At the beginning of the year, Tyagi Manufacturing bought machinery, shelving, and a forklift. The machinery initially cost $31,200 but had to be overhauled (at a cost of $2,320) before it could be installed (at a cost of $1,160) and finally put into use. The machinery's total life was estimated as 40,000 hours, with an estimated residual value of $1,000. The machinery was actually used 5,000 hours in year 1 and 7,000 hours in year 2. Repair costs were $490 in each year. The shelving cost $10,000 and was expected to last 5 years, with a residual value of $740. The forklift cost $17100 and was expected to last six years, with a residual value of $2,280. 3. Prepare the journal entry to record year 2 depreciation expense for the machinery. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.
Answers
To record the year 2 depreciation expense for the machinery, the following journal entry can be made:
Date: Year 2
Depreciation Expense - Machinery $4,040
Accumulated Depreciation - Machinery $4,040
Explanation:
Depreciation expense for year 2 is calculated as follows:
Depreciation expense per hour = (Cost - Residual value) / Total estimated hours
Depreciation expense per hour = ($31,200 + $2,320 + $1,160 - $1,000) / 40,000 hours
Depreciation expense per hour = $33,680 / 40,000 hours
Depreciation expense per hour = $0.842 per hour
Depreciation expense for year 2 = Depreciation expense per hour x Hours used in year 2
Depreciation expense for year 2 = $0.842 x 7,000 hours
Depreciation expense for year 2 = $5,894
However, since repair costs are incurred in each year, we need to subtract the repair costs for year 2 from the calculated depreciation expense:
Adjusted Depreciation expense for year 2 = Depreciation expense for year 2 - Repair costs for year 2
Adjusted Depreciation expense for year 2 = $5,894 - $490
Adjusted Depreciation expense for year 2 = $4,040
Therefore, the journal entry to record the year 2 depreciation expense for the machinery is:
Depreciation Expense - Machinery $4,040
Accumulated Depreciation - Machinery $4,040
This entry recognizes the depreciation expense for year 2 and increases the accumulated depreciation account, which is a contra-asset account used to track the accumulated depreciation of the machinery.
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Related Questions
The fact that consumers have limited capacity for processing information is referred to as:.
Answers
The limited capacity of consumers for processing information is a concept in cognitive psychology and marketing that refers to the finite amount of information that individuals can attend to, comprehend, and retain. This concept is often described as the cognitive processing limitations of human beings.
In marketing, it is essential for businesses to understand the cognitive processing limitations of their target audience. This knowledge can help them design marketing messages and advertising campaigns that are easy to understand, engaging, and memorable. Marketers must take into consideration that consumers have limited attention spans, and they are bombarded with vast amounts of information every day. Therefore, they must present the information in a way that is easy to comprehend, and the essential message should be delivered in a concise and straightforward manner.
In conclusion, the limited capacity for processing information is a critical factor that businesses need to consider when developing marketing strategies. By understanding this concept, marketers can tailor their messages and optimize their campaigns to reach their target audience effectively.
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Having the resources, information, and attitudes that allow you to take action to achieve a desired goal is called __________. a. organization b. self-confidence c. empowerment d. an action plan
Answers
Answer:
b. pa brainliest po plss
among the contextual factors that contribute to team effectiveness, we find _____________.
Answers
Among the contextual factors that contribute to team effectiveness, we find clear communication, shared goals, mutual trust, adequate resources, and effective leadership. These factors help teams work together more efficiently and achieve better results.
Open Communication: Effective communication is essential for any team to function well. Teams that communicate openly and honestly are better equipped to resolve conflicts, make decisions, and share ideas.
Clear Goals and Objectives: Teams that have a clear understanding of their goals and objectives are more likely to work effectively together. When everyone on the team knows what they are working towards, they can align their efforts towards achieving those goals.
Mutual Trust: Trust is essential for team effectiveness. Team members should be able to rely on each other and feel confident in each other's abilities and intentions.
Adequate Resources: Teams need to have the resources they need to do their work effectively. This can include everything from adequate funding and equipment to the right software and training.
