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Troyanec [42]
3 years ago
6

Vernon runs Buzz, his own event management company, which frequently organizes large corporate events. He has built a good reput

ation for organizing corporate events with a fair degree of professionalism at reasonable costs. He works out of his own house with a staff of about 55 employees. Vernon's company can be categorized as a
Business
1 answer:
Artist 52 [7]3 years ago
8 0

Answer:

small business

Explanation:

According to my research on the different types of companies, I can say that based on the information provided within the question Vernon's company can be categorized as a small business. A small business refers to any company that is independently owned and has only a small number of employees and resources in comparison with the industry that it is currently in. Since Vernon business is run from his house and he only has 55 employees, he would be classified as a small business.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

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Cheyenne Corp. purchased a piece of equipment for $58,800. It estimated a 9-year life and $3,400 salvage value. At the end of ye
bogdanovich [222]

Answer:

the revised depreciation is $ 3,753

Explanation:

<em>Straight Line Method of Depreciation charges the same amount of depreciation over the useful life of the asset.</em>

Depreciation Charge (Straight line) = (Cost - Salvage Value) / Useful life

Year 1

Depreciation Charge = ( $58,800 - $3,400) / 9 years

                                   = $6,156

Year 2

Depreciation Charge = $6,156

Year 3

Make the adjustment as if the adjustment happened at the beginning of the year

Make the following changes

(1) Adjast the Depreciable Amount (numerator)

(2) Adjast the Useful life (denominator) to 11 years

Depreciation Charge = (Cost - Previous Depreciation Charges - New Residual Value) / Revised Number of Useful life

Depreciation Charge = ($58,800 - $6,156 - $6,156 - $5,200)/ 11 years

                                   = $ 41,288/ 11 years

                                   = $ 3,753

5 0
2 years ago
Knowledge Check 03 On January 5, 2015, Barnaby, Inc., purchased a patent costing $100,000 with a useful life of 20 years. The co
Finger [1]

Answer:

The journal entry is as follows:

Explanation:

January 5       Patent A/c..................Dr        $100,000

                             To Cash A/c............Cr           $100,000

As patent is purchased so asset is increasing and any increase in asset would be debited. Therefore, patent account is debited. And it is purchased against cash and decrease in asset is credited. Therefore, cash account is credited.

December 31    Amortization expense- Patent................Dr                $5,000

                                    To Accumulated Amortization- Patent........Cr      $5,000

Working Note:

Patent Cost is $100,000

Useful life is 20 years

Amortization expense = Patent Cost / Useful life of asset

                                     = $100,000 / 20

                                     = $5,000

7 0
3 years ago
Catherine is a U.S. citizen who is employed by DSC, Inc., a global company. Beginning on August 1, 2020, Catherine began working
marin [14]

Answer:

a. Is Catherine eligible for the foreign income exclusion for 2020?

Yes

b. Catherine may exclude <u>$45,104</u> from her gross income for 2020.

Explanation:

In order for Catherine to qualify for the foreign income exclusion, she must have lived in a foreign country for at least 1 one (physical presence test). She lived for more than 1 year if we combine her residence in Germany and Slovenia.  

The foreign income exclusion amount for 2020 is $107,600, and Catherine can exclude up to (153 days / 365 days) x $107,600 = $45,103.56 ≈ $45,104.

5 0
2 years ago
Over the last 50 years, family income has become __________ in explaining the educational achievement gap
salantis [7]
It seems that you have missed the necessary options for us to answer this question,  but anyway, hope this answer helps. Over the last 50 years, family income has become MORE IMPORTANT THAN RACE <span>in explaining the educational achievement gap. Hope this answers your question.</span>
7 0
3 years ago
There are only three stocks in the economy. Stock A has 20 shares outstanding and a price per share of $10. Stock B has 15 share
gregori [183]

Answer:

Market value of stock A = 20 shares x $10 = $200

Market value of stock B = 15 shares x $3   = $45

Market value of stock C = 10 shares x $5   = $50

Total market value                                          $295

Amount to invest in stock A

= $200/$295 x $5,000

= $3,389.83

Explanation:

In this case, we will calculate the market value of each stock by multiplying the number of each stock by their corresponding market prices.

Thereafter, we will divide the market value of stock A by the total market value multiplied by amount available for investment ($5,000).

7 0
3 years ago
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