Homework Answers
Double Declining balance method
Double declining balance method typically results in the highest depreciation expenses during the first year of an assets life
Because double declining method results assets more productive in last year than current years
in this method Depreciation rate will be Double of straight line method
Double declining method = Book value of assets x rate of depreciation
In the given question Option "Double declining Method is CORRECT
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FINANCIAL ACCOUNTING. Incorrect answer in red.
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This window shows your responses and what was marked correct and incorrect from your previous attempt. Match the component of the limbic system with its function. Function is associated with the hippocampus Focuses on emotionally significant events Involved in emotion, especially fear Essential for the formation of long- term memory Matching Cingulate gyrus 4 Parahippocampal gyrus 2 Hippocampus 1 Amygdaloid body 3
This window shows your responses and what was marked correct and incorrect from your previous attempt....
This window shows your responses and what was marked correct and incorrect from your previous attempt. Raintree Corporation maintains its records on a cash basis. At the end of each year the company's accountant obtains the necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2021 ed $510,000 3,720 50.000 $563,720 Cash receipts Pron customers Interest on note Issue of common stock Total cash receipts Cash disbursements: Purchase of merchandise...
< Back This window shows your responses and what was marked correct and incorrect from your...
< Back This window shows your responses and what was marked correct and incorrect from your previous attempt. Problem 7-48 Joint Products; By-Products (Appendix) [LO 7-6, 7-7) The Marshall Company has a joint production process that produces two joint products and a by-product. The joint products are Ying and Yang, and the by-product is Bit. Marshall accounts for the costs of its products using the net realizable value method. The two joint products are processed beyond the split-off point, Incurring...
This window shows your responses and what was marked correct and incorrect from your previous attempt...
This window shows your responses and what was marked correct and incorrect from your previous attempt A company constructs a building for its own use. Construction began on January 1 and ended on December 30. The expenditures for construction were as follows: January 1, $550,000, March 31, $650,000: June 30, $450.000: October 30, $750,000. To help finance construction, the company arranged a 8% construction loan on January 1 for $800,000. The company's other borrowings, outstanding for the whole year, consisted...
This window shows your responses and what was marked correct and incorrect from your previous attempt....
This window shows your responses and what was marked correct and incorrect from your previous attempt. Exercise 8-13 Revising depreciation LO C2 Apex Fitness Club uses straight-line depreciation for a machine costing $25,400, with an estimated four-year life and a $2,650 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,200 salvage value. Required: 1. Compute the machine's book value...
For each of the following cases, indicate whether the accounting is correct or incorrect and also, the accounting princ...
For each of the following cases, indicate whether the accounting is correct or incorrect and also, the accounting principle or concept that applies. Correct or Incorrect Principle or Concept Gomez Company has decided to charge off as a loss the portion of its accounts 1. receivable that it estimates will be uncollectible. The accounts involved resulted from the current year's sales on March 15 of last year, Butler Inc. purchased land for $210,000, on which it planned to construct an...
Your answer is incorrect. The figure below shows a hollow box in the shape of a...
Your answer is incorrect. The figure below shows a hollow box in the shape of a rectangular prism. Note that the box has a lid. (a) Use the calculator to find the volume and surface area of the box. Make sure to include the correct units. Volume: 124 Surface area: 72 (b) The box is to be filled with sand. Which measure would be used to find the amount of sand the box will hold? • Volume Surface area (c)...
please show work!! This window shows your responses and what was marked correct and incorrect from...
please show work!!
This window shows your responses and what was marked correct and incorrect from yo Required information The Foundational 15 (L07-1, LO7-2, LO7-3, L07-4, LO7-5) [The following information applies to the questions displayed below] Diego Company manufactures one product that is sold for $80 per unit in two geographic regions the East and West regions. The following information pertains to the company's first year of operations in which it produced 40,000 units and sold 35,000 units Variable costs...
Kimmel, Financial Accounting, 8e Help System Announcements Exercise 7-12 Ex Your answer is incorrect. Try again....