Effective Leadership: Effective leadership is essential for team effectiveness. Leaders who are able to inspire, motivate, and guide their teams can help to create a positive and productive work environment.
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Byron Books Inc. recently reported $9 million of net income. Its EBIT was $16.1 million, and its tax rate was 25%. What was its interest expense
Answers
To find the interest expense of Byron Books Inc., we can start with the formula for calculating net income:
Net Income = EBIT - Interest Expense * (1 - Tax Rate)
Rearranging the formula, we can solve for interest expense:
Interest Expense = (EBIT - Net Income) / (1 - Tax Rate)
Given that Byron Books Inc. reported a net income of $9 million, EBIT of $16.1 million, and a tax rate of 25% (or 0.25), we can substitute these values into the formula:
Interest Expense = (16.1 million - 9 million) / (1 - 0.25)
Interest Expense = 7.1 million / 0.75
Interest Expense = $9.4667 million or approximately $9.47 million
Therefore, the interest expense of Byron Books Inc. is approximately $9.47 million.
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The interest expense of Byron Books Inc. is $7.1 million.
Explanation:Interest expense is a financial cost that a company or individual incurs when borrowing money. It's typically associated with loans, bonds, or credit lines. This expense represents the amount paid to the lender as compensation for the use of their funds. For businesses, it's a deductible expense, reducing taxable income. Monitoring and managing interest expense is crucial for financial health, as excessive interest payments can strain cash flow and negatively impact profitability. Byron Books Inc. recently reported $9 million in net income. Thus,
To find the interest expense, we can use the formula:
Interest Expense = EBIT - Net Income
Substituting the given values:
Interest Expense = $16.1 million - $9 million
= $7.1 million
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Which statement about the Federal Reserve (the Fed) is true?
O Unless a person works there, the Fed has little impact on everyday life.
O The Fed determines the criteria banks must use to evaluate loan requests.
O The Fed sets monetary policy, which affects the interest rates banks offer.
O Because it is independent, the Fed reviews and approves the national budget.
Answers
A statement that is true on the Federal Reserve is that C. The Fed sets monetary policy, which affects the interest rates banks offer.
What does the Federal Reserve do ?The American central bank is known as the Federal Reserve System (FRS). It is conceivably the most potent financial organization in the entire globe and is sometimes referred to as "the Fed." It was established to give the nation a secure, adaptable, and stable financial and monetary system.
Its primary duties include controlling the money supply, establishing interest rates, and overseeing the financial system. In times of economic crisis, it also serves as a lender of last resort, as was shown during the financial crisis of 2008.
These powers of the Federal Reserve mean that it is the one which sets the monetary policy of the United States. This monetary policy will then affect the interest rates on loans, offered by banks.
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Why is Netflix's stocks going down?
Answers
Answer:
Netflix stock was falling sharply Wednesday after the streaming giant posted disappointing first-quarter earnings, prompting a flurry of price target cuts and critique from analysts.
Explanation:
Hope this helpes.
Products produced in a competitive market are
differentiated
unique
standardized and differentiated
standardized
Answers
Answer:
Standardized
Explanation:
Firms that are purely competitive provide a standardised (same or homogenous) product. Consumers will be unconcerned about whose vendor they acquire the goods from as long as the pricing is the same.
Monopolistically competitive companies make a typical profit in the long run since entrance into the market is easy. The sort of goods supplied distinguishes oligopoly from perfect competition.
Which of the following should employers prevent in order to ensure the safety and health of workers in regards to machine guarding?
A) Providing employees with safe tools and equipment
B) Providing employees with personal protective equipment
C) Allowing workers to use a machine without training
D) Ensuring employees are trained in hazard recognition
———————————————
Which of the following types of machine guard is generally preferred because of its simplicity and durability?
