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xeze [42]
3 years ago
12

purchased decorating machine for $430,000 on January 1, 2020. depreciates machines of this type by the straight-line method over

a five-year period using no salvage value. Due to an error, no depreciation was taken on this machine in 2020. Fireworks discovered the error on January 1, 2021. The journal entry to correct this error would be:
Business
1 answer:
mamaluj [8]3 years ago
4 0

Answer:

The journal entry to correct this error would be:

Debit : Retained Earnings $86,000

Credit : Machine $86,000

Explanation:

Straight line method charges a fixed amount of depreciation using the formula :

Depreciation expense = (Cost - Residual Value) ÷ Estimated useful life

thus,

Annual Depreciation expense = $430,000 ÷ 5

                                                   = $86,000

To correct the error :

Reduce the Retained Earnings amount (<em>were depreciation expense lies</em>) and Reduce the Asset Balance (<em>a fall in value</em>) with the amount of depreciation.

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The steeper an isoquant is ​(labor measured on the horizontal axis​): A. the greater is the level of output. B. the greater is t
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Answer:

C. the greater is the marginal productivity of labor relative to that of capital

Explanation:

An isoquant is a curve that shows all the combinations of inputs that yield the same level of output.

When adding one factor holding the other factor constant inevitably, leads to lower output levels, the isoquant must become steeper, as more capital is added instead of labour, and flatter when labour is added instead of capital. Returns to capital even decline.

8 0
3 years ago
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An individual has been making periodic premium payments on an annuity. The annuity income payments are scheduled to begin after
3241004551 [841]

Answer: Deferred

Explanation:

The deffered is one of the type of annuity that helps in making the various types of insurance related contracts for the purpose of long time savings.

A deferred annuity is one of the type of contract where they pay some amount of their profit to the owner on the regular basis and it also used by various types of investors for profit purpose.

According to the question, the deffered annuity is making the various types of periodic payments that helps in scheduling the annuity after one year. Therefore, Deferred is the correct answer.

5 0
3 years ago
Structural unemployment is caused by: Group of answer choices people losing a job when their skills become obsolete due to techn
Tanzania [10]

Structural unemployment is caused by <u>people losing a job when their skills become obsolete due to technological innovations.</u>

  • People who wish to work but are unable to obtain job are said to be experiencing structural unemployment. The abilities of the workers and the talents that businesses required do not match in structural unemployment.
  • Because the abilities of the workforce won't change despite advances in technology, if technological breakthroughs improve, there will be structural unemployment.
  • As a result of their inability to keep up with modern technology, they are losing their jobs.
<h2>What is Structural unemployment?</h2>

A mismatch between the skills of the jobless and the jobs that are available is referred to as structural unemployment. It differs from cyclical unemployment in that it results from factors other than the business cycle. 1 It happens when an underlying economic shift makes it challenging for some people to find work. It is more difficult to reverse than other forms of unemployment.

Learn more about types of structural unemployment at brainly.com/question/17272067?referrer=searchResults

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3 0
2 years ago
Tariffs may raise the price that foreign customers must pay for goods produced in the United States, negatively impacting a U.S.
fenix001 [56]

Answer:

true

Explanation:

tarrifs raise the price of foreign goods

8 0
3 years ago
Warren corporation purchased a truck at a cost of $60,000. It has an estimated useful life of five years and estimated residual
s344n2d4d5 [400]

Answer:

What is the amount of depreciation that warren should record for year 3 under the straight-line depreciation method? $15500

Explanation:

Net Value Dep. year End Net value.

Year 1 55000 12000          43000

Year 2 43000 12000          31000

Year 3 31000 15500          15500

Year 4 15500 15500            0

6 0
3 years ago
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