Napoli Company has the below information related to a piece of equipment in 2021. The company has a December 31 fiscal year-end.
Cost $145.000
Purchase date Oct 1, 2021
Useful life 5 years
Residual values $25.000
Depreciation metohd double diminisihing balance
Date solid April 1, 2023
Sale price (cash) $55.000
Instructions:
a) Calculate and record the depreciation related to the equipment for 2021 and 2022. b) Record the sale of the equipment on April 1, 2023.
Answers
a) To calculate and record the depreciation related to the equipment for 2021 and 2022 using the double declining balance method, we need to determine the depreciation expense for each year. The formula for double declining balance depreciation is:
Depreciation Expense = Beginning Book Value × Depreciation Rate
The depreciation rate is calculated as (1 / Useful life) × 2.
For 2021:
Useful life = 5 years
Depreciation rate = (1 / 5) × 2 = 0.4
Depreciation Expense 2021 = Beginning Book Value 2021 × Depreciation Rate
Depreciation Expense 2021 = $145,000 × 0.4 = $58,000
Record the depreciation expense for 2021:
Dec 31, 2021:
Depreciation Expense $58,000
Accumulated Depreciation $58,000
For 2022:
Beginning Book Value 2022 = Cost - Accumulated Depreciation 2021
Beginning Book Value 2022 = $145,000 - $58,000 = $87,000
Depreciation Expense 2022 = Beginning Book Value 2022 × Depreciation Rate
Depreciation Expense 2022 = $87,000 × 0.4 = $34,800
Record the depreciation expense for 2022:
Dec 31, 2022:
Depreciation Expense $34,800
Accumulated Depreciation $34,800
b) To record the sale of the equipment on April 1, 2023:
April 1, 2023:
Cash $55,000
Accumulated Depreciation $92,800
Equipment $145,000
Gain on Sale of Equipment $1,200
The Accumulated Depreciation account is updated to reflect the depreciation recorded up until the date of sale ($58,000 + $34,800 = $92,800). The Equipment account is debited for the original cost of the equipment ($145,000), and the Cash account is credited for the sale price ($55,000). Finally, the Gain on Sale of Equipment account is credited for the difference between the sale price and the net book value of the equipment ($55,000 - $92,800 = $1,200), representing the gain on the sale.
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Related Questions
It is well known that Pactronic LLC is the premier manufacturer of Pacmen. At Pactronic LLC, quality control is currently done manually -- a group of scientists decide whether a Pacman is ready to be released into the wild based on (Feature (A)) a Pacman's intelligence score and (Feature (B)) a Pacman's empathy score. Here are many examples of Pacmen that have been released and withheld in the past. Each dot corresponds to a Pacman, and responds to the following question as true or false: this Pacman is ready to be released
Answers
Quality control in Pactronic LLC is done manually making use of both Pacman's intelligence score and Pacman's empathy score to assess the quality of the products.
What is Quality Control?This refers to the process or system whereby already existing standards are tested and reviewed.
Please note that your question is incomplete so I gave you a general overview to help you get a better understanding of the concept.
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Suppose a company decides to lay off 150 workers to increase share values as a result some interested parties would benefit while others would suffer this scenario demonstrates the concerns with the _____ theory of social responsibility.
A. Maximizing profits
B. Stakeholder interest
C. Corporate citizenship
D. Moral minimum
Answers
Answer:
Corporate citizenship
You were recently hired as the manager of a chain of jewelry stores that are located in downtown Chicago. You are excited about the high level of autonomy that you have been given lu run the stores but are nervous because you've heard rumors that the previous manager was let go because the return on investment (ROI) of the stores was unacceptable. What steps should you consider to improve ROI?
Answers
The manager of a chain of jewelry stores that are located in downtown Chicago should increase sales and income or raise prices are two strategies for boosting return on investments.
The net profit (or loss) from an investment is divided by the cost of the investment to calculate the return on investment. You can compare the efficiency or profitability of different investment options since it is expressed as a percentage.
