Ask question

Ask question

All categories

3 years ago

8

A company purchased a machine for $8,000, the estimated value of the equipment at the end of its 6-year useful life is $600. Com

pute the yearly depreciation allowances and book values using:
a. Straight Line MACRS
b. Double Declining Balance

2 answers:

vfiekz [6]3 years ago

6 0

Explanation:

b) Double declining Balance

Zielflug [23.3K]3 years ago

3 0

Explanation:

a. Straight Line MACRS

You might be interested in

Suppose a basket of goods and serves has been selected to calculate the CPI and year 2002 has been chosen as the base year. In 2

grigory [225]

The answer to this is b

6 0

3 years ago

Tracy Company, a manufacturer of air conditioners, sold 270 units to Thomas Company on November 17, 2021. The units have a list

tiny-mole [99]

Answer:

See explanation section

Explanation:

Requirement 1

<em>November 17, 2021</em> Merchandise Inventory Debit $81,000 (Note - 1)

Accounts payable - Tracy Company Credit $81,000

Calculation - $270 units × $400 = $108,000

$108,000 × (100 - 25)% = $81,000

<em>To record the purchase of office equipment on account with a trade discount and a credit terms of 3/10, n/30. As the company uses perpetual inventory system, merchandise inventory is debit.</em>

<em>November 26, 2021 </em>Accounts payable - Tracy Company Debit $81,000

Cash Credit $78,570

Merchandise Inventory Credit $2,430

As Thomas gave the payment within 10 days, Tracy Company provided a 3% discount according to the terms.

Calculation - $81,000 - ($81,000 × 3)% = $81,000 - 2,430 = $78,570

Requirement 2

If Thomas paid on December 15, 2021, Tracy company would not give any discount. However, Thomas paid within 30 days.

Therefore, the journal entry to record the payment is as follows:

<em>December 15, 2021 </em>Accounts payable - Tracy Company Debit $81,000

Cash Credit $81,000

This time he did not receive the discount as he failed to pay within 10 days to get discount.

7 0

4 years ago

UDig is a large mining company based in country B. UDig is in the private sector. It supplies

Arada [10]

A private company is a for-profit organization that does not belong to the state but a particular group or individual.

The term private company refers to a for-profit organization that is controlled by a group of people or an individual and does not belong to the State.

Private companies are also characterized by:

It develops an economic activity such as the production, distribution, or sale of some good or service to obtain profits (for profit).
It can be sold to the State, but it would cease to be a private company.
It can be privatized after being a public company.
It can compete with the public company.
You must pay taxes to the government and guarantee for your workers all the benefits established by law.

The private sector refers to the set of private companies in a country, they can be foreign or national companies.

Note: The question is incomplete. Here's the full question:

Define 'private sector'.

UDig is a large mining company based in country B. UDig is in the private sector. It supplies businesses in country B with 30% of the coal they need and the rest is imported.

UDig now has eight mines but plans to close two of them. This will threaten 1800 employees with redundancy. The Managing Director said: ‘I blame the appreciation of country B’s exchange rate and new legal controls, including those to protect the environment. The Government should help private sector businesses. '

Learn more in: brainly.com/question/24927689

5 0

3 years ago

At the beginning of the month, the Painting Department of Skye Manufacturing had 20,000 units in inventory, 70% complete as to m

tigry1 [53]

Answer:

Equivalent Unit of Material = 120000 + (15000 × 40%)

Equivalent Unit of Material = 126000 units

Cost per Equivalent Unit of Material = (22400 + 229600) / 126000

Cost per Equivalent Unit of Material = 2 per unit

Equivalent Unit of Conversion Cost = 120000 + (15000 × 10%)

Equivalent Unit of Conversion Cost = 121500 units

Cost per Equivalent Unit of Conversion = (6250 + 540500) / 121500

Cost per Equivalent Unit of Conversion = 4.50 per unit

So answer is $2.00; $4.50

3 0

3 years ago

Politicians often argue for tariff increases in order to reduce the nation's dependence on imports. If tariffs are increased, th

Helen [10]

Answer:

a decrease in both American imports and exports.

Explanation:

Trade can be defined as a process which typically involves the buying and selling of goods and services between a producer and the customers (consumers) at a specific period of time.

Basically, trade can be categorized into two (2) main groups and these are;

I. Import: this involves bringing in goods from a foreign country to sell in a different (domestic) country.

II. Export: it involves the sales of goods produced in a domestic country to a foreign country.

Some examples of trade barriers are import license, quotas, subsidies, embargo, currency devaluation, local content requirements, tariffs, etc.

A tariff can be defined as tax levied by the government of a country on goods and services imported from another country.

A tariff increase usually reduce the nation's dependence on imports.

Hence, if tariffs are increased, the long-run effect is most likely to be a decrease in both American imports and exports.

5 0

3 years ago