A) Interlocked
B) Fixed
C) Self-adjusting
D) Adjustable
Answers
Answer:
1st C 2nd one B
Explanation:
Answer:
1.) C 2.) B
Explanation:
1. Describe how SaksFirst builds loyalty for Saks Fifth Avenue.
Answers
SaksFirst built loyalty for Saks Fifth Avenue by broadening its reach and offering more benefits like:
free membership for cardholders without minimum spending earning points toward SaksFirst card with first purchases and free shipping from Saks stores.How do brands build loyalty?Customers only continue to buy or patronize a brand if they feel they can trust the company, this is brand loyalty. Loyalty can be achieved through engaging customers, being reliable, keeping the price reasonable and incentives.
In the case of SaksFirst, they built loyalty by offering free memberships to Saks Fifth avenue customers, giving points for first card purchase and free shipping.
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9.true or false: the 2021 estate tax exemption is $12,060,000, the 2021 generation skipping tax exemption is $12,060,000 and the 2020 gift tax exemption is $11,700,000?
Answers
This is false that the 2021 estate tax exemption is $12,060,000, the 2021 generation skipping tax exemption is $12,060,000 and the 2020 gift tax exemption is $11,700,000.
An exemption is a sum of money that can be subtracted from a person's overall income to lower it. taxable earnings There are two types of exemptions that taxpayers may be able to claim: Personal exemptions, which normally allow taxpayers to claim themselves (and possibly their spouse).
The generation-skipping tax (GST), sometimes known as the generation-skipping transfer tax, forbids you from intentionally omitting your children from your estate plan in favor of younger generations in order to avoid any estate taxes that might be owed once your children pass away. Individuals will be exempt from GST taxes up to $11.7 million as of 2021, double that amount for married couples. The only value subject to that 40% tax is that which exceeds this exemption.
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insurance agency advertises a 10% off sale on new insurance policies what ethical or legal violations has the agency committed
Answers
If the insurance agency advertised a 10% off sale on new insurance policies, there may not necessarily be any ethical or legal violations if the advertisement is truthful and not misleading.
However, if the agency made false or deceptive claims in their advertisement, such as inflating their regular prices to make the discount seem larger than it actually is, or failed to disclose important terms and conditions, such as limitations or exclusions on the sale, this could potentially be considered false advertising and a violation of consumer protection laws.
Additionally, if the agency used unethical sales tactics or pressured customers into purchasing policies they did not need or could not afford, this could be considered a violation of ethical standards in the insurance industry.
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identify the environmental factors that may impact your
marketing process
Answers
The environmental factors that can impact your marketing process are political, economic, social, technological, legal, and environmental changes.
Environmental factors can affect your marketing process. Environmental factors include political, economic, social, technological, legal, and environmental changes that impact your marketing activities. Political factors are a critical aspect of the environment, including government regulations, policies, and trade agreements. These policies may affect your marketing activities, such as taxes on imported products or restrictions on advertising. Economic factors such as interest rates, inflation, and income levels can also affect the demand for products. A recession can lead to reduced demand, while an economic boom can lead to increased demand. Socio-cultural factors, such as attitudes and beliefs, are also important environmental factors. Technological advancements, such as online shopping and social media, have transformed the way consumers engage with brands. Legal factors, including consumer protection laws and intellectual property rights, can affect the marketing process as well. Lastly, environmental factors, including climate change and sustainability, are emerging as significant factors that influence consumer behavior and preferences. Therefore, it is important to consider these environmental factors while creating a marketing plan to adapt to the changing environment.
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true or false: typical retiree housing considerations include cost of maintenance, taxes, transportation, and proximity to shopping and entertainment.
Answers
True. Social Security, other governmental pension schemes, company pension plans, individual retirement accounts, and annuities are common income sources for retirees.
What is pension schemes ?Any plan, fund, or scheme that provides retirement income is referred to as a pension fund, also known as a superannuation fund in some countries. Pension funds are the largest investors in both publicly traded and privately held businesses since they often have a lot of capital to invest.
Pension funds are the largest investors in both publicly traded and privately held businesses since they often have a lot of capital to invest. They are particularly crucial to the stock market, which is dominated by big institutional investors. The combined assets of the top 300 pension plans total around USD $6 trillion.
