The interest portion of a monthly loan payment is $427.93. If the interest rate is 6.875%, what is the current principal balance

The major difference between the service life of an asset and its physical life is thata. service life refers to the time an ass

NikAS [45]

Answer:

A. service life refers to the time an asset will be used by a company and physical life refers to how long the asset will last.

Explanation:

A company might buy a copy machine that stays in excellent working order for 10 years, but slowly starts breaking down after 10 years so they sell it at a used office equipment sale. Someone else buys it at a discount and uses it for 2 more years before it completely stops working. It's service life was the 10 years that the original company used it, and it's physical life is the 12 years that it lasted before totally breaking down.

5 0

3 years ago

Or each of the following accounts, indicate the effect of a debit or credit on the account and the normal balance. Debit Effect

Varvara68 [4.7K]

Answer:

a) bonds payable

normal balance: credit debit decrease credit increase

b) unearned service revenue

normal balance: debit increase credit decrease

c) depreiciation expense

normal balance: debit increase credit decrease

d) common stock

normal balance: credit debit decrease credit increase

e) building

normal balance: debit increase credit decrease

f) rent revenue

normal balance: credit debit decrease credit increase

Explanation:

The reasons are in the acounting equation

assets = laibilities + Equity + revenues - expenses

the left side increase form debit

and the right side from credit

From there, we can conclude each account:

A) B) Are laibilities, obligation to the company an so, follow the rules for liabilities.

C) expenses they decrease equity, so they increase from debit and increase from

D) equity is on the left side

E) assets are the company's possesions. Increase from debit and decrease from credit

F) revenue increase equity so it beheaves like it.

8 0

4 years ago

The double-declining-balance and straight-line depreciation methods: multiple choice are the only acceptable methods of deprecia

zheka24 [161]

The double-declining-balance and straight-line depreciation methods Produce the same total depreciation over an asset's useful life.

Two of the four depreciation methods permitted by US generally accepted accounting standards are the straight-line and double-declining-balance depreciation procedures (GAAP).
The sum of the years' digit and units of production are the other two techniques. By deducting the salvage value from the asset's purchase price and either dividing the depreciable amount by the number of years or applying a preset rate to the depreciable amount, the straight-line method is derived.
The depreciation rate is calculated using the double-declining-balance technique by dividing 100 percent by the asset's useful life in years, then multiplying the result by two.
The diminishing amount is then used to calculate depreciation expenditure until only the salvage value is left. They therefore result in the same depreciation over the course of the asset's useful life.

<h3>Is double declining balance a method of straight-line depreciation?</h3>

The straight-line depreciation technique, another and arguably even more frequent type of depreciation, depreciates an asset's value at a rate that is half that of the DDB depreciation method.

<h3>What is double declining balance depreciation method?</h3>

A type of accelerated depreciation method called the double-declining balance method doubles the rate at which an asset's value depreciates compared to the straight-line approach.
Accelerated depreciation refers to the process of depreciation that occurs twice as quickly as the straight-line method.

Learn more about double-declining-balance here:

brainly.com/question/24296752

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4 0

2 years ago

Mongar Corporation applies manufacturing overhead to products on the basis of standard machine-hours. Budgeted and actual overhe

Monica [59]

Answer:

Variable overhead variance = $1,440 unfavorable

Explanation:

The variable overhead efficiency variance is the difference between the actual hours and the standard hours for the actual output valued at the standard variable overhead rate per hour.

Machine hours

standard hours for the actual output 4,190

Actual hours <u>4,350</u>

Efficiency variance 160 unfavorable

Standard rate per hour(see note) × <u> $9 </u>

Variable overhead variance 1,<u>440 </u>unfavorable

Standard variable rate per machine hour

= Budgeted overhead cost/Budgeted machine hour s

= $37,800/4,200 hours =$9 per machine hour

Variable overhead variance = $1,440 unfavorable

4 0

3 years ago

If an employee has a conflict of interest, this means the employee could do what? A. Identify unethical behavior in customers, o

Phoenix [80]

The answer would be D, a conflict of interest would be when someone is personally benefitting by taking advantage of their position or job. hope this helps!

8 0

4 years ago

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