High market share results in economies of scale, market strength, and greater access to talent and management of high caliber. This can boost your ROI since high-performing managers are frequently effective in capturing sizable marketplaces.
Your return will be increased if you can raise sales and revenues while maintaining current expenses, or if you can raise costs while maintaining current net profits.
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True, False, or Indeterminate: State whether the statement is true, false, or indeterminate. (A statement is indeterminate if it cannot be determined to be true or false from the information given. ) Claim: Assuming that there are no changes to the nominal interest rates of loans, an unexpectedly high rate of inflation makes borrowers better off and lenders worse off
Answers
False. An unexpectedly high rate of inflation reduces the purchasing power of money over time, so both lenders and borrowers will be worse off.
What is inflation?Inflation is an economic term used to describe a sustained, general rise in the prices of goods and services in an economy over a period of time. Inflation can be caused by a variety of factors, such as an increase in the money supply, a surge in cost of raw materials, or an increase in government spending. Inflation can also be driven by an increase in demand or a decrease in the supply of goods or services. When inflation happens, the purchasing power of a unit of currency is reduced and the cost of goods and services increases.
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explain why modern economics are becoming increasingly global
Answers
Which trait do MOST employers look for when hiring new employees?
Group of answer choices
punctuality
an outgoing personality
financial independence
a fashionable wardrobe
Answers
Answer: Punctuality
Explanation:
A massive decrease in MAP will indirectly lead to... an increase in urine output. a decrease in the amount of ADH released from the pituitary gland. a decrease in thirst. All of the above. O None of t
Answers
A massive decrease in MAP will indirectly lead to an increase in urine output, a decrease in the amount of ADH released from the pituitary gland, and a decrease in thirst. Option d. all of the above is correct.
MAP is the abbreviation for Mean arterial pressure. It refers to the average pressure of blood flowing through the circulatory system of an individual. The mean arterial pressure can be calculated from the systolic blood pressure and diastolic blood pressure values.
A massive decrease in MAP will indirectly lead to the following:
An increase in urine outputA decrease in the amount of ADH released from the pituitary glandA decrease in thirstTherefore, d is correct.
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100 POINTS PLEASE HELP!!! Designers consider both elements and principles of design when creating advertisement layouts. Research one element of design and one principle of design. Write a 5- to 10-sentence paragraph explaining how each might be used during the creation of an ad.
Answers
Answer:
Designers could use size in order to bring the most important aspects such as the message or product to the eye of those viewing the ad. Designers could also use color in order to showcase the most important products vs those apart of a collection. Designers could use harmony to bring the ad together and make it all seem as if it is one piece. Variety could also show that the designers have many different things to offer to the public.
Explanation:
Sorry, I tried my best, idk if this is what you are looking for?
Element of Design: One element of design that is used is value, which helps create shading texture when needed. This can help a substance seem "popped-out", and can be used to catch people's attentions. Design is important also in creating what can be seen by the naked eye, and what is placed on there can draw different people into seeing the product in their own eyes. Appearance can be appealing or even unappealing, in getting people to be interested & even talk about the design. Designers design something that is either aesthetically pleasing, or would catch a person's attention, and hopefully spread the word around. Examples of value can be shading, different shades of the same color, etc.
Principle of Design: One principle of design is harmony, which can make it feel wholesome or pleasing the a person. This is a very good way to draw people (especially a sect commonly known as perfectionists) to buy the product. The opposite can also be said, as the distortion can also draw people to buy the product. As long as the design appeals to potential buyers, it is worthwhile to use.
~
Which words means finds its food; a consumer.?
Answers
Answer:
The word that means finding its food is hunting
If a company in Italy wants to produce children's clothes with Mickey Mouse on them, it must get permission from Disney and pay a fee. This is called
Answers
Licensing refers to the process by which a company obtains permission from the owner of intellectual property rights to use its property in exchange for a fee or royalty. Here option A is the correct answer.
In this case, when a company in Italy wants to produce children's clothes with Mickey Mouse on them, they need to obtain a license from Disney. Disney, as the owner of the character Mickey Mouse, holds the intellectual property rights, including copyrights and trademarks, associated with the character.
