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The cost of an asset is $ 1 comma 050 comma 000, and its residual value is $ 210 comma 000. Estimated useful life of the asset is four years. Calculate depreciation for the first year using the doubleminusdecliningminusbalance method of depreciation.

Answers

Answer 1

Answer:

Answer:

Annual depreciation= $420,000

Explanation:

Giving the following information:

The cost of an asset is $1,050,000, and its residual value is $210,000.

The estimated useful life of the asset is four years.

To calculate the depreciation expense using the double-declining balance, we need to use the following formula:

Annual depreciation= 2*[(book value)/estimated life (years)]

Annual depreciation= 2*[(1,050,000 - 210,000)/4]

Annual depreciation= $420,000

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Project size is an important consideration in technical feasibility. Larger projects create more risk, both because they are more complicated to manage and because there is a greater chance that some important system requirements will be overlooked or misunderstood.A. TrueB. False
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How do individual savings help the economy as a whole?A)by lending the money ,financial institutions help the economy grow.
B) the money is available in case a national emergency occurs.
C)the money grows , increasing the national wealth.
D)goverments borrow the money by selling bonds.

Answers

Option A.by lending the money, financial institutions help the economy grow.

When an account holder uses a debit card to pay for a purchase at the point of scale

Answers

Debit payment is now widely used all over the world. It gives the account holder an advantage to get hold of his or her account electronically. When an account holder uses her debit card to pay for a purchase at the POint on Sale. The amount will be automatically deducted to the amount of savings he or she have in her account.

Pumpkin Inc. sold $500 in pumpkins to a customer on account on January 1. On January 11, Pumpkin collected the cash from that customer. What is the impact on Pumpkin's accounting equation from the collection of cash?

Answers

Answer:

No Net Impact on Pumpkin's Accounting Equation from collection of cash.

Explanation:

Sales transaction has already been recorded and there is a Account receivable with $500 balance which is an asset account. On January 11 Cash has been received and the transaction was as follows:

Dr. Cash $500

Cr. Account receivable $500

Cash and Account receivable are both assets account therefore there will be no net impact on pumpkin's accounting equation one type of asset account balance is increasing the other type of asset account balance is decreasing when we post transaction.

Accounting Equation

Asset = Equity + Liability

Dr. Cash +500 0 0

Cr. Account Receivable -500 0 0

Total Impact 0 0 0

If a committee does not act on a bill, it's the same as if the bill has been voted down.a. True
b. False

Answers

It is true that if a committee does not act on a bill, it's the same as if the bill has been voted down.

Seafood Trading Co. commenced operations during the year as a large importer and exporter of seafood. The imports were all from one country overseas. The export sales were conducted as drop shipments and were merely transshipped at Seattle. Seafood Trading reported the following data: Purchases during the year $12.0 million Shipping costs from overseas 1.5 million Shipping costs to export customers 1.0 million Inventory at year end 3.0 million What amount of shipping costs should be included in Seafood Trading’s year-end inventory valuation? A. $250,000 B. $0 C. $1,125,000 D. $375,000

Answers

Answer:

D. $375,000

Explanation:

given data

Purchases during the year = $12.0 million

Shipping costs from overseas = 1.5 million

Shipping costs to export customer = 1.0 million

Inventory at year end = 3.0 million

solution

we get here Seafood Trading’s year-end inventory valuation.

and we know here that shipping cost to export to customers is selling expense but not include the inventory.

shipping costs = ( Inventory at year-end ÷ Purchases during the year ) × Shipping costs from overseas ..................1

put here value and we get

shipping costs = [($3.0 million ÷ $12.0 million) × $1.5 million]

shipping costs = $375,000

Final answer:

The Seafood Trading Company should include the shipping costs from overseas ($1.5 million) in its year-end inventory valuation, but it should not include the shipping costs to export customers ($1 million). Therefore, the total amount of shipping costs included in the year-end inventory valuation is $1.5 million.

Explanation:

Seafood Trading Company's year-end inventory valuation must include the cost of getting the merchandise ready to sell, which includes shipping costs. In the context of accounting, these costs are considered part of the 'cost of goods sold' and they should be reflected in the cost of inventory. The shipping costs of $1.5 million from overseas should be included in the inventory cost since these are considered product costs. In contrast, the outbound shipping costs of $1 million to export customers are considered period costs and are not included in the inventory valuation. Therefore, the amount of shipping costs included in Seafood Trading's year-end inventory valuation is $1.5 million.

Learn more about Inventory Valuation here:

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A geologist digs two soil pits to investigate the soil profile in an area. The pits are separated by 500 meters. A geologic map indicates that the bedrock in the two areas is the same. In Pit A, the soil layer is much thicker than in Pit B. What most likely accounts for this difference?