A private pension fund is governed by private sector legislation, as opposed to a public pension fund, which is subject to public sector law. The distinction between public or government pension funds and private pension funds may be challenging to evaluate in some countries. In some, there is a clear distinction in the legislation, and there are extremely strict rules for administration and investment.
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What are the advantages of private limited company?
Answers
Answer:
Private limited companies are owned by shareholders and managed by directors. They carry limited liability for business debts, which reduces personal risk. Choosing the correct business model must involve consideration of tax and legal advantages of each type of entity.
Explanation:
Why is it important to be held accountable for your actions?
3 sentences
Answers
The young men below are in colloquial language, “getting their hustle on!” Explain how their business is a sole proprietorship. Secondly, explain why the government will have a difficult time taxing this type of business.
Answers
These businesses are typically not registered with the government, and they do not have an official structure.
The government may be unwilling or unable to regulate these types of businesses because they are frequently viewed as necessary for economic growth and development.
In colloquial language, the young men below are "getting their hustle on." A sole proprietorship is a type of business that is owned and operated by a single individual. The young men's business can be referred to as a sole proprietorship since they are the sole owners of the business.
They are the ones who started the business, are responsible for all of its operations, and are accountable for all of the profits or losses.The government will have a tough time taxing this type of business for a variety of reasons.
Firstly, these businesses are typically not registered with the government, and they do not have an official structure. As a result, it's difficult for the government to track their activities and evaluate their taxes.
Secondly, many of these businesses operate in the informal sector, and they do not have formal accounting procedures or systems in place. As a result, it's difficult for the government to determine their exact revenue and taxable income.
Thirdly, these businesses are frequently involved in cash transactions, and it's difficult for the government to monitor their cash flow and revenue. As a result, they may not accurately report their earnings or pay the required taxes.
Finally, the government may be unwilling or unable to regulate these types of businesses because they are frequently viewed as necessary for economic growth and development. As a result, they may not be heavily taxed, if at all, since the government may be hesitant to discourage their operations.
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Use this formula to help solve the problem.
• gross income = total of all incomes added together
Given the following information, what does the gross income for the month equal?
Cash = $700, Checks = $200, Credit Card Charges = $400
a. $700
b. $1100
c. $1300
d. $400
Answers
Answer:
C.$1300.................:)
Answer:
1,300
Explanation:
just added the numbers
what is the specific goal of product promotion ?
Answers
Answer:
Promotional goals include creating awareness, getting people to try products, providing information, retaining loyal customers, increasing the use of products, and identifying potential customers, as well as teaching potential service clients what is needed to “co-create” the services provided.
A company's balance sheet shows: cash $40,000, accounts receivable $25,000, office equipment $59,000, and accounts payable $26,000. What is the amount of stockholders' equity
Answers
Answer:
the amount of stockholders' equity is $98,000
Explanation:
It is important to remember that the Balance Sheet uses the Accounting equation :
Accounting Equation states that :
Assets = Equity + Liabilities
This can be also stated as :
Equity = Assets - Liabilities
Where,
Assets = $40,000 + $25,000 + $59,000 = $124,000
Liabilities = $26,000
Therefore,
Equity = $124,000 - $26,000
= $98,000
Conclusion :
Using the Accounting Equation we have solved the amount of stockholders' equity as $98,000
A refrigerator of width w and height h rests on a rough incline as in Figure P8. 25 (page 268). Find an expression for the maximum value theta can have before the refrigerator tips over. Note, the contact point between the refrigerator and incline shifts as theta increases and treat the refrigerator as a uniform box
Answers
By comparing the torque caused by the weight to the torque caused by the frictional force, the maximum angle at which a refrigerator will topple over on an inclined surface may be calculated.
The forces operating on the refrigerator must be taken into consideration to calculate the maximum angle theta at which a refrigerator will topple over on an inclined surface. As the angle of inclination rises, the weight of the refrigerator will produce a torque near the point of contact with the slope.
The frictional force acting on the refrigerator, which opposes the weight torque, must balance this torque. The maximum value of theta may be calculated by equating these two torques. This equation will depend on the refrigerator's weight, coefficients of friction, and size.