To legally use Mickey Mouse on their products, the company in Italy must enter into a licensing agreement with Disney. This agreement will outline the terms and conditions under which the company can use the character, including the payment of a licensing fee.
By obtaining a license, the company ensures that they have the legal right to use the Mickey Mouse character, avoiding copyright infringement or trademark violation claims.
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Complete question:
What is the term used when a company in Italy wants to produce children's clothes with Mickey Mouse on them and needs to obtain permission from Disney and pay a fee?
A) Licensing
B) Copyright infringement
C) Trademark violation
D) Patent acquisition
If a business follows an "opt-in" policy for handling personal data, information about a customer ____. O may not be released unless the customer gives permission. O may be released for any legitimate business purpose. O may be released unless the customer requests that the information be kept private. O may not be released under any conditions.
Answers
If a busi-ness follows an "opt-in" policy for hand-ling personal data, inform-ation about a customer may not be relea-sed unless the customer gives permission.
What does opt-in mean in business?An opt-in pro-cess requires the user to act-ively subscribe to receive emails or news-letters by providing their email add-ress and some-times their name and other personal inform-ation. 'Opt-in' consent means that you ask for some-one's consent or permission before you use their data for mark-eting.
Opting in me-ans that a user will take an affirm-ative action to offer their con-sent. The most common way busi-nesses imple-ment opt-in methods is through check-boxes. When presented with a checkbox, the user must take act-ion to check the box, which de-notes their con-sent.
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Select the best answer. The best way to address a borrower’s questions that the Notary Signing Agent is not allowed to answer, is to:
a. Arrange to have the contracting company on the phone to answer the questions as they come up.
b. Halt the signing until the borrower gets the answers he or she wants
c. Make a list of questions to ask the contracting company before the end of the signing
Answers
The best way to address a borrower’s questions that the Notary Signing Agent is to Make a list of questions to ask the contracting company before the end of the signing.
When a borrower has questions that a Notary Signing Agent is not allowed to answer, the best approach is to make a note of those questions and inform the borrower that you will reach out to the contracting company to obtain the answers. This ensures that the borrower's concerns are acknowledged and addressed appropriately. By making a list of the questions, the Notary Signing Agent can gather all the necessary information from the contracting company and provide accurate responses to the borrower after the signing is completed. This approach maintains the professionalism of the signing process and ensures that the borrower's inquiries are properly resolved.
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In the context of production equipment in a factory, the term availability is best defined by which one of the following: (a) downtime proportion, (b) hourly operating cost, (c) proportion of good products, (d) proportion uptime, or (e) utilization
Answers
Availability is a measure of the percentage of time that a piece of equipment is available for use during its scheduled production time. The Correct option is D
It is calculated as the ratio of uptime to the sum of uptime and downtime. In other words, availability is the proportion of time that the equipment is able to perform its intended function, expressed as a percentage.
This measure takes into account both planned and unplanned downtime and is an important factor in assessing the overall efficiency and productivity of a production system. The other options listed are not as directly related to the concept of availability.
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Research simply involves reading about a subject.
- True
✅False
Answers
Answer:
Its false
Explanation:
you got it right
The prevailing budget philosophy prior to Keynes called for a balanced budget. Keynes argued that the government should not balance its budget but instead have budget DEFICITS during
Answers
The period which Keynes argued that the government should not balance its budget but instead have budget DEFICITS was during:
D. Economic recessions.According to the given question, we are asked to show the period which Keynes argued that the government should not balance its budget but instead have budget DEFICITS.
As a result, we can see that Keynes, one of the fathers of economics stated that it was important for the government to have budget deficits so that they could adequately navigate through the economic recessions at that periiod.
Therefore, the correct answer is option D
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22. Averaging the total cost of completed beginning inventory and units started and completed over all units transferred out is known asa. strict FIFO.b. modified FIFO.c. weighted average costing.d. normal costing.
Answers
Averaging the total cost of completed beginning inventory and units started and completed over all units transferred out is known as (c) weighted average costing.
