A brochure is a professional, effective, and inexpensive way to provide information to your _____________

Equipment costing $40,000 with a salvage value of $8,000 and an estimated life of 8 years has been depreciated using the straigh

kaheart [24]

Answer:

The equipment originally cost 40,000 and has a salvage value of 8,000, which means that the amount that can be depreciated is 32,000. It has a life of 8 years and follows a straight line method so the yearly depreciation would be 32,000/8= 4,000.

The depreciation for the first 2 years is 4000*2= 8,000

So the book value of the asset is 40,000-8000= 32,000

Since according to the new estimate the total life is 5 years, and 2 years have already passed the remaining life of the asset is 3 years. Also since there is no change in salvage value the amount that can be depreciated is 32,000-8,000= 24,000

To find out the deprecation in year 3 we will divide 24,000 by the reaming life which is 3.

24,000/3= 8,000

The depreciation expense in year 3 would have been $8,000

Explanation:

6 0

3 years ago

Determine Digby's current strategy. How will they seek a competitive advantage? From the following list, select the top five sou

GalinKa [24]

Answer:

Please find the detailed answer as follows:

Explanation:

After reviewing Digby's current strategy, top five sources of competitive advantage for digby are as follows:

Increase demand through TQM initiatives .
Offer attractive credit terms .
Seek excellent product designs, high awareness, and high accessibility .
Seek high plant utilization, even if it risks occasional small stockouts .
Reduce cost of goods through TQM initiative.

Related concepts to understand the problem.

Competitive advantage. A competitive advantage is an improvement over competitors gained by contribuiting consumers greater value.

5 0

3 years ago

Aquatic Equipment Corporation decided to switch from the LIFO method of costing inventories to the FIFO method at the beginning

yan [13]

Answer:

1. Adjusted net income = Ending inventory higher by amount * (1-Tax rate) = $70,000*(1-34%) = $70,000 * 66% = $46,200

Details Amount

Beginning retained earnings for the year 2017 $880,000

Add: Adjusted net income <u>$46,200</u>

Beginning adjusted retained earnings for year 2017 <u>$926,200</u>

2. Tax payable = Inventory * Tax rate = $70,000*34% = $23,800

Date Account Titles and Explanation Debit Credit

Inventory $70,000

Retained earnings $46,200

Tax payable $23,800

(To record adjustment of ending inventory)

6 0

3 years ago

Two examples of generally accepted accounting principles are:

tresset_1 [31]

The answer to this question is: <span> accounting for leases and accounting for fair value assets
Leases and fair value assets is often used by companies in order to make their company valuation seem higher than it supposed to be. So, standardized rules regarding the proper way to make the valuation should be written under the Generally accepted accounting principles.</span>

8 0

3 years ago

On March 15, Summit Hawk declares a quarterly cash dividend of $0.085 per share payable on April 13 to all stockholders of recor

Sedaia [141]

The journal entries to Summit Hawk's declaration and payment of cash dividends is: Debit Dividend $18,530,000; Credit Dividend payable $18,530,000

<h3>Journal entries</h3>

March 15

Debit Dividend $18,530,000

(218,000,000 shares × $0.085)

Credit Dividend payable $18,530,000

(To record cash dividend declaration)

March 30

No entry

April 13

Debit Dividend payable $18,530,000

(218,000,000 shares × $0.085)

Credit Cash $18,530,000

(To record payment of cash dividend)

Therefore the journal entries to Summit Hawk's declaration and payment of cash dividends is: Debit Dividend $18,530,000; Credit Dividend payable $18,530,000.

Learn more about journal entries here:brainly.com/question/14017973

#SPJ1

6 0

2 years ago

A brochure is a professional, effective, and inexpensive way to provide information to your ______________.