Issuance of common stock for cash affects which basic element of financial statements? Revenues Equity Losses Liabilities

On November 1, 2016, Cullumber Company places a new asset into service. The cost of the asset is $78500 with an estimated 10-yea

MrRissso [65]

Answer:

$7,000

Explanation:

Depreciation: The depreciation is an expense that shows a reduction in the value of the fixed assets due to tear and wear, obsolesce, usage, time period, etc. It is shown on the debit side of the income statement. It is a non-cash item that does not affect the cash balance.

The computation of the depreciation expense for 2017 is shown below:

= (Original cost - residual value) ÷ (useful life)

= ($78,500 - $8,500) ÷ (10 years)

= ($70,000) ÷ (10 years)

= $7,000

In this method, the depreciation is same for all the remaining useful life

3 0

3 years ago

Hey I was wondering if someone could make a study guide for my 7th grade final (I finished most of it.) I'll give lots of points

Bond [772]

Do you just need like a study guide with everything wrote down and organized or do you need it in a different way? I might be able to help :)

3 0

2 years ago

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The admissions director at big city university proposed using the iq scores of current students as a marketing tool. the univers

Vika [28.1K]

The complete question is as follows:

The admission directory of Big City University has a novel idea. He proposed using the IQ scores of current students as a marketing tool. The university agrees to provide him with enough money to administer IQ tests to 50 students. So the director gives the IQ test to an SRS of 50 of the university’s 5000 freshman. The mean IQ score for the sample is xbar=112. The IQ test he administered is known to have a σ of 15. What is the 95% Confidence Interval about the mean? What can the director say about the mean score of the population of all 5000 freshman?

Answer: The 95% confidence interval about the mean is $Confidence interval = 107.84 \leq \mu \leq 116.16$ .