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iragen [17]
3 years ago
11

On January 1, 2019, Cullumber Corporation acquired machinery at a cost of $1650000. Cullumber adopted the straight-line method o

f depreciation for this machine and had been recording depreciation over an estimated life of ten years, with no residual value. At the beginning of 2022, a decision was made to change to the double-declining balance method of depreciation for this machine. Assuming a 30% tax rate, the cumulative effect of this accounting change on beginning retained earnings, is
Business
1 answer:
Tatiana [17]3 years ago
7 0

Answer:

$0

Explanation:

Since in the given situation there is a depreciation method change i.e. from the straight-line method to double-declining method so there would be no impact restrospectively.

Hence, there would be no cumulative impact as it creates the impact prospectively

So the impact would be zero

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You are considering a job that offers a pension of 80% of your highest yearly salary prior to retirement. You expect your highes
lara31 [8.8K]

Answer:

1,120,000 dollars

Explanation:

The pension income is 80% out of current salary of 70,000 dollars, therefore 56,000 dollars. For this to be future retirement stream savings must be at a level of 1,120,000 dollars or 56,000/0,05. This strategy would assume 5% return on savings or investments and the lifestyle in retirement equal to pre-retirement period. This strategy would also assume no additional post-retirement income.

7 0
3 years ago
A customer who lives in New York has an account with a broker-dealer and sales representative that are both registered in State
mash [69]
True because I said so and i don’t really care but I hope this helped
8 0
3 years ago
{The following information applies to the questions displayed be/ow. Fighting Irish Incorporated pays its employees $3,220 every
matrenka [14]

Answer: $690

Explanation:

The 2018 year- end adjusted balance of Salaries Payable will be calculated as:

= January 1, 2018 balance + Adjustment on December 31, 2018

= $0 + $690

= $690

Note: Salaries accrued at December 31, 2018 will be:

= (Number of days from December 29 - 31) × Salary per day

= 3 × $230

= $690

Therefore, the balance on salaries payable is $690

6 0
2 years ago
Great Adventures obtains a $30,000 low-interest loan for the company from the city council, which has recently passed an initiat
Tju [1.3M]

Answer:

The journal entry at the time when great adventures obtains the $30,000 loan is:

Account Title                       Debit            Credit

Cash                                     30,000

Notes Payable                                          30,000

The interest accrued at the end of each month would be:

30,000 * 6% = 1,800/12 = $ 150

Interest entry would be made at the end of each month to record the interest expense.

7 0
3 years ago
United Airlines flies a plane from Los Angeles to New York at 8 o'clock on Tuesday morning only 25% full. On Friday, the same fl
Alona [7]

Answer:

Perishability.

Explanation:

Perishability is utilized in marketing to portray the manner by which service limit can't be put away available to be purchased later on. It is a key concept of services marketing.

3 0
3 years ago
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