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3 years ago

What is commercial bank? in your own words.

1 answer:

5 0

A commercial bank is a financial institution that is authorized by law to receive money from businesses and individuals and lend money to them. Commercial banks are also open to the public and serve individuals, institutions, and businesses.

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Cathrine Corporation acquired a machine for $26,000, and has recorded depreciation for 3 yearsusing the straight-line method ove

Gemiola [76]

Answer:

$2,000

Explanation:

Net book value at the end of the 3rd year=26,000-((26,000-2,000/6)*3)

=$14,000

Since the useful life of machine is now revised from the 6 years to 10 years, therefore the total remaining useful life of machine is now 7 years instead of 3 years and accordingly the depreciation from year 4 to year 10 shall be calculated as follows:

Depreciation per year from year 4 to year 10=*14,000-0)/7=$2,000

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3 years ago

Lonergan, Inc., a calendar year S corporation in Athens, Georgia, had a balance in AAA of $200,000 and AEP of $110,000 on Decemb

Finger [1]

Answer:

Explanation:

AAA AEP

Beginning balance, 1/1/20 200,000 110,000

Less: Distributions (140,000) (0)

Less: Loss (ordinary) (120,000) (0)

Ending Balance (60,000) 110,000

Here AAA is adjusted first for the distributions and then for the loss. The negative balance must be restored to a positive before the shareholders may receive any distributions that will not be taxed as dividend income.

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3 years ago

If you were starting a new business, describe at least three departments to the company that you would need right away. Why are

Natali [406]

Answer:

I would need a computer and then a laptop to work fast as I can and that will make me get more money

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3 years ago

Magic Company adds materials at the beginning of the process in Department A. The following information on physical units for De

Dvinal [7]

Answer:

Equivalent units

a) Weighted average = 523,200 units

b) FIFO = 480,000 units

Explanation:

FIFO Method.

Fully worked units: These represent units of inventory that were started in a current period and completed that same period. The fully worked units are calculated in order to separate the opening inventory from the the newly introduced when accounting for completed units under the FIFO.

For magic company , fully worked units is

= 480,000 - 72,000 = 408,000 units

Equivalent units using Weighted Average

Here, there are no distinction between opening inventory and the newly introduced.

Equivalent Units

Completed unit (100%× 480,000) = 480,000

Closing inventory (60% × 72,000) = 43,200

Total equivalent units 523,200

Equivalent Units using FIFO

Item Equivalent Units

Opening inventory (40% × 72,000) = 28,800

Fully worked (100%× 408,00) = 408,000

Closing inventory (60% × 72,000) = 43,200

Total equivalent units 480,000 

Equivalent units

a) Weighted average = 523,200 units

b) FIFO = 480,000 units

8 0

3 years ago

Finished goods that have not yet shipped to

zavuch27 [327]

Answer:inventory

Explanation:

4 0

3 years ago

Read 2 more answers

What is commercial bank? in your own words. ​

What is commercial bank? in your own words.