Kimmel, Financial Accounting, 8e Help System Announcements Exercise 7-12 Ex Your answer is incorrect. Try again. A new accountant at Teal Mountain Inc. is trying to identify which of the amounts shown below should be reported as the current asset Cash and cash equivalents in the year-end be 2017. 1. $90 of currency and coin in a locked box used for incidental cash transactions 2. A $12,100 U.S. Treasury bill, due May 31, 2017. 3. $350 of April.dated checks that...
Part 3 Short-Answer Questions 1. What is a financial asset's liquidity? 2. Distinguish between primary and...
Part 3 Short-Answer Questions 1. What is a financial asset's liquidity? 2. Distinguish between primary and secondary markets.
This window shows your responses and what was marked correct and incorrect from your previous attempt. Match the component of the limbic system with its function. Function is associated with the hippocampus Focuses on emotionally significant events Involved in emotion, especially fear Essential for the formation of long- term memory Matching Cingulate gyrus 4 Parahippocampal gyrus 2 Hippocampus 1 Amygdaloid body 3
This window shows your responses and what was marked correct and incorrect from your previous attempt. Raintree Corporation maintains its records on a cash basis. At the end of each year the company's accountant obtains the necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2021 ed $510,000 3,720 50.000 $563,720 Cash receipts Pron customers Interest on note Issue of common stock Total cash receipts Cash disbursements: Purchase of merchandise...
< Back This window shows your responses and what was marked correct and incorrect from your previous attempt. Problem 7-48 Joint Products; By-Products (Appendix) [LO 7-6, 7-7) The Marshall Company has a joint production process that produces two joint products and a by-product. The joint products are Ying and Yang, and the by-product is Bit. Marshall accounts for the costs of its products using the net realizable value method. The two joint products are processed beyond the split-off point, Incurring...
This window shows your responses and what was marked correct and incorrect from your previous attempt A company constructs a building for its own use. Construction began on January 1 and ended on December 30. The expenditures for construction were as follows: January 1, $550,000, March 31, $650,000: June 30, $450.000: October 30, $750,000. To help finance construction, the company arranged a 8% construction loan on January 1 for $800,000. The company's other borrowings, outstanding for the whole year, consisted...
This window shows your responses and what was marked correct and incorrect from your previous attempt. Exercise 8-13 Revising depreciation LO C2 Apex Fitness Club uses straight-line depreciation for a machine costing $25,400, with an estimated four-year life and a $2,650 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,200 salvage value. Required: 1. Compute the machine's book value...
For each of the following cases, indicate whether the accounting is correct or incorrect and also, the accounting principle or concept that applies. Correct or Incorrect Principle or Concept Gomez Company has decided to charge off as a loss the portion of its accounts 1. receivable that it estimates will be uncollectible. The accounts involved resulted from the current year's sales on March 15 of last year, Butler Inc. purchased land for $210,000, on which it planned to construct an...
Your answer is incorrect. The figure below shows a hollow box in the shape of a rectangular prism. Note that the box has a lid. (a) Use the calculator to find the volume and surface area of the box. Make sure to include the correct units. Volume: 124 Surface area: 72 (b) The box is to be filled with sand. Which measure would be used to find the amount of sand the box will hold? • Volume Surface area (c)...
please show work!!
This window shows your responses and what was marked correct and incorrect from yo Required information The Foundational 15 (L07-1, LO7-2, LO7-3, L07-4, LO7-5) [The following information applies to the questions displayed below] Diego Company manufactures one product that is sold for $80 per unit in two geographic regions the East and West regions. The following information pertains to the company's first year of operations in which it produced 40,000 units and sold 35,000 units Variable costs...
Kimmel, Financial Accounting, 8e Help System Announcements Exercise 7-12 Ex Your answer is incorrect. Try again. A new accountant at Teal Mountain Inc. is trying to identify which of the amounts shown below should be reported as the current asset Cash and cash equivalents in the year-end be 2017. 1. $90 of currency and coin in a locked box used for incidental cash transactions 2. A $12,100 U.S. Treasury bill, due May 31, 2017. 3. $350 of April.dated checks that...
Part 3 Short-Answer Questions 1. What is a financial asset's liquidity? 2. Distinguish between primary and secondary markets.
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