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
kompoz [17]
3 years ago
5

Brief Exercise 229 Iverson Company purchased a delivery truck for $45,000 on January 1, 2020. The truck was assigned an estimate

d useful life of 5 years and has a residual value of $10,000. Compute depreciation expense using the double-declining-balance method for the years 2020 and 2021.
Business
1 answer:
Fofino [41]3 years ago
7 0

Answer:

the  depreciation expense using the double-declining-balance method for the years 2020 and 2021 is $18,000 and $10,800 respectively

Explanation:

The computation of the depreciation expense using the double declining method for the year 2020 and 2021 is as follows:

For 2020

= (Cost) × depreciation rate

= $45,000 × 1 ÷ 5 × 2

= $18,000

For 2021

= ($45,000 - $18,000) × 0.40

= $10,800

hence, the  depreciation expense using the double-declining-balance method for the years 2020 and 2021 is $18,000 and $10,800 respectively

You might be interested in
When a price floor is placed on the price of movie tickets, the consumer surplus relative to the free market equilibrium will mo
Lostsunrise [7]
It will definitely decrease, as consumers will have to pay more and a deadweight loss will be present. Search up 'price floors and deadweight loss'.
4 0
3 years ago
Read 2 more answers
The Demand Curve is a line that is
Levart [38]

Answer:

A. At high prices, people want a small quantity. At low

Explanation:

7 0
2 years ago
What does the concept of limited liability posits?​
Maksim231197 [3]

Answer:

see below

Explanation:

The concept of limited liability is a confirmation that a corporation's assets are liabilities are distinct from those of shareholders. The concepts safeguard the shareholder's private properties should a business fail to meet its obligations.

Limited liability states that the liabilities of a shareholder is limited to the extent of his capital contribution. If the event of a dissolution, a shareholder's losses are capped to the share contribution. Their personal properties cannot be used to pay business debts should the business's assets be inadequate.

3 0
3 years ago
The following information is related to Alpha Company:
yan [13]

Answer:

c. $5.1 per hour.

Explanation:

Estimated Manufacturing overhead = $249,000

Estimated direct labour hours = 50,000

Predetermined overhead Rate = Estimated Manufacturing overhead / Estimate direct labor hours

Predetermined overhead Rate = $249,000 / 50,000

Predetermined overhead Rate = $4.98

The given is inconsistent with the options given in this question. A similar question is attached with this answer. The following answer is made according to the attached question. please find that.

Estimated Manufacturing overhead = $254,000

Estimated direct labour hours = 50,000

Predetermined overhead Rate = Estimated Manufacturing overhead / Estimate direct labor hours

Predetermined overhead Rate = $254,000 / 50,000

Predetermined overhead Rate = $5.08 = $5.1 per hour

3 0
3 years ago
During 2019, Revitup, Inc., an exercise video retailer, sold $24,000 of videos to its customers. Revitup collected $22,000 and e
Oksanka [162]

Answer:

$24,000

Explanation:

Since in the question it is provided that there is a sale value of the videos to its customers i.e. $24,000 also the collection is of $22,000 and the remaining balance i.e. $2,000 is expected to collect in Jan 2020

Based on the above information, the revenue should be reported on the income statement at the $24,000 as this amount represent the sale value of the videos to its customers and hence, the same is to be considered

Hence, 24,000 would be reported as a revenue in the income statement

4 0
3 years ago
Other questions:
  • Select the correct statement regarding fixed costs. Multiple Choice
    6·1 answer
  • When Heather entered college, she wanted to be a nurse. After her second year, however, she was stressed by her course load and
    15·2 answers
  • National saving a. is the total income in the economy that remains after paying for consumption. b. is the total income in the e
    9·1 answer
  • If fixed costs are $1,200,000, the unit selling price is $240, and the unit variable costs are $110, what is the amount of sales
    11·1 answer
  • harlotte traveled to Annapolis to attend a 3-day business conference. After her meetings concluded, she stayed 2 additional days
    10·1 answer
  • What is NCAA is what do it mean and stand for?
    14·2 answers
  • Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inven
    10·1 answer
  • Which rule requires that contracts that would normally fall under the statute of frauds and need writing if negotiated by the pr
    10·1 answer
  • A manufacturer of a variety of technological devices asked its marketing department to develop inexpensive methods of building a
    7·1 answer
  • In a major metropolitan area, one chain of coffee shops has gained a large market share because customers feel its coffee tastes
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!