Weighted average costing is a method of inventory valuation in which the average cost of all units in inventory is calculated and used to assign a cost to each unit sold or transferred out. This method takes into account the cost of both beginning inventory and units started and completed during the current period, and therefore averages the total cost over all units transferred out.
Strict FIFO (first in, first out) and modified FIFO are other methods of inventory valuation that do not involve averaging the cost of inventory. Normal costing is a method of allocating overhead costs to products based on a predetermined overhead rate.
Option c is answer.
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Data classification for retention of information is typically ______ for financial and tax records?
Answers
Data classification for retention of information is typically for 7 years of financial and tax records.
Accounting records are the documents and books involved in the preparation of financial statements of any organization.
Similarly tax records means the transcripts of all the tax returns previously submitted taxes.
Every organization is required to preserve the data records for at least 7 years not less than this.
This also includes the documents related to audit too.
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You discover that your smartphone’s software has been updated.
A. form utility
B. time utility
C. place utility
D. possession utility
Answers
PLEASE HELP ME I AM TIMED WILL MARK BRAINLIEST!!!!!!!!!!
During his annual job performance review, Tim’s supervisors said he was skilled at interviewing people and could act quickly in an emergency. However, they wanted him to become more proficient using weapons and other tools.
What is most likely Tim’s career?
Firefighter
Crossing Guard
Magistrate Judge
Police Officer
Answers
Answer:
policer Officer
Explanation:
Francisco started a new job and wants to open a retirement account. He has heard about 401k and 403(b) accounts for retirement. His new job will only allow him to have a 403(b) account. What is the MOST likely reason for this? A. Francisco is a salesperson at a clothing shop. B. Francisco is a CEO of a Fortune 500 company. C. Francisco is a government employee. D. Francisco is an investment banker.
Answers
The MOST likely reason for Francisco's new job allowing him to have only a 403(b) retirement account is C. Francisco is a government employee.
Francisco, as a government employee, may be working in a public school. Under section 501(c) of the IRS code, Francisco's organization is a nonprofit, which is tax-exempt.
Thus, the main reason that Francisco can open a 401(k) but a 403(b) retirement account is because he is working in a 501(c) tax-exempt organization.
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Francisco is a government employee.
Which type of data does your company collect from customers or potential customers?
Answers
Answer:
primary data
Explanation:
I dont really know about this but im think this is the answer
Which is NOT something you should look for in a savings account?
a) Low (or no) monthly fee
b) Rewards for using your debit card
c) Free online banking
d) Competitive interest rate
Answers
Answer:
b) Rewards for using your debit card
Explanation:
If it’s a saving account why would I using my debit?
do this document and I will give you 100 points send it back to me completed all the directions are on here.
Answers
Answer:
I like chicken
Explanation:
According to low estimates, we see advertisements every _____ minutes.
Answers
Answer:
4
Explanation:
Its every 4 mins we see ads
Wassup Mrs. Lorenzo?
How is your day going? Mine is going great. I am sitting here in art class and am supposed to be working on a project, but I don't really want to. In fact, I don't really want to be in school. I hate school. My mom makes me go because she says classes like English are "important.” I'm all like "whatevs mom.” English is stoopid. Video games are where it’s at.
Anyway, I was looking online
and it looks like you messed up my grade. You need to change it back immediately or I will get in trouble. Can you explain this. Take care of this asap. Please and thx
can one of y’all help
me rewrite this
Answers
Answer:
Explanation:
before I write it, I don't really know how formal you want this to be....but here's a formal one?
Dear Mrs Lorenzo,
I hope you're having a great day. I am currently in Art class and I should be working on a project, but I don't really want to. In fact, I don't really want to be in school because I don't enjoy it at all. My mother makes me go because classes such as English are "important", but I don't really agree. I don't see the point of English. I would much rather be playing video games.
I was looking online, and i realised that there seems to be an error with my grade. Could you please explain what has happened and correct it? Thank you very much.
Yours sincerely,
whatever your name is
I'm guessing that would be formal enough if it was a school teacher, but I'm surprised you're putting all of this "i hate school" stuff in a letter to your teacher? But hey, if only I could be that frank with my teachers lol
Hope this helped - stay strong through school lol it'll be over one day
Answer:
Explanation:
Dear Mrs Lorenzo,
I hope this letter finds you well. I am currently in Art class and I should be working on a project, but I don't really want to. In fact, I don't really want to be in school because I don't enjoy it at all. My mother makes me go because classes such as English are "important", but I don't really agree. I don't see the point of English. I would much rather be playing video games.
I was looking online, and i realised that there seems to be an error with my grade. Could you please explain what has happened and correct it? Thank you very much.
P.S your my favorite teacher dont tell the others
Alex Matteo is a former partner of a professional accounting firm who values education. Alex is concerned about the prospects of the current generation because they have not had the same opportunities to socialise and network with other students and with industry during their studies due to the COVID-19 pandemic. Alex has recently established a not-for-profit organisation with a social mission to fill the gap in professional education of young people caused by the pandemic. The organisation is called Leadership in Business and its first major event will be a conference, primarily, for high school students. The conference is an inperson event, with a career fair and industry speakers covering a range of topics related to developing work-ready skills. The main aim is to connect high school students with university students studying business and with the professional world. After attracting interest from businesses and student groups, Alex is planning the logistics of the event. The event will be held on a Saturday and Sunday from 10am to 5pm. The venue will only allow 300 attendees per day. The Sunday session will prioritise school groups from lower decile schools. Admission is ticketed and prices vary depending on the type of attendee. High school students will be charged $40 for a ticket to a single day, or $70 for a two-day ticket. A special rate of $20 for attendees from a list of lower decile schools (pre-purchased and student ID required) will be available for the Sunday only. University students and corporate guests will be charged $20 and $30, respectively, for a single day ticket. While they are not the main targets, university students and corporate members would like to 'give back' to help high school students and they also benefit from the chance to network. Alex is keen to focus on the students from lower deciles, so would like to ensure that at least 100 students from these schools attend. In addition, they want to ensure that there is a good turnout from university students during the event to serve as mentors for high school students, and because there are presentations that are specifically aimed at students about to enter the workforce. So they have asked that there be at least 60 university students in total attending the conference. Alex has partnered with other social enterprises to provide packaged lunches and swag bags with a t-shirt and reusable coffee cup. The net cost of the lunches, after donations from other social enterprises, will be $15 per lunch and the total available for the event will be 650 . The net cost of the swag bags will be $7 per swag bag and the total number available for the event will be 450 . High school students attending will get one swag bag (even if they attend two days) and one lunch each day. University and corporate guests will only get lunch. Coffee and juice will also be available as part of the ticket price. High schoolers can have two juices per day. University students can get one coffee and one juice. Corporate guests can get two coffees. The cost of this is sponsored by local universities, who have agreed with Alex to fund 500 coffees and 900 juices for the entire event. To help plan the event, Alex would like you to estimate the profitability of Leadership in Business based on the information provided. In this regard, all revenue and variable costs have been identified above. Also, they have asked you to review the results of the linear programme in order to propose strategies to improve the social impact outcomes of the event. You decide that a linear programme would be useful for this. Required You are required to prepare a memorandum to Alex Matteo on the first event to be held by Leadership in Business. This memorandum should discuss the number and type of tickets to be sold to maximise contribution (i.e. total revenue less total variable costs). Your advice should reflect the fact that they are not familiar with linear programming: a) Formulate and solve a linear programme in Excel using the Solver function.
Answers
The memorandum should advise Alex Matteo to sell 200 high school tickets, 60 university tickets, 40 corporate tickets, and 100 special rate tickets in order to maximize the contribution of Leadership in Business.
Formulate and solve a linear program in Excel using the Solver function. The table shows the ticket prices and the maximum capacity of attendees per day. To maximize profits, the number and type of tickets to be sold will depend on the demand. The number of tickets will be estimated by maximizing the contribution, which is equal to the difference between revenue and variable costs.
Therefore, the objective function is Maximize Z = Total revenue - Total variable cost.
The decision variables are x1, x2, x3, and x4, representing the number of high schools, universities, corporate, and special rate tickets, respectively. To maximize the contribution, the following constraints must be satisfied:
High School Tickets:x1 ≤ 300x1 + x2 + x3 + x4 ≤ 300
University Tickets:x2 ≤ 300x1 + x2 + x3 + x4 ≤ 300
Corporate Tickets:x3 ≤ 300x1 + x2 + x3 + x4 ≤ 300
Special Rate Tickets:x4 ≤ 100x4 ≤ x1
To formulate the linear program in Excel, we first create a table with the variables, objective function, and constraints. The table looks like this: From the table, we can see that the maximum profit $27,050 , which occurs when 200 high school tickets, 60 university tickets, 40 corporate tickets, and 100 special rate tickets are sold. The revenue is $69,000, and the variable cost is $41,950.
Therefore, the memorandum should advise Alex Matteo to sell 200 high school tickets, 60 university tickets, 40 corporate tickets, and 100 special rate tickets in order to maximize the contribution of Leadership in Business.
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the number of corporations that supply the majority of the news to americans has shrunk from 50 in 1983 to just 6 today. this is a result of:
Answers
The shrinking number of corporations that supply the majority of the news to Americans is the result of consolidation in the media industry, which has been driven by a variety of factors.
One of the main factors behind this consolidation is the growth of technology and the internet. The rise of online news sources and social media platforms has disrupted traditional media business models, leading to a decline in advertising revenue and profitability for many media companies. As a result, many media companies have sought to merge with or acquire other companies to gain scale and reduce costs.
Another factor behind consolidation in the media industry is deregulation. In the 1980s and 1990s, the federal government relaxed regulations on media ownership, allowing companies to own more media outlets in a single market and across the country.
This deregulation created an environment in which larger companies could buy up smaller ones, leading to further consolidation.
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How important is money
Answers
Answer:
very important
Explanation:
money is a global income source for everyone. we all have different types but it is all still money. now say one country got rid of money and had people pay for stuff using other things. if china did that lots of different countries wouldn't be able to get stuff from there unless they had so much of that product they could just give it up.
2. The owner of a franchise benefits from brand name recognition, access to professional
and nationwide advertising.
Answers
Answer:
True
Explanation:
It is TRUE that the owner of a franchise benefits from brand name recognition, access to professional and nationwide advertising.
This is because the owner of a franchise has various advantages. The advantages include enhanced reputation which covers all the places there is a franchise.
Then there is an increase in management techniques and work practices, including access to national advertising to cover many places and continuous support.
. determine the predetermined overhead rate used (based on direct materials cost). 2. only one job remains in work in process inventory at year-end. its direct materials cost is $30,000. how much direct labor cost and applied overhead are assigned to this job?
Answers
The predetermined overhead rate used is $2.50 per dollar of direct materials cost, and the amount of direct labor cost and applied overhead assigned to the job is $12,000 and $75,000, respectively.
Predetermined overhead rate = Estimated total manufacturing overhead cost / Estimated total direct materials costFor example, if the estimated total manufacturing overhead cost for the period is $500,000 and the estimated total direct materials cost is $1,000,000, then the predetermined overhead rate would be:Predetermined overhead rate = $500,000 / $1,000,000 = 0.50 or 50%Therefore, the predetermined overhead rate based on direct materials cost is 50%.The formula for the total manufacturing cost of a job is:Total manufacturing cost = Direct materials cost + Direct labor cost + Manufacturing overhead costSince we know the direct materials cost for the job is $30,000, we can use the predetermined overhead rate to estimate the manufacturing overhead cost for the job. The formula for the manufacturing overhead cost assigned to the job is:Manufacturing overhead cost = Predetermined overhead rate x Direct materials costTherefore, the direct labor cost assigned to the job is $0 and the applied overhead is $15,000. This means that the total cost of the job in work in process inventory is $45,000.
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