Answer:They must always balance each other out. T Accounts always follow the same structure to record entries – with “debits” on the left, and “credits” on the right.
1. 30000 x 5% = 1500.
2. 30000 - 1500 (because it has depreciated) = 28500.
So, the Accumulated depreciation account after the first year would be $28,500 (D).
I hope it helped you!
1. Decrease in inventory, increase in cash
2. Increase in machinery (motor lorry) , decrease in cash
3. Decrease motor lorry, increase cash
4. Increase machinery and equipment, increase in accounts payable
5. Increase in office furniture , increase in accounts payable
Answer:
Proportional Tax
Explanation:
A proportional tax imposes the same flat rate (in %) on income as payable tax.
Other types of taxes are Progressive and Regressive Tax. In progressive, the higher you earn, the higher tax you pay while in Regressive, the higher you earn, the lower income tax paid and vice versa.
