 40% x ($17,100 - $6,840) = $4,104, book value = $6,156
  • depreciation year 3 = book value - salvage value = $6,156 - $6,000 = $156

When you use the double declining balance, depreciation expenses ceases when the book value = salvage value.

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Charles wants to start a décor business and takes a loan of $35,000 from the bank to set up the business. Once the business is u
miv72 [106K]

Answer:

Sole Proprietorship

Explanation:

Charles is planning to start a sole proprietorship business. It is the most common form of business ownership.

This is the form of business owned, managed and operated by a single individual. Here, there is no distinction between the business and the owner. The owner of the business will have total control of all the profits incurred in the business and solely be responsible for all losses incurred as well.

5 0
3 years ago
Azule Co. manufactures in two sequential processes, cutting and binding. The two departments report the information below for a
Angelina_Jolie [31]

Answer and Explanation:

The computation of the ending balance in the work in process inventory for each department is shown below:

For Cutting department

= Direct material + conversion + cost added for direct material + cost added for conversion - transferred in from cutting department

= $1,095 + $3,650 + $13,740 + $18,300 - $17,395

= $19,390

And, for binding department

= Transferred in from cutting department Direct material + conversion + cost added for direct material + cost added for conversion - transferred to finished goods

= $1,200 + $2,862 + $3,800 + $9,332 + $19,475 - $31,000

= $5,669

8 0
3 years ago
Daniel watched the 95-year-old actor Kirk Douglas present the Oscar for Best Supporting Actress in 2011. Daniel became frustrate
8_murik_8 [283]

Answer:

daniel should have focused on the message and not on the way it was delivered.

Explanation:

If Daniel had focused more on getting the message that was being passed by Kirk Douglas, he would have enjoyed the show more.

But in this case he was more focused on how Kirk Douglas was not accurately forming his words. The more he listened the more frustrated he became.

5 0
3 years ago
Forced to lay off a number of its employees, including larry kurzyniec. larry, who had been logging for over eighteen years, suf
Shtirlitz [24]

COBRA- Consolidated Omnibus Budget Reconciliation Act, is the name of the federal law that guarantees employees who have lost their jobs continuing access to health insurance.

<h3>What is Federal COBRA?</h3>

When your employment terminates or your hours are reduced, federal COBRA is a law that enables you to preserve your group health coverage. All insured employees, their spouses, ex-spouses, and dependent children must be provided with continuous coverage under federal COBRA. Employers and group health plans with 20 or more members are subject to the federal COBRA.

<h3>How does COBRA work?</h3>

Under certain conditions, including voluntary or involuntary job loss, a reduction in hours worked, a change in employment, death, divorce, and other life events, the COBRA allows employees and their families who lose their health benefits to choose to continue receiving group health benefits from their group health plan for a finite amount of time. The full price for coverage up to 102% of the plan's cost may be demanded of qualified persons.

To know more about Federal laws visit:                                                          brainly.com/question/29439408

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4 0
1 year ago
As a human resource manager, how would you recommend that a part-time<br> employee is compensated?
barxatty [35]

Answer:

C. Part-time employees should be compensated with an hourly wage

because the number of hours they may work each month

changes

<u>Multiple-choices</u>

employee is compensated?

A. Part-time employees should be compensated with a salary

because the number of hours they may work each month

changes

O

B. Part-time employees should be compensated with an hourly wage

because the number of hours they work each month is always the

same.

O

C. Part-time employees should be compensated with an hourly wage

because the number of hours they may work each month

changes

O

D. Part-time employees should be compensated with a salary

because the number of hours they work each month is always the

same.

Explanation:

Part-time workers are called to duty on a need basis.  Usually, part-time workers are assigned specific tasks to perform is within a particular duration. Their contribution is measured in terms of hours worked or completed units of output.

Part-time workers contrast with full-time workers who report for duty every working day. Part-time workers are not required to work for certain hours per week or month like full-time workers. The number of hours that a part-time worker works in a week varies from time to time. Therefore, the best way of compensating them is through an hourly rate.

8 0
3 years ago
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