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svp [43]
3 years ago
9

El Tapitio purchased restaurant furniture on September 1, 2021, for $35,000. Residual value at the end of an estimated 10-year s

ervice life is expected to be $5,000. Calculate depreciation expense for 2021 and 2022, using the straight-line method, and assuming a December 31 year-end. (Do not round intermediate calculations.)
Business
1 answer:
Romashka-Z-Leto [24]3 years ago
3 0

Answer and Explanation:

The computation of the depreciation expense using straight line method is shown below:

Formula to be used:

= (Purchase cost - salvage value) ÷ (estimated service life)

For 2021

= ($35,000 - $5,000) ÷ (10 years)

= $3,000

For 4 months, it would be

= $3,000 × 4 months ÷ 12 months

= $1,000

And, for the year 2021, it would be the same i.e. $3,000

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Relix, Inc., is a domestic corporation with the following temporary timing differences for the current year. The building deprec
Rina8888 [55]

Answer:

Computation of Provision for income tax expense

Particulars                                                      Amount

Pre tax financial income                                $4,800

Add: Non deductible business meal            $780

Less: Tax exempt interest                            -$2,375

Less: Book tax difference in depreciation  -$16,800

of building and Furniture & fixtures

Add: Accured litigation expenses                 <u>$16,000</u>

Taxable Income                                              <u>$2,405</u>

Provision for income tax Expense

Current Tax (21% of $2,405)                      $505

Deferred tax liability                                   $3,528

Deferred tax asset                                     -<u>$3,360</u>

Total Provision for income tax expense  <u>$673</u>

<u />

Computation of book net income after tax

Particulars                                                    Amount

Book net income before taxes                   $4,800

Less: Provision for income tax expense   -<u>$673</u>

Net Income after tax                                   <u>$4,127</u>

3 0
3 years ago
Consider the following two situations: (1) you buy a Porsche produced in Germany, (2) you buy a Volkswagen produced in the U.S.
kondor19780726 [428]

The purchase of a Porsche produced in Germany has a direct effect on net exports

<h3>What is net export?</h3>

Net exports is total export less import. Import is when a good or service is brought into a country from a foreign country. Import reduces the value of the net exports. Export is when a good produced in a country is sold in a foreign country.

To learn more about imports, please check: brainly.com/question/26497713

7 0
2 years ago
Select the correct answer. Parker is designing the compensation package for a candidate selected for the position of a software
zmey [24]

Answer:

C. candidate’s skill set

Explanation:

7 0
3 years ago
Which of the following are criteria for determining whether to record an asset as a fixed asset? a.must be short-lived and tangi
Brut [27]

Answer:

The correct answer is letter "D": must be long-lived and used by the company in its normal operations.

Explanation:

Fixed assets are tangible resources used by a corporation to produce profits. To qualify as a fixed asset, the item can not be consumed or sold in less than one year and be part of the daily operations of the business. Fixed assets are listed on the balance sheet of the company and are subject to depreciation.

Examples of fixed assets include <em>buildings, factories, leasehold improvements, computers, electronic hardware, furniture, automobiles, </em>and <em>construction equipment.</em>

5 0
3 years ago
Describe how human desires would be met with no scarcity.
leva [86]

Answer:

Human needs are the impulse that individuals have to access certain goods or things. Scarcity, in turn, is the lack of goods or things to meet the needs of all humans in general.

Therefore, all human needs could be covered without major problems if the phenomenon of scarcity did not exist, that is, if there were more goods available than those demanded by society.

7 0
3 years ago
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