Answer:
$11000
Explanation:
Depreciation is the reduction in the value of an asset over time due to regular wear and tear. Straight - line depreciation is where the same amount is reduced every year over the life of the asset. It is calculated as (Cost of asset - residual value) / number of useful life years
= ($60000 - $5000) / 5 = $11000
When preparing the statement of owner's equity, the beginning capital balance can always be found in the general ledger.
- A general ledger is a book keeping ledger which shows the set of numbered accounts a business uses to keep track of its financial transactions and to prepare financial reports.
- Each account is a unique record summarizing a specific type of asset, liability, equity, revenue or expense.
- The general ledger consists of all the individual accounts needed to record the assets, liabilities, equity, revenue, expense, gain, and loss transactions of a business. In most cases, detailed transactions are recorded directly in these general ledger accounts.
- It helps you look at the bigger picture. Accounts including assets (fixed and current), liabilities, revenues, expenses, gains, and losses.
Thus the correct answer is option D.
To learn more about general ledger, refer: brainly.com/question/1436327
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Answer:
The answer is: B) FICA taxes withheld from employees' payroll checks should never be recorded as a liability since the employer will eventually remit the amounts withheld to the appropriate taxing authority.
Explanation:
FICA taxes (or payroll taxes) are based on an employee's salary. Both employees and employer pay FICA taxes for Social Security and Medicare. Employers withhold these taxes from their employees' paychecks, and then pays them to the Internal Revenue Service (IRS).
That statement is true
A stated interest rate is the return of investment that is not compounded by the interest accumulation throughout the years.
In general, a stated interest rate will give us a lower amount of return compared to effective annual interest rate that compound the accumulation throughout the years,
Answer:
Yes.
Explanation:
Yes, the claim of statement ''The study claims that average price of foreign cars is more than average price of domestic cars.'' is correct because the cars which is imported from foreign countries have high duty on them. This duty tax on these cars make them very expensive while on the other hand, the domestic cars have no duty on it so they are lower in price as compared to foreign cars.
