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Nesterboy [21]
3 years ago
11

Oriole Company bought equipment for $420000 on January 1, 2021. Oriole estimated the useful life to be 4 years with no salvage v

alue, and the straight-line method of depreciation will be used. On January 1, 2022, Oriole decides that the business will use the equipment for a total of 6 years. What is the revised depreciation expense for 2022
Business
1 answer:
morpeh [17]3 years ago
6 0

Answer:

$63,000

Explanation:

Straight line method charges a fixed amount of depreciation for the period the asset is used in the business.

Depreciation Expense = (Costs - Salvage Value) ÷ Estimated useful life

therefore,

2021

Depreciation Expense = $420000 ÷ 4 = $105,000

2022

One month has already expired, therefore the remaining useful life out of 6 years will be 5.

New Depreciable Amount = Cost - Accumulated depreciation to date

                                            = $420,000 - $105,000

                                            = $315,000

Depreciation expense = $315,000 ÷ 5 = $63,000

Conclusion :

the revised depreciation expense for 2022 is $63,000

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Answer:

C. a movement down along the supply curve for that good. 

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This is in accordance to the law of supply which says the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.

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Answer:

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6 0
3 years ago
10. Which of the following scenarios would best exemplify Adam Smith's view of best serving the
nordsb [41]

E. Individuals in the country may pursue their own economic growth and self-interest by doing whatever is best for them

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8 0
3 years ago
Use straight line (SL) depreciation to determine a. annual depreciation charge (5 points) and b. annual book values for the life
Andrew [12]

Explanation:

The computation is shown below:

Year            Depreciation                Book value

0                                                      $1,200,000

1                   $125,000                    $1,075,000

2                  $125,000                    $950,000

3                  $125,000                    $825,000

4                  $125,000                    $700,000

5                  $125,000                    $575,000

6                  $125,000                    $450,000

7                  $125,000                     $325,000

8                  $125,000                     $200,000

The depreciation expense is

= ($1,200,000 - $200,000) ÷ (8 years)

= $125,000

4 0
3 years ago
During December, Far West Services makes a $2,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.
Leno4ka [110]

Answer:

Total sales tax payable:170, sales :2000

Explanation:

Sale price x sales tax rate = sales tax payable

2000 x .085 (6%+2.5%) = 170

it doesn’t say so I’m assuming that the 2,000 credit sale does NOT include the sales tax due.

3 0
3 years ago
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