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A person who is a good employee of a multinational company means that he is fit to be an entrepreneur. TRUE or FALSE
Answers
.................. people lack enthusiasm.
Answers
prolly cuz we're all depressed in our own lives.
what is the one item that can change the monthly payment on a mortgage during the loan?
a. apr
b. fixed rate
c. escrow
b. variable rate
Answers
Answer:
A. apr
Explanation:
What does the phrase "like animals escaped from their caves" imply about the sun's impact on the children?
Answers
What is important for starting a charity
Answers
Explanation:
One of the most vital things to consider when you are starting a nonprofit is your mission. Writing a mission statement of one to two sentences can outline why it exists, what the organization does, who it serves and where it provides services all in one place
Suppose romaine lettuce is a normal good. Suppose further incomes in the economy are rising. Everything else held constant, this will cause the _____ romaine lettuce to _____.
Answers
Answer:
Demand for
Increase
Explanation:
A normal good is a good whose demand increases when income rises and whose demand falls when income falls.
So if income is rising, the demand for the lettuce should increase.
I hope my answer helps you
Marcus is considering which college major to choose. In taking a rational approach, Marcus should consider
Answers
Answer:
Science or physics.
Explanation:
You didn't give us the choices
BUSINESS FLOOR STAFF
15. Executive floors sometimes have a stocked
Answers
Hotels frequently refer to their executive floors as a "hotel within a hotel." You get special treatment from the employees on these levels, a dedicated desk for checking in and out, and solitude from the throng of guests on the hotel's standard floors.
What causes my flooring to sag?These are the most frequent causes: Being a natural product, solid wood is highly sensitive to moisture in the air and on the walls. The wooden floor can absorb moisture if your home has a wet issue or if there is excessive moisture in the space, which will eventually cause the boards to wobble.
What is the hotel executive lounge?It's a lounge inside the hotel reserved for top-tier members or guests staying in Executive or better rooms. Free snacks and beverages are offered in the lounge, and alcohol is occasionally made available (normally for a few hours in the evening).
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marie corporation's what are the net cash flows from investing activities that will be reported in the statement of cash flows? (enter net cash outflows with a minus sign.)
Answers
Your company's cash flow statement includes cash flow from investing operations, which is used to show investing activities and their effects on cash flow. For this activity, learn how to compute it.
Any transactions that have a direct impact on long-term assets are considered investments. This can involve buying a building, selling equipment, or purchasing stocks. an aa a an a's"" A company's cash flow from assets is reduced whenever a long-term asset is bought, whereas cash flow is increased when a long-term asset is sold. The following sections are present in all cash flow statements: Cash flow from operating operations . cash flow generated by investing. Flow of money from financial operations. The cash flow statement, in contrast to other financial statements, exclusively considers cash entering and leaving a corporation.
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In evidence-based management, it is important to understand how factors relate to each other and be able to intepret basic statistics. Assume that we observe that Factor A is significantly correlated with Factor B at.35. What can we correctly conclude based on this correlation? Factor A and Factor B are not associated Factor A causes Factor B As Factor A increases, Factor B decreases As Factor A increases, Factor B also increases
Answers
In evidence-based management, it is important to understand how factors relate to each other and be able to interpret basic statistics. If we observe that Factor A is significantly correlated with Factor B at.35, we can conclude that as Factor A increases, Factor B also increases.
What is correlation?
Correlation is a statistical measurement that defines the association between two variables. It explains how the two variables are related to each other. A correlation coefficient can be calculated to determine the strength and direction of the relationship.
A correlation coefficient of +1 indicates a perfect positive correlation, while a correlation coefficient of -1 indicates a perfect negative correlation.
In the given question, it is mentioned that Factor A is significantly correlated with Factor B at.35. This means that there is a positive correlation between Factor A and Factor B. When Factor A increases, Factor B will also increase. Hence, the correct is "As Factor A increases, Factor B also increases. "Option D is the correct option.
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