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2 years ago

13

A refrigerator used by a wholesale warehouse has a cost of $64,000, an estimated residual value of $5,200, and an estimated usef

ul life of 12 years. What is the amount of the annual depreciation computed by the straight-line method

1 answer:

PilotLPTM [1.2K]2 years ago

3 0

Answer:

(64,000- 5,200 = 58,800).

Explanation:

Subtract your originial cost from the residual value. (64,000- 5,200 = 58,800).

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How much does a construction foreman make in a start up company in Illinois

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the average pay for a Construction Foreman in Chicago, IL is $32.17 /hr

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3 years ago

In most cases, the law requires that you have an emission test every two years at the time of registration or at time of sale.

dsp73

Answer:

A) true

Explanation:

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3 years ago

A normal job-order costing system is a system that uses:____

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3 years ago

Read 2 more answers

Minott Jewelers, Ltd., purchased store fixtures, display cases, and a amaximum security commercial safe for a lump sum price of

valentina_108 [34]

Answer:

the correct answer is $3,500.

Explanation:

According to the scenario, the given data are as follows:

Total purchase = $14,000

Appraised Store fixtures = $6,000

Appraised display cases = $9,000

Appraised Commercial safe = $5,000

So, we can calculate the cost that should be recorded for commercial safe by using following formula:

Cost of commercial safe = Total purchase cost × Percentage allocate for safe

Where, Percentage allocate for safe = Appraised Commercial safe value ÷ Total appraised value

= $5,000 ÷ ( $6,000 + $9,000 + $5,000)

= $5,000 ÷ $20,000

= 25%

So, by putting the value, we get

Cost of commercial safe = $14,000 ÷ 25%

= $3,500.

Hence, the cost that should be recorded for commercial safe is $3,500.

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3 years ago

The closing process is necessary in order to: Multiple Choice Ensure that all permanent accounts are closed to zero at the end o

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Answer:

d. Ensure that net income or net loss and dividends for the period are closed into the retained earnings account.

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Temporary accounts are closed at the end of accounting period so that net income, net loss and dividends for the period are closed into retained earnings account.

All the expenses and gains or income of kind accounts must be closed at the end of the year and in order to close them, they are transferred to either Trading Account or profit and loss Account.

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