Lucky started a new business last year. Since it was the first year of operation, the business purchased $10,000 in machinery and used the straight-line method for depreciation. Business is booming, so Lucky purchased $15,000 in equipment during the current year to help meet production demands. Which of the following statements is true regarding the depreciation choices available to Lucky? The new machinery can be depreciated under the same method or a different method than the previously purchased machinery T/F

Answers

Answer 1

Answer:

Answer:

True

Explanation:

The reason is that the Internation Financial Reporting Framework says that though there are choices the company must opt to the depreciation method that brings fairness to the financial statement, which means that the method used calculates the depreciation for the year that actually represents the decrease in the value of the assets in market value. So if the current method brings the fairness to the Financial statements, Lucky can use them and if those don't bring fairness to the financial statements then its better to use alternative which will bring the fairness to financial statements.

Related Questions

Suppose that an initial $10 billion increase in investment spending expands GDP by $10 billion in the first round of the multiplier process. Also assume that GDP and consumption both rise by $8 billion in the second round of the process.A) What is the MPC in this economy? B) What is the size of the multiplier?
Classify the following goods according to whether or not they would be included in calculating the GDP for the United States. All goods should be placed. If a country is not specified, you can assume the action is performed in the United States.1. Honda's assembly and sale of cars in the U.S. 2. Sale of wheat to Mrs. Baird's Bakery 3. Resale of used textbooks to college students 4. GM's assembly and sale of cars in Mexico 5. Ocean Spray purchases plastic to make bottles 6. Old Navy purchases mannequins to display clothes
Your company buys a car and its value goes down over time. what is that process called
As the CEO of a pharmaceutical company, Simone learned that the government was about to block the import of one of the company's biggest-selling drugs. She decides to sell her shares of stock before the information is made public. Since she used confidential information to make her decision, she is guilty of _____.A. whistle blowingB. fair tradeC. insider tradingD. benchmarking
How are cooperatives similar to nonprofit organizations.

Sue’s Jewelry sold 20 necklaces for $25 each to a credit customer. The invoice included a 6% sales tax and payment terms of 2/10, n/30. Five necklaces were returned prior to payment. The entry to record the original sale would include a debit to A. Accounts Receivable for $530. B. Accounts Receivable for $500. C. Sales for $530. D. Sales for $500.

Answers

The right answer for the question that is being asked and shown above is that: "B. debit to Sales Returns and Allowances for $125.00. " Five necklaceswere returned prior to payment. The entry to record the return would include a B. debit to Sales Returns and Allowances for $125.00.

What is the difference between economy and economics

Answers

Basically, economics is the study of an economy, i.e. its structure, condition, working, performance, issues, remedies, etc. ... On the other hand, an economy indicates a region, a particular area or country, concerning production, distribution, consumption, and exchange of goods and services, and supply of money.

Answer:

economy:

the relationship between production, trade and the supply of money in a particular country or region.

economic:Economics is a science that studies economies and develops possible models for their functioning

Dorothy decides that she would like to open and operate a day care facility in her neighborhood. As a result of questions and surveys, she determines a day care center is just what her town should have. She and her husband figure what it will cost to start and keep the center going. She then decides on activities, and finds and trains several assistants. What important step has Dorothy overlooked? A. Determining and complying with licensing requirements
B. Developing a program
C. Determining and meeting start-up and maintenance costs
D. Determining the need for a center

Answers

Ethan received a gift card and was considering three options: digital camera, cell phone, and video games. After carefully thinking about it, Ethan narrowed his decision down to the digital camera and the cell phone. Finally, Ethan chose the cell phone. In 3-5 sentences, define opportunity cost and trade-off and then explain the opportunity cost and trade-off of Ethan's decision.

Answers

The opportunity cost is the camera, it was the next best thing. His trade-off was the video games. An opportunity cost is the next best thing in line. A trade-off is the option eliminated first, there can be many trade-offs but only 1 opportunity cost.

The opportunity cost was the camera, as it was the next best thing in his decision. The trade-off was the video games, as it was the first thing eliminated in his decision. There can be many trade-offs in a decision but only one opportunity cost, as trade-offs are everything eliminated and opportunity costs is the option that is not chosen out of the last two choices.

Hope this helps :)

Why do public relations campaigns fail?

Answers

Not enough time to prepare the Public relation campaign is one. This is because PR campaigns take more time than usual to get ready. As a result, most people end up leaving PR campaigns and never trying them again.

Hey there

There are many reasons why public relations campaigns fail. One reason is that you don’t understand the customer. You have to find people who actually have the problem. Another reason is sometimes you do not enough time to prepare stuff.

In order to be more competitive globally, production techniques such as enterprise resource planning and lean manufacturing are being used by American manufacturers.

Answers

The correct answer for the question that is being presented above is this one: "TRUE." In order to be more competitive globally, production techniques such as enterprise resource planning and lean manufacturing are being used by American manufacturers. This is true.

Other Questions

What are the three main categories of insurance business?

The free rider problem is a situation in which A. one agent secures benefits that others pay for B. all of the above. C. none of the above. D. there are excessive subsidies given to polluting buses or other forms of mass transit E. Effluents such as CFCs combine with ozone and decrease concentrations of that protective chemical F. perfect property rights exits

The performance of a bank that continually concentrates in short-term deposits in euros and adjustable rate dollar loans with equal-rate sensitivity is:___________a) unaffected if euro interest rates increase and US rates decreaseb) unaffected is US interest rates increase and euro interest rates decreasec) adversely affected if European interest rates increase and US rates decreased) adversely affect if US interest rates increase and euro rates decreasee) A and B

Comparing international trade with trade among the different states of the united states shows that a. There is no need to study international trade as a special subject. b. The basic reasons for trade are equally applicable within a country or among countries. c. The logic of international trade is quite different from that of intranational trade. d. All of the above are correct.