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olchik [2.2K]
3 years ago
11

On June 30 of the current year the company purchased Equipment costing $110,000, having a salvage value of $10,000 and a 5-year

life. The company uses the straight line method of depreciation. On December 31, the adjusting entry would include a
Business
1 answer:
polet [3.4K]3 years ago
5 0

Answer:

$10,000

Explanation:

Given that

Cost of equipment = 110,000

Salvage value = 10,000

Useful life = 5 years

Using straight line method

Depreciation = cost of equipment - salvage value ÷ useful years

= 110000 - 10000 ÷ 5

= 100000 ÷ 5

= $20000

Thus

By December 31

Entry of depreciation = 6/12 × 20000

= $10,000

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Agent Simpson tells residents of a neighborhood minorities are moving into the neighborhood and property values are sure to plum
Drupady [299]

Answer: Blockbusting

Explanation:

Blockbusting could be defined as when an individual or someone that's into real estate tries to convince a particular set of people(mostly white) living in a neighborhood to sell their property describing to them that those property would soon depreciate in value and this promotes fear in the heart of occupants of those property. Most times the agents do this for their own gain rather than stating the obvious and it's illegal to do. Agent Simpson is practicing blockbusting kind of descrimination.

3 0
3 years ago
An organization has a standing order with a supplier. the organization has ordered the same product in the same quantity monthly
evablogger [386]

Answer:

Modified Rebuy.

Explanation:

Modified Rebuy can be defined as the desires of a buyer to re-purchase or reorder the products previously bought but with certain modifications either in prices, products, suppliers, or terms. The buyer may modify the current purchasing terms because he may not be satisfied with the supplier or may have some new requirements.

In the given case, the modification in supplier has been made by the organization to get a better price. Thus this is an example of modified rebuy.

So, the correct answer is modified rebuy.

7 0
3 years ago
"At Artistic Floral Creations, the non-managerial employees all receive the same pay increase every year. Usually this increase
vladimir1956 [14]

Answer:

Artistic Floral Creations has a entitlement philosophy of compensation.

Explanation:

A compensation philosophy is simply refers to a formal statement which documents a company's position about the compensation of its employees.

It is an explanation of the reason for employee payment and it creates a framework for consistency. Employers use their compensation philosophy to attract, retain and motivate employees

Entitlement philosophy of compensation therefore assumes that the employees who have worked for another year in a company are entitled to pay increases, regardless of their performance differences. This action is often geared towards a higher job performance, and job satisfaction.

5 0
4 years ago
Read 2 more answers
The records of Pippins, Inc., included the following information: Net sales $ 1,000,000 Gross margin 475,000 Interest expense 50
Lelu [443]

Answer:

Times interest earned (TIE) = 7.4 times

Explanation:

The times interest earned (TIE) ratio is a measure used to analyze the company's ability to meet its debt obligations on the basis of its current income level. The TIE ratio is calculated as follows,

Times Interest Earned (TIE)  =  EBIT / Total Interest expense

Where,

  • EBIT is the earnings of the company before interest and tax

To calculate TIE, we first need to determine the EBIT. EBIT can be calculated by backward working. Thus, EBIT is:

EBIT = Net income + tax + interest expense

EBIT = 240000 + 80000 + 50000

EBIT = $370000

Times interest earned (TIE) = 370000 / 50000

Times interest earned (TIE) = 7.4 times

6 0
3 years ago
Which questions about risk should someone ask before making a big purchase? Check all that apply.
IceJOKER [234]

Answer:

A

Explanation:

If you need buy it, if it's a want not a need don't buy it

6 0
3 years ago
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