Again, consider Sharon, a single mother with two children under 18 who earns an annual income of $16,000. Suppose that Sharon qu
alifies for a
welfare program for single mothers that provides her with $500 cash for each child (a total of $1,000, since Sharon has two children). After receiving
welfare, is Sharon's family living in poverty?
O Yes
O No
welfare program for single mothers that provides her with $500 cash for each child (a total of $1,000, since Sharon has two children). After receiving
welfare, is Sharon's family living in poverty?
O Yes
O No
1 answer:
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Answer:
Please see the attached image for the Horizontal Financial Statements of Sinclair Manufacturing Company.
Explanation:
5. FURNITURE - Straight Line Method
Book Value of Furniture = Cost of Acquisition - Residual Value
Cost of Acquisition = $9,600
Residual Value = $1,600
Book Value of Furniture = $9,600 - $1,600
Book Value of Furniture = $8,000
Useful Life = 4 years
Depreciation Expense = $8,000 / 4 years
Depreciation Expense = $2,000 per year
6. EQUIPMENT - Straight Line Method
Book Value of Equipment = Cost of Acquisition - Residual Value
Cost of Acquisition = $16,000
Residual Value = $1,000
Book Value of Furniture = $16,000 - $1,000
Book Value of Furniture = $15,000
Useful Life = 5 years
Depreciation Expense = $15,000 / 5 years
Depreciation Expense = $3,000 per year
