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3 years ago

This tutorial comprises of two sections. Answer all the questions.

Business

1 answer:

Alona [7]3 years ago

8 0

Answer:

D) Collect secondary research

b) By testing products, a company can collect more information for statistics and parts of each product.

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In your opinion, how clearly must a large infrastructure project like ARC have determined its need, costs, and so forth before b

Contact [7]

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3 years ago

Rottino Company purchased a new machine on October 1, 2020, at a cost of $150,000. The company estimated that the machine will h

Amanda [17]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Purchasing cost= $150,000.

The company estimated that the machine will have a salvage value of $12,000. The machine is expected to be used for 10,000 working hours during its 5-year life.

1) Straight-line:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (150,000 - 12,000)/5= 27,600

2020:

Annual depreciation= (27,600/365)*92 days= $6,956.71

2) Units of activity:

Annual depreciation= [(original cost - salvage value)/useful life of production in units]*units produced

Annual depreciation= [(150,000 - 12,000)/10,000]*1.700= $23,460

3) Double-declining balance:

Annual depreciation= 2*[(book value)/estimated life (years)]

Annual depreciation= 2*27,600= 55,200

2020:

Annual depreciation= 55,200/365*92= 13,913.42

2021:

Annual depreciation= [138,000 - 13,913.42)/5]*2= 49,634.63

5 0

3 years ago

The following inventory valuation errors have been discovered for Knox Corporation:

Whitepunk [10]

Answer:

Income +/- inventory adjustment

2015: 138,000 - 23,000 = 115,000

2016: 254,000 + 61,000 = 315,000

2017: 168,000 + 17,000 = 185,000

Explanation:

Inventory Identity:

Beginning + Purchases = Ending + COGS

As the mistake is on the right side it compensates by the other component which is COGS

When the inventory is overstated this means COGS is understated.

We didn't record the cost of good sold thefore our gross profit is higher making the net income higher.

When the inventory is understated this means COGS is overstated.

We record more cost of goods sold thefore our gross profit is lower making the net income fewer as well.

7 0

3 years ago

The nation with the largest percentage of publically held land is

RideAnS [48]

The nation with the largest percentage of publicly held land is United state of America. These lands are usually set aside for different purposes such as parks, refuge camps, forests, historical places, etc.

6 0

3 years ago

Havermill Co. establishes a $460 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated recei

frozen [14]

Answer: Debit Petty cash $408; Credit Cash $408.

Explanation: Petty cash is a small amount of fund set aside for immediate or urgent minor expenses. In most organizations, there is a limit to the petty cash amount that a business unit can have. And someone is always saddled with the responsibility of managing the fund. It has its business rule in the sense that the amount should not be withdrawn beyond zero balance to throw it into debit.

In the instance of the question, the petty cash is $460 and within September, total expenses of $316 were incurred and paid for, leaving a balance of $144. However, the accountant determines that this cash should be increased by $92 on 1 October, so reimbursement to the fund would be the amount already spent ($316) and the proposed increment ($92), making $408.

5 0

3 years ago