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
krek1111 [17]
2 years ago
5

On January 1, 2022, the Ivanhoe Company ledger shows Equipment $48,300 and Accumulated Depreciation $17,720. The depreciation re

sulted from using the straight-line method with a useful life of 10 years and a salvage value of $4,000. On this date, the company concludes that the equipment has a remaining useful life of only 2 years with the same salvage value. Compute the revised annual depreciation.
Business
1 answer:
Cerrena [4.2K]2 years ago
8 0

Answer:

$13,290

Explanation:

Straight line depreciation expense = (book value of asset - salvage value ) / useful  life

Book value of the asset = $48,300 - $17,720 = $30,580

($30,580  - $4,000) / 2 = $13,290

You might be interested in
Andy Basil Industries Inc. reported the following information about the production and sale of its only product during the first
grandymaker [24]

Answer:

Cost of Goods Sold = $ 400,000

Explanation:

Units Sold = $360,000/ $225= 1600

Sales ​                                                                  $360,000

Direct materials ​$176,000

Direct labor ​$100,000

Variable factory overhead ​$44,000

Fixed factory overhead ​$80,000

Total Manufacturing Costs   $ 400,000

Variable selling and administrative expenses ​$20,000

Fixed selling and administrative expenses ​$10,000

Cost of Goods Sold = $ 400,000

As ending Inventory Finished Goods is 400 units it is not included in the Cost of Goods Sold.

3 0
3 years ago
(a) On March 2, Blossom Company sold $853,600 of merchandise to Kingbird Company on account, terms 3/10, n/30. The cost of the m
tester [92]

Answer:

The answers are:

A) to record sales

Dr Accounts Receivable 853,600

Cr Sales Revenue 853,600

to record inventory

Dr Cost of Goods Sold 540,300

Cr Merchandise Inventory 540,300

B) to record sales returns

Dr Sales Returns & Allowances 114,200

Cr Accounts Receivable 114,200

to record inventory

Dr Merchandise Inventory 68,200

Cr Cost of Goods Sold 68,200

C) to record payment

Cr Cash 717,218

Cr Sales Discounts 22,182

Dr Accounts Receivable 739,400

8 0
3 years ago
Parts of the retail industry in which a small number of businesses control a large portion of the market represent __________.
solniwko [45]

The answer to your question is "Oligopolies."

An oligopoly is a market form where a market is controlled by a few large sellers or businesses.  The type of market is going to effect the price in one of two ways.  The first possibility is that the few businesses will work together, or collude, in order to establish higher than normal prices.  The second possibility is that there will be fierce competition between the few sellers, which will result in a high level of competition and lower prices.

8 0
3 years ago
Easton Co. deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of busines
dangina [55]

Answer:

it would be 64,899

Explanation:

i did the test :D

7 0
3 years ago
Question 1 of 10
Levart [38]

Answer:

D. Dividends Payable

Explanation:

On the day dividends are declared, the amount declared is debited to the retained earnings accounts and credited to the dividend payable accounts. The dividends have not yet been paid, meaning the money is still with the company. For this reason, the cash account.

A dividend is not an expense, so there can never be a dividend expense account.

4 0
2 years ago
Other questions:
  • Corporate finance (Financial management) deals with main three types of managerial decision making problems in the context of bu
    10·1 answer
  • This line consists of single-machine stations and is almost balanced (i.e. station rates are nearly equal). A manufacturing engi
    5·1 answer
  • The following passage would be appropriate for a document aimed at a multicultural audience: Two companies found themselves in t
    13·1 answer
  • Explain how each of the following events changes the demand for or supply of jeans. A. Upper A new technology becomes available
    9·1 answer
  • Analyzing and Reporting Financial Statement Effects of Transactions M.E. Carter launched Carter Company, a professional services
    13·1 answer
  • According to which ethical rule can a defense attorney refuse to share the defendant’s information with others?
    13·1 answer
  • Maintaining good contact in a relationship is also known as the _______ of a relationship.
    8·1 answer
  • Room and Board has determined that $41,650 is the break-even level of earnings before interest and taxes for the two capital str
    10·1 answer
  • Use the information in the chart to calculate the real exchange rate between the U.S. dollar and the Indian rupee. Round to the
    9·1 answer
  • A store sells T-shirts at a price of $40 per shirt. None of the buyers are willing to pay this price. In 2 or 3 sentences, descr
    8·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!