A credit of $1,000 would be made to Accounts Receivable as part of the entry to record this return.
When a consumer or client sends a product back to the seller, it is referred to as a sales return. There are a variety of justifications for returns by customers, including Excessive quantity: A customer may have ordered more goods than they require, or a business may have mistakenly shipped excess goods.
Sales return and allowance account Dr. $ 1000
To Account receivables A/c $ 1000
(Being sales return of $ 1000)
Gross profit = Net sales - Cost of goods sold
Net sales = Sales Revenue - Sales return - sales discount
Net Sales = $2,000,000 - $360,000 - $50,000
Therefore, Net Sales = $1,590,000
Gross Profit = Net Sales - Sales returns - Sales Discount
Gross profit = $1,590,000 - $1,120,000
Therefore, Gross Profit = $470,000.
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suppose you use your credit card to buy a $400 television. your apr is 4.9%. how much interest will you owe if you pay your bill in full within the grace period? $19.60 $34.96 $66.69 $0
0$ interest you will owe, if you pay your bill of 400$ when your apr is 4.9% in full within the grace period while using your credit card.
What is a grace period for a credit card?
A grace period is the time between the end of a billing cycle and the payment due date.
You may not be charged interest during this period if you pay your balance in full by the due date. A grace period is not required by credit card companies. Most credit cards, however, offer a grace period on purchases.
If your credit card offers a grace period and you do not have a balance, you can avoid paying interest on new purchases if you pay your balance in full by the due date. If you do not pay your balance in full by the due date and lose your grace period, you will be charged interest on the unpaid portion of the balance. In addition, you will be charged interest on purchases made in the new billing cycle beginning on the date each purchase is made.
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price ceilings tend to create shortages when used to bring down price to the level of marginal cost. create a price above equilibrium. reduce exploitative use of market power. bring down price in a competitive market.
Price Ceilings create shortages when used to bring down price in a competitive market.
A ceiling is an overhead interior surface that covers the higher limits of a room. It isn't always typically considered a structural element, but a completed floor concealing the bottom of the roof structure or the ground of a tale above. Ceilings can be embellished to flavor, and there are many first-rate examples of frescoes and artwork on ceilings in particular in spiritual buildings. A ceiling can also be the higher restriction of a tunnel. The maximum commonplace form of ceiling is the dropped ceiling, which is suspended from the structural factors above.
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Globalization has prompted so much online commerce that many career opportunities in transportation are
likely to continue to grow. Which of these hypothetical transportation scenarios might be related to this
issue? (Select all that apply.)
Globalization has prompted so much online commerce that many career opportunities in transportation are
likely to continue to grow. The hypothetical transportation scenario related to this issue are
1) It is now cost effective for road transportation companies to buy entire fleets of electric vehicles.
2) The ability of more companies to put pressure on air carriers based on their higher value of international business has resulted in reduction of air shipping rates.
As online commerce grows it connects each and every country and every cities and towns which will lead to a rise in delivery services outside and within the country.
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a broker-dealer sells bonds to one of its customers. if the broker-dealer is a member of the syndicate, the firm is entitled to the:
A syndicate member is entitled to the extra takedown, and the concession is referred to as the full takedown. Solely the syndicate manager is entitled to the management fee.
A dealer (B-D) could be a person or firm within the business of shopping for and commerce securities for its own account or on behalf of its customers. The term dealer is employed in U.S. securities regulation expressions to explain stock brokerages because most act as each agent and principal.
After shopping for securities, like stock and bonds, dealers sell those securities to alternative investors at a worth over the shopping for worth. The distinction between their shopping for worth (bid price) and their damage (ask price) is thought because the dealer unfolds.
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suppose regulators of a natural monopoly want to regulate prices such that the monopoly will earn normal profits. the regulator should set prices equal to .
The regulator should set prices equal to Average cost
The term "average cost" refers to the price per unit produced throughout a production run. It represents the typical amount of money used in the manufacture of a good. This sum may vary based on the number of units produced. The average cost normally goes down as production volume increases as the firm employs increasing efficiencies.
The remaining inventory items are counted at the conclusion of an accounting period using the average cost approach, which computes a basic average of all comparable goods in inventory regardless of when they were purchased.
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the best approach to promotion budgeting is blank , though it requires careful judgment. multiple choice question. competitive parity percentage of sales objective and task all you can afford
Although it necessitates careful judgment, the best approach to budgeting for promotions is task-oriented and objective.
What is budgeting?Budgeting involves creating a plan for how you will spend your money. Budget refers to this budgeted spending. You may determine in advance if you will have enough money to complete the chores you need to or want to be creating this spending plan.
If you don't have enough money to do everything you want to do, using this planning strategy may help you prioritize your spending and focus your resources on the things that are most important to you.
Because budgeting enables you to create a spending plan for your money, you can always have enough cash to cover your essential needs and wants.
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founded in 1960, the organization of petroleum exporting countries (opec) is an intergovernmental organization of 14 nations that meets periodically in order to establish oil production quotas for each individual nation, resulting in greater profits overall. however, opec has a history of failing to enforce its own quota limits. consider a simplified example with just two countries: venezuela and kuwait. currently, both countries are producing 2.5 million barrels per day. if both countries agree to cooperate with each other, they will each restrict output to 2 million barrels per day, causing the price of oil to rise. if one of the countries defects from the agreement, it will produce 2.5 million barrels and total output will rise from 4 million barrels to 4.5 million barrels. as a result, the price will fall slightly. if both nations defect from the agreement, each nation will again produce 2.5 million barrels and the price will fall to the original level. the payoffs for each possible outcome are illustrated in the accompanying payoff table.
The given payoff matrix shows that the highest collective profit is $120 million. This is achieved when both Venezuela and Kuwait cooperate.
So, In terms of their collective profits, the best outcome for Kuwait and Venezuela is that both nations cooperate.
The net payoff is the income or loss from the sale of an object or carrier after the prices of promoting it, any extra fees associated with the asset or experienced over the existence of the asset, and associated accounting losses have all been subtracted. The quantity that remains is taken into consideration to be the internet payoff.
Payoff loans are meant for one unique purpose: debt consolidation. In case you're seeking to consolidate credit score card debt and want to simplify your bills, lock in a decreased interest rate, or decrease your monthly payments, Payoff might be very good in shape.
Payoffs and profits at Expiration The payoff at expiration is the dollar amount the investor receives at expiration from following the options approach. The profit at expiration is the payoff, minus the value of setting up the method.
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managers today are most likely to work on which of the following diversity issues?
a) Trying to make sure that their workforce reflects the racial makeup of the neighborhoods that surround them
b) Trying to make sure that they have more than just a token presence of minority employees in their companies
c) Looking for ways to use the diverse skill sets brought the company by a wide variety of diverse employees
d) Trying to make sure that they find tests that do not unfairly discriminate against African-Americans
Answer:
Looking for ways to use the diverse skill sets brought to the company by a wide variety of diverse employees.
Explanation:
Managers today are most likely to work on c) Looking for ways to use the diverse skill sets brought the company by a wide variety of diverse employees.
A manager is an character inside an business enterprise who's in price of coordinating the efforts of people or the allocation of sources. As such, a manager is person who undertakes management sports.
The primary function of the supervisor is to co-ordinate the work of all the personnel within the organization and to result in the great consequences that ensures the growth of the enterprise. there are various roles and responsibilities that managers keep in an effort to bring about the high-quality consequences from the employees.
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In the early days of our nation, a strong centralized bank was favored by __________.
The Federalists in the early years of our country desired a powerful centralized bank.
What are Centralised banks?The central bank is now a government-run organization that oversees the money supply, or the total amount of currency in circulation, as well as the management of a nation's or set of nations' currencies. Price stability is one of many central banks' primary goals. An organization that controls a state's or formal monetary union's commercial banking system and regulates its money and monetary policy is known as a banking system, reserve bank, and monetary authority. A central bank has the exclusive right to expand the monetary base, unlike a commercial bank.
What is an example of a central bank and how do central banks work?One of the most potent central banks around the world is the U.S. Federal Reserve. The eurozone's governing institutions are the European Central Bank. The Reserve Banks of Australia and New Zealand, the Bank of England, the Bank of Japan, the Swiss National Bank, and other notable central banks are also worth mentioning.
Implementing monetary policy and managing the money supply are the responsibilities of central banks, which are frequently tasked with preserving low rate of inflation & steady GDP growth. To manage the cost of debt and lending across an economy, central banks have an impact on interest rates and take part in open market activities.
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The level of communication that occurs when people use telephone, reports and memos is referred to as
A. mediated communication
B. intra personal communication
C. inter personal communication
D. person to group communication
Answer:
A. Mediated communication
Explanation:
A. Mediated Communication is the type of communication that is facilitated by some kind of technology, be it social media, telephone, email, etc.
B. Intra-personal communication is the communication that takes place with yourself. It is when you reflect upon your work, life, and morals and get to know more about yourself.
C. Interpersonal communication is one that takes place between two people. It can further be of various types depending on whether it takes place within the company or outside it.
D. Person-to-group communication is when one person communicates to a group of people at one time. Some examples of the same can be seminars, webinars, or presentations.
According to your text, there is no such thing as time management. since no one can actually manage time, it suggests that what most of us think of as time management is really which of the following? self-regulation autonomous living independent goal-setting self-management a race against the clock
What most of us think of as time management is really self management
Our capacity for conscious and useful self-management of our actions, thoughts, and emotions. A person with strong self-management abilities is aware of what to do and how to behave in various circumstances. They know how to control their rage, for example, when an umpire unfairly strikes their child during a little league game.
A strong sense of self-control enables you to be more productive, makes you stand out as a valuable worker at work, and keeps you on track to reach even your most ambitious life objectives.
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if a perfectly competitive industry is in a long-run equilibrium and there is a permanent increase in demand, then immediately following the demand shift as the market moves to a short-run equilibrium and before it moves to a long-run equilibrium, there is:
If a perfectly competitive industry as the market moves to a short-run equilibrium and before it moves to a long-run equilibrium, there is: an increase in demand
In a perfectly competitive market at long-run equilibrium, an increase in demand produces economic gains in the short term and market entry in the long run. Declining demand will lead to economic losses (negative economic gains) in the short term and will force some companies to exit the industry in the long term.
What is a perfectly competitive market?
In economic theory, perfect competition means that all firms sell the same product, market share does not affect prices, firms can enter or exit without barriers, buyers have perfect or perfect information, firms Occurs when cannot determine the price.
Advantages of perfect competition are :
There are no barriers to entry, so incumbents cannot acquire monopoly power. Producers only cover opportunity costs, as only regular profits accrue. There is perfect knowledge and companies can sell anything they can produce, so they don't have to spend money on advertising.Learn more about perfect competition :
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Find the missing values assuming continuously compounded interest. (Round your answers to two decimal places.)
Initial Investment: $600
Amount after 10 years: $1805
Interest Rate: ?
Amount of time it takes to double: ?
P = $1000
r = 2.1% = 0.021
Pert = 2P
=> 1000e0.021t = 2* 1000 = 2000
=> e0.021t = 2000 / 1000 = 2
=> ln e0.021t = ln 2
=> 0.021t = ln 2
=> t = 33.01 years
Amount after 10 years
= 1000e0.021(10)
= 1000e0.21
= $1233.68
The quantity is a property that can exist as a large number or magnitude, which illustrates discontinuity and continuity. Portions can be compared in phrases of "greater", "much less", or "equal", or through assigning a numerical price multiple of a unit of size. Mass, time, distance, warmth, and perspective are among the acquainted examples of quantitative properties. The amount is the various primary instructions of things along with quality, substance, exchange, and relation. A few portions are such by their internal nature (as a range), even as others function as states (properties, dimensions, attributes) of factors such as heavy and mild, long and short, broad and narrow, small and splendid, or a lot and little.
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How to tell a customer their food order is late?
Even if an unanticipated delay food order is indeed not your company's fault, sending consumers a sincere apology by email or SMS demonstrates that you are aware of the problem and are sympathetic.
Define the term food order?Delivery of food to a customer by a restaurant, shop, or independent food delivery business is known as retail food delivery.
Typically, one places an order through a restaurant, a mobile app, or a food delivery service.
Make no promises you cannot keep:
Consumers do not like to be given empty guarantees about when their orders would arrive. If you offer your customer anything and it doesn't happen, it will have a negative effect on your business in general.Apologize;
Customers like it when companies accept responsibility for a mistake and offer an apology. A honest apology is greatly appreciated.When you apologize, make sure to include a description of the issue's origin and your plan for resolving it.To know more about food order, here
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an example of complementary uses of natural and physical capital in production includes: water being used to irrigate crops wind used to turn wind turbines soil used to grow food all of the above none of the above
In each of the instances provided, physical capital is represented by the devices employed to channel the natural resources of wind, water, and soil. So, the correct answer is alternative D.
According to economic theory, capital goods are "those long-lasting produced goods that are used as productive inputs for subsequent production of goods and services."" Macroeconomically speaking, "the nation's capital stock includes buildings, machinery, software, and inventories during a given year."Anything that provides value or benefit to its owners, such as a factory and its equipment, intellectual property like patents, or the financial assets of a company or an individual, can be referred to as capital. Capital, in the context of business, refers to the funds required for a business to operate and grow. Accounts receivable and cash on hand are typical examples of capital, as are equity, close to cash, and capital assets. Significant, long-term assets called capital assets are those that are not meant to be sold as a regular part of your business.
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Question 1 of 10
Which of the following best describes what a manager does?
Answer:
Explanation:
Manager is responsible to integrates all the activities which are performed in an organisation. In other words, he has to co-ordinate the talents of people working under him for the purpose of achieving the organisational goals. The role of a manager gets much importance than other executives in an organisation.
when byron manufacturing decided to recycle component parts, it not only saved the company money, it also limited the amount of waste it sent to landfills. this decision reflects the idea of blank . multiple choice question. crm csr iso jit
When byron manufacturing decided to recycle component parts, it not only saved the company money, it also limited the amount of waste it sent to landfills. this decision reflects the idea of CSR.
Manufacturing is the making of merchandise manually or by a gadget that upon completion implausible story sells to a consumer. A guest can implement four types of CSR exertions: referring to practices or policies that do not negatively affect the environmental initiatives, generosity work, moral labor practices and come forward projects.
Corporate social responsibility (CSR)is a form of international private trade self-requirement that aims to cause pertaining to society's goals of a giving, militant, or lenient character by charming in or supporting enlisting or fairly familiar practices. CSR plays a critical part in an association's brand perception; attraction to consumers, clerks, and financiers; ability retention; and overall trade progress.
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Terms of trade is the
A. difference between export and import of goods
B. rate in which exports is exchanged
C. difference between the export and import of services
D. percentage of export and import of goods and services
Answer:
D
Explanation:
trade is exchanges both international, internal tangible as well as intangible Assets.
which of the following is an assumption used in cost-volume-profit analysis? select one: a. all costs are classified as fixed or variable. b. the total cost function is linear. c. the total revenue function is linear. d. all of the above.
All costs are classified as fixed or variable , all costs are classified as fixed or variable, all costs are classified as fixed or variable . D all of the above.
What does cost-volume-profit analysis mean?
Finding out how changes in variable and fixed expenses impact a company's profit can be done using a cost-volume-profit (CVP) analysis. Companies can utilize CVP to determine the number of units they must sell to achieve break-even (cover all costs) or a specific minimum profit margin.What three components make up a CVP analysis?
Identifying the impact of changes in variable and fixed expenses on profitability is the goal of a CVP analysis.
Cost, sales volume, and price are the three key factors.
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after working for the company for three years, roberto now qualifies to receive an annual bonus if he achieves the performance goals he has been given. this bonus is an example of .
After working for the company for three years, Roberto now qualifies to receive an annual bonus if he achieves the performance goals he has been given. this bonus is an example of An incentive.
What is an incentive?Examples of these incentives include special leave, recognition, gifts, family benefits, and even work-related perks such as projects. Typically, such bonus increase employee job satisfaction because they feel more valued for their efforts.An incentive is an object, something of value, or a desired behavior or event that encourages an employee to do more of what the employer has encouraged through the selected incentive.She has two types of incentives: Financial and Non-Financial Incentives. Financial incentives are payments or bonus given in exchange for achieving certain goals or objectives. Non-monetary incentives are non-monetary rewards such as awards, privileges and recognition.Employee incentive programs enable companies to increase productivity, reduce employee retention, and reduce production costs. Encourage employee engagement to foster teamwork and boost morale and motivation. Both employees and employers benefited from the incentive program.To learn more about incentive from the given link :
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cortez, inc., is expecting to pay out a dividend of $2.50 next year. after that it expects its dividend to grow at 7 percent for the next four years. what is the present value of dividends over the next five-year period if the required rate of return is 10 percent?
The method for estimating the present value of all future income is known as discounted cash flow.Using the investor's required rate of return or cost of capital, future income is discounted to the present value.
The time value of money is the foundation upon which future income can be discounted to its present value.According to the idea of time value of money, a dollar received today is worth more than the same amount received in the future because it can be reinvested to generate additional returns.
How is discounted cash flow calculated?
The formula for discounted cash flow (DCF) is the sum of each period's cash flow divided by one and the discount rate (WACC) multiplied by the period number.
Is discounted cash flow the same thing as NPV?
However, they are not alike.You can find out how much current projected cash flows are worth using the discounted cash flow analysis.After taking into account initial costs, the Net Present Value indicates the net return on your investment.
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capital tends to flow from high-growth to low-growth economies. true false b. government budget deficits can lead to greater capital outflows. true false c. the loanable funds model helps us understand net capital flows. true false d. differences in interest rates are the only reason for two-way capital flows. true false e. capital flows can occur because people are looking to spread their exposure to risk. true false f. capital flows can occur as part of a company business strategy. true false g. a country facing net capital inflows will run an equivalent current account surplus. true false h. capital flows tend to cause a divergence of interest rates across countries.
It is FALSE to claim that capital "tends to move from high-growth to low-growth economies."
What is capital?Liquid assets are regularly mentioned by capitalists. In other words, it's cash that you actually have in your possession and may spend on either immediate or long-term goals. In the field of finance, "economic capital" refers to the amount of risk capital that a business requires to cover the risks it is assuming or accumulating as a going concern, such as market risk, credit risk, legal risk, and operational risk.This definition focuses on financial services companies.The phrase "unexpected loss at the confidence level" is occasionally used to describe it.From high-growth to low-growth economies, capital rarely moves.As a result, it is FALSE to say that "money tends to move from high-growth to low-growth economies."
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Correct question:
Capital tends to flow from high-growth to low-growth economies.
true / false
analyzing and interpreting footnote on operating and capital leases verizon communications inc. provides the following footnote relating to adoption of the new lease accounting standards (topic 842) in its 10-q report for the quarter ended march 31, 2019. the cumulative after-tax effect of the changes made to our condensed consolidated balance sheet for the adoption of topic 842 were as follows: adjustments ($ millions) at dec. 31, 2018 due to topic 842 at jan. 1, 2019 prepaid expenses and other $6,544 $(395) $6,149 operating lease right-of-use assets - 27,889 27,889 other assets 14,060 (2,458) 11,602 accounts payable and accrued liabilities 22,501 (3) 22,498 other current liabilities 8,239 (2) 8,237 current operating lease liabilities - 3,517 3,517 deferred income taxes 33,795 139 33,934 noncurrent operating lease liabilities - 23,044 23,044 other liabilities 13,922 (1,815) 12,107 retained earnings 52,250 492 52,742 noncontrolling interests 1,878 1 1,879 rent expense for operating leases is recognized on a straight-line basis over the term of the lease and is included in either cost of services of selling, