Farr Company purchased a new van for floral deliveries on January 1, 2021. The van cost $56,000 and has an estimated life of five years and $14,000 salvage value at the end of its useful life. The double-declining-balance method of depreciation will be used. What is the balance of the Accumulated Depreciation account at the end of 2022?

Answer:

Option (c) $100

Explanation:

Data provided in the question:

Amount of car loan = $10,000

Now,

With increase of 50 points of credit score, the interest rate reduces by 1 percent

Therefore,

The amount of saved  for the first year i.e for 1 year will be calculated using the formula

Interest  = Principle × Rate × Time

Interest  = $10,000  × 1% × 1

= $10,000  × 0.01 × 1

= $100

Hence,

Option (c) $100

Complete Question:

Pribuss Engineering prepares its financial statements according to International Financial Reporting Standards. During 2018, the company incurred the following costs related to a new product design:

Research for New Design $2.4M

DVMPT of New Product $1.3M

Patent Filing Fees $52K

The development costs were incurred after technological and commercial feasibility was established and after the future economic benefits were deemed probable. The project was successfully completed and the new product was patented before the end of the 2018 fiscal year. What amount should Pribuss expense in its 2018 income statement related to the above expenditures?

Answer:

The Research expenses of $2.4M that are written as expense in the Income statement and the Development costs of $1.3M and patent legal fees of $53k are capitalized.

Explanation:

The reason is that the International Standard IAS 38 Intangible Assets says that the expenditure incurred on the research that hasn't entered development phase must be written as expense in the year and the expenditure incurred on the development phase of the research outcomes must be capitalized to the extent it is ready for use. In this case $1.3M is clearly a development cost and patent legal fees of $53k is the expenditure that will prepare the asset and making it ready for use, so it must also be capitalized.

Answer:

False

Explanation:

Marketing is the act of promoting the buying and selling of products through advertising , selling and delivering to customers.It is also about maintaining a good and healthy relationship with different customers.

The definition in the question looks more like sustainable development which is the act of meeting the present needs without jeopardizing the opportunities of incoming generations in meeting their own needs as well.

The statement "Accrued liabilities are obligations for which there is no

external transaction" is FALSE because accrued liabilities are obligations that a company has incurred but has not yet paid for or recorded.

Accrued liabilities, also known as accrued expenses, represent a company's financial obligations that have been incurred but not yet recorded in its financial statements or paid.

They are a result of the accrual accounting method, which requires revenues and expenses to be recognized when they are earned or incurred, rather than when cash is received or paid.

These liabilities typically represent expenses that have been incurred but not yet invoiced or paid, such as wages, interest, or taxes. Although there may not be an external transaction that has occurred (like receiving an invoice), accrued liabilities still represent real obligations that the company is responsible for paying.

Learn more about Accrued liability here:

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