Answer:
C. $3,000
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
Given that On January 1, Year 1, Sophia Company purchased an asset that cost $100,000. The asset had an expected useful life of five years and an estimated salvage value of $20,000,
Annual depreciation
= ($20,000 - $4,000)/8
= $2,000
At the beginning of the 3rd year, the carrying amount of the asset
= $20,000 - 2($2,000)
= $16,000
Since the company revised its estimated total life of 6 years, annual depreciation will be (including year 3)
= ($16,000 - $4,000)/4
= $3,000
.. huh and orange then me too and brown and green faking a red green brown
Answer:
the bad debt expense reported is $113,300
Explanation:
The computation of the bad debt expense that should be reported in the first year income statement is shown below:
= Allowance for uncollectible accounts + write off account receivable
= $82,700 + $30,600
= $113,300
Hence, the bad debt expense reported is $113,300
Answer:
Fruits and vegetables are produced seasonally, but the market requires products throughout the year. For many decades, this problem of matching product availability with consumer demand was solved in two ways:
Selling fresh products during harvest and shortly thereafter
Processing the rest to meet demand during the rest of the year
Explanation:
Answer:
Adding up basic monthly expenses and subtracting this total from take-home pay, plus trying to find out ways or figuring out what to give up to make the monthly loan payment.
Explanation:
A loan is simply a borrowed money that must be repaid at a certain point in time.
Before taking out a loan, it is better you ask yourself some questions like the reason for the loan collection, how much am i earning and willing to set aside for the loan repayment and will it be monthly and other questions.
