1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
mafiozo [28]
3 years ago
7

Kansas Enterprises purchased equipment for $60,000 on January 1, 2012. The equipment is expected to have a five-year life, with

a residual value of $5,000 at the end of five years.Using the straight-line method, depreciation expense for 2013 and the book value at December 31, 2013 would be:a. $12,000 and $36,000.b. $12,000 and $31,000.c. $11,000 and $33,000.d. $11,000 and $38,000.
Business
1 answer:
Rudiy273 years ago
5 0

Answer:

(D) Annual depreciation will be $11000

And book value will be $38000

Explanation:

We have given Kansas purchased equipment for $60000

So Acquisition cost = $60000

Residual value = $5000

We know that annual depreciation is given by

Life time = 5 years

Annual depreciation expense =\frac{Acquisition\ cost-residual\ value}{life\ time}=\frac{$60000-$5000}{5}=$11000

Depreciation expense is the same every year under straight-line. Therefore, in 2013 the depreciation expense is $11,000

Book value is given by

Book value =  Acquisition Cost - Accumulated Depreciation

= 60000-2\times (110000)=$38000

The Book Value of the asset is therefore $38,000 after 2 years of service

You might be interested in
On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $27,000 and giving a short-term note for
crimeas [40]

Answer:

$306,835

Explanation:

Data provided

Legal fees paid = $2,435

Delinquent taxes = $15,100

Fees paid to remove old building = $19,400

Material salvage sold = $4,100

The computation of the cost of the land to be reported on the balance sheet is below:-

Amount paid to acquire adjacent lot = $27,000 + $247,000

= $274,000

Total cost of land = Amount paid to acquire adjacent lot + Legal fees paid + Fees paid to remove old building - Material salvage sold

= $274,000 + $2,435 + $15,100  + $19,400  - $4,100

= $306,835

5 0
3 years ago
Negative transfer is said to have occurred when: a. A trainee dislikes the training sessions b. A trainee's performance declines
brilliants [131]

Answer: B) a trainee's performance declines after training

Explanation: Negative transfer occurs when previous learning hinders further learning. It is best defined as the interference of previous knowledge with new ones, wherein the new set of knowledge could hurt the performance of a new often related knowledge. A typical example could be changing from a right-handed to a left-handed wheel drive or from a manual to an automatic transmission. Negative transfer usually is problematic during the early stages of learning a new task but with experience, learners can correct the effects of negative transfer.

6 0
3 years ago
Read 2 more answers
On December 31, Tremble Music had account balances in Accounts Receivable of $300,000 and in Allowance for Uncollectible Account
Maru [420]
D. 300,000 x 5% = 15,000
6 0
3 years ago
Flo and Glen form Health Food Inc. to coordinate the purchase, sale, and delivery of food products from organic farms to hospita
aksik [14]

Answer: Option (D)

Explanation:

Benefit corporation is referred to as the traditional organization with the modified accountability delivering it to the higher principle of the purpose, responsibility and transparency. The sole purpose of this Benefit corporation is to commit to the creation of public benefit and thus add sustainable value alongside generating the profit.

4 0
3 years ago
HELP PLZZZ NEED THIS FAST
Helen [10]
My head hurts reading this...
6 0
3 years ago
Read 2 more answers
Other questions:
  • Shellshock do wheels affect your traction and speed
    12·2 answers
  • Bruno servers has decided to decrease its prices on its popular higher-range servers. the company can reasonably expect ________
    9·1 answer
  • Identify and briefly discuss three criticisms of beta as used in the capital asset pricing model
    12·1 answer
  • 1. Why is the production department of a company important? (1-2 sentences. 2.0 points)
    5·1 answer
  • Alpha Company is preparing its cash budget for the month of May. The company estimated credit sales for May at $200,000. Actual
    12·1 answer
  • The cost of a completed job in a job-order costing system typically consists of the actual direct materials cost of the job, the
    5·1 answer
  • The Short-run Aggregate supply (AS) slopes up, because _______________________________________, firms have an incentive to produ
    13·1 answer
  • The North American Industry Classification System data can be used to__________.A. identify opportunities for new product lines.
    7·1 answer
  • 1) The defect rate for your product has historically been about 2.00%. For a sample size of 300, the upper and lower 3-sigma con
    9·1 answer
  • What is globalisation
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!