The term city-state refers to:________

Machinery purchased for $69,000 by Vaughn Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of

Sliva [168]

Answer:

Prepare the entry to correct the prior years' depreciation, if necessary.

any change in depreciation expense must be done for future events, past events cannot be adjusted

Depreciation expense 2021:

carrying value December 2020 = $69,000 - {[($69,000 - $4,600) / 8] x 5} = $69,000 - $40,250 = $28,750

depreciation expense per year (including 2021) = ($28,750 - $5,175) / 5 = $4,715

3 0

3 years ago

As part of the initial investment, ray blake contributes equipment that had originally cost $125,000 and on which accumulated de

Zielflug [23.3K]

Given:
Original cost of contributed equipment : 125,000

Accumulated depreciation of contributed : 100,000

Value of similar equipment : 150,000

Agreed upon valuation of contributed equipment : 29,000

The amount that should be debited to the equipment account is 29,000.

It is the current value of the contributed equipment as agreed upon by the partners.

6 0

4 years ago

Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. Dur

lubasha [3.4K]

Answer:

a. 15,650

Explanation:

Department E

FIFO Equivalent Units

Particulars Units % of Completion Equivalent Units

Materials Conversion Materials Conversion

Units Complete 15000 100 100 15000 15000

Add Ending Inv 3000 100 70 3000 2250

less

Beginning Inv. 4000 100 40 4000 1600

Equivalent Units 14000 15650

The equivalent units for materials using FIFO are 14000 and for conversion are 15650.

In FIFO we add the completed units with the % of complete units in the ending inventory and subtract the beginning Work in Process Opening Inventory % complete units.

We need to calculate the units first transferred out.

8 0

3 years ago

1 2 3 all a firm that purchases electricity from the local utility for $350,000 per year is considering installing a steam gener

nikdorinn [45]

The more attractive choice is the choice that has less present value which is Using steam generator valued at $1, 364,165.02

Given data;

cost of electricity per year: = $350,000

cost of installing a steam generator = $280,000

generator operation cost per year = $260,000

generator will last for = 5 years

cost of capital for local utility option = 10%

purchasing electricity from the local utility

cost of electricity per year: = $350,000

cost of capital for local utility option = 10%

Present value = - 350,000 - 350,000 / 1.10 - 350,000 / 1.10^2 - 350,000 / 1.10^3 - 350,000 / 1.10^4

Present value = - 1,453,452.906

Present value = - 1,453,452.91

Using steam generator

cost of installing a steam generator = $280,000

generator operation cost per year = $260,000

Present value = - 280,000 - 260,000 - 260,000 / 1.10 - 260,000 / 1.10^2 - 260,000 / 1.10^3 - 260,000 / 1.10^4

Present value = - 1, 364,165.016

Present value = - $1, 364,165.02

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4 0

2 years ago

The following data has been provided for a company’s most recent year of operations: Return on investment 20% Average operating

Snowcat [4.5K]

Answer:

$5,000

Explanation:

The return on investment is 20%

= 20/100

=0.2

The average operating assets is $100,000

The minimum required rate of return is 15%

= 15/100

= 0.15

The first step is to calculate the net operating assets

= ROI× average operating assets

= 0.2×100,000

= $20,000

Therefore, the residual income can be calculated as follows

= Net operating income-(minimum required rate of return×average operating assets)

= $20,000-($100,000-0.15)

= $20,000-15,000

= $5,000

Hence the residual income for the year was closest to $5,000

3 0

3 years ago

The term city-state refers to:_________.