Answer:
Depreciation for
2017 = $2,540
2018 = $10,160
Explanation:
Provided, Total cost of the machine = $77,980
Estimated salvage value = $6,860
Therefore, value to be depreciated = $77,980 - $6,860 = $71,120
Total life of asset = 7 years
Depreciation for the year 2017 = October to December = 3 months
Depreciation for the year 2018 = 
= $10,160
Under straight line method depreciation is fixed for each year, but in the given case in 2017 the asset is used only for 3 months, thus depreciation will be charged for 3 months only.
Final Answer
Depreciation for
2017 = $2,540
2018 = $10,160
Answer:
(A) Half-year and (D) Half-year
Explanation:
MACRS stands for Modified Accelerated Cost Recovery System and is the most commonly-used tax depreciation method .Without getting into too much detail, MACRS is accelerated depreciation that allows for a larger deduction while the asset is still new. By comparison, straight-line depreciation gives you the same deduction year after year over the asset's useful life. MACRS cannot be used for intangible property, nor can it be used to depreciate. MACRS convention determines the number of months for which you can claim depreciation during a partial year, either when you first placed the asset in service or when you disposed of it. The mid-month convention only applies to residential rental property, nonresidential real property, and railroad grading or tunnel bore. It simply means that you get a half month's worth of depreciation no matter when that asset was placed into (or taken from) service during that month, whether that was at the beginning, middle, or end of the month. The half-year convention works the same way but instead of the month it goes by the year. In other words, you'll get 6 months' depreciation if the asset was placed into service or disposed of during the year, no matter if it was in January or December.
Answer and Explanation:
The matching of the accounting term with the definition is shown below:
1. Debit - it comes in the left side i.e. (i)
2. Expense: It decreases the stockholder equity also it contains the debit balance i.e. (d)
3. Net income: It is a statement that shows the expenses and revenue related transactions i.e. (g)
4. Ledger: It is the T-account in which the journal entries are posted i.e. (e)
5. Posting: The data is copied from journal to ledger we called as posting i.e. (f)
6. Normal balance: It is the side of an account in which the account increment is recorded i.e. (b)
7. Payable: It is a liability and it always a credit balance and shown in the balance sheet i.e (h)
8. Journal: In this the transactions are recorded i.e. (c)
9. Receivable: This is an asset and it has always a debit balance i.e. (a)
10. Owner equity: It is amount i.e. to be invested in the business also shows a difference between the total asset and total liabilities i.e. (j)
One should write a functional (skills) resume when you are making a career change.
<h3>What is a resume?</h3>
A resume is a document that outline information about a job applicant including his or professional experience.
The document also contains applicant work skills and background details.
Hence, one should write a functional (skills) resume when you are making a career change.
Learn more about resume here : brainly.com/question/14178136
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