Rodney parks his car at Car Stack Parking Lot, Inc. On the back of the parking stub provided to Rodney, there's a statement typed in large letters: "NOT RESPONSIBLE FOR DAMAGE TO CARS." When Rodney returns, his car has been dented by the Car Stack attendant, who was attempting to park more cars on the lot. According to law, the statement on the stub is an exculpatory agreement that'sA. enforceable against Rodney only if he had the opportunity to park elsewhere.
B. not enforceable against Rodney because it's contrary to public policy.
C. not enforceable against Rodney because he instructed the attendant to be careful around his car.

D. enforceable against Rodney regardless of circumstances.

Answers

Answer 1

Answer:

is not enforceable against Rodney, since it can be proved to violate public policy.

Explanation:

Public policy is defined as the principle where injury to the public good can be used as a reason for denying the legality of a contract.

In this case the public good that is damaged is his car which is parked at Car Stack Parking Lot Inc.

Despite the message that was printed on the parking stub, after his car was damaged he can used the occurrence to nullify the contract stated on the parking lot stub.

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ACCT 167 - Computer EquipmentDebit - 22,400 ;
ACCT 163 - Office Equipment
Debit - 8,000

d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value.
e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value.

WHAT IS THE JOURNAL ENTRY FOR D & E????? I have the correct accounts, I just can't figure out the amounts....

d Depreciation expense—Computer equipment
Accumulated depreciation—Computer equipment

e Depreciation expense—Office equipment
Accumulated depreciation—Office equipment

Answers

d. The depreciation expense-computer equipment will be debited, and accumulated depreciation will be credited with $5,600.

e. The depreciation expenses-office equipment will be debited, and accumulated depreciation will be credited with $1,600.

Further Explanation:

Depreciation:

Depreciation refers to the allocation of the cost of the physical asset over the useful life of the asset. The depreciation is a non-cash expense of the business. The value of the asset decreases as the business uses the asset for the operating activities. The normal wear and tear in the value of the asset are recorded as the depreciation. The depreciation can be calculated as follows:

$\begin{aligned}\text{Annual deprecitation}&=\frac{\text{Purchase value}-\text{Salvage value}}{\text{Useful life of the asset}}\end{aligned}$

Journal entry for the depreciation of computer system and office equipment:

The depreciation expense-computer equipment will be debited, and accumulated depreciation will be credited with $5,600.

The depreciation expenses-office equipment will be debited, and accumulated depreciation will be credited with $1,600.

Working notes:

Calculate the annual deprecation for computer depreciation:

$\begin{aligned}\text{Annual deprecitation-Computer Equipment}&=\frac{\text{Purchase value}-\text{Salvage value}}{\text{Useful life of the asset}}\n&=(\$22,400-\$0)/(4)\n&=\$5,600\end{aligned}$

Calculate the annual depreciation on office equipment:

$\begin{aligned}\text{Annual deprecitation-Office Equipment}&=\frac{\text{Purchase value}-\text{Salvage value}}{\text{Useful life of the asset}}\n&=(\$8,000-\$0)/(5)\n&=\$1,600\end{aligned}$

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Answer Details:

Grade: Middle school

Chapter: Depreciation

Subject: Accounting

Keywords: computer, system, acquired, October, expected, have, four-year, life, salvage, value, office, equipment, acquired, October 1, five-year life, no, salvage value.

Final answer:

The journal entries to record depreciation expense for computer equipment and office equipment acquired on October 1 are $1,400 for computer equipment and $400 for office equipment, corresponding to three months of depreciation in the first year.

Explanation:

The journal entry to record depreciation for both computer equipment and office equipment on October 1 should include the depreciation expense for the first year of use and the corresponding accumulated depreciation for each asset. To calculate the depreciation expense for the computer system with a cost of $22,400 and a 4-year life, divide the initial cost by the number of years to find the annual depreciation, which is $5,600 (22,400 ÷ 4). Since the equipment was acquired on October 1, only 3 months of depreciation should be recorded for the current year. Therefore, the depreciation expense for the three months is $5,600 ÷ 12 months x 3 months = $1,400.

The office equipment with a cost of $8,000 and a 5-year life, would have an annual depreciation of $1,600 (8,000 ÷ 5). Similarly, only 3 months' worth is considered for the first year, giving a depreciation expense of $1,600 ÷ 12 months x 3 months = $400.

The journal entries would look like this:

Depreciation expense—Computer equipment $1,400
Accumulated depreciation—Computer equipment $1,400
Depreciation expense—Office equipment $400
Accumulated depreciation—Office equipment $400

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A tax imposed on the assets of one who dies

Answers

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Answers

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Answer:

Explanation:

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