Answer:
Option (c) is correct.
Explanation:
Given that,
Cost of machine = $39,000
Depreciation years = 4
Salvage value = $3,000
Straight line rate:
= (100 ÷ 4)%
= 25%
Double declining rate:
= (2 × Straight line rate)
= (2 × 25)%
= 50%
Depreciation for year 2012:
= Cost of machine × Double declining rate × Time period
= $39,000 × 50% × 6/12
= $9,750
Depreciation for 2013:
= (cost of machine - Depreciation for year 2012) × Double declining rate
= (39,000 - $9,750) × 50%
= $14,625
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These are the accounting assumption:
- Expense recognition principle: Charges are allocated to revenues at the appropriate time.
- Measurement principle: Changes in fair value that occur after purchase are not reported in the accounting.
- Full disclosure principle: Requires the reporting of all important financial information.
- Going concern assumption: Justification for not reporting plant assets at their liquidation value.
- Economic entity assumption: Recommends that personal and professional records be kept separate.
- Periodicity assumption: Divides financial data into time periods for reporting reasons.
- Monetary unit assumption: reported using the dollar as the "measuring stick," according to the monetary unit assumption.
Accounting assumptions are a set of guidelines that guarantee an organization's business operations are carried out effectively and in accordance with the standards established by the FASB (Financial Accounting Standards Board), laying the foundation for reliable, consistent, and valuable financial reporting.
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The idea that all successful entrepreneurs persevere through setbacks and failures is the key characteristic that fuels an entrepreneurial discoveries which is illustrated by the idea that many entrepreneurs consider that failure only occurs when one doesn’t try.
<h3>Who is an entrepreneur?</h3>
This means the person that creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship.
The characteristics of successful entrepreneurs are:
- passion for the business
- product/customer focus
- tenacity despite failure
- execution of idea.
Therefore, the idea that all successful entrepreneurs persevere through setbacks and failures is the key characteristic that fuels an entrepreneurial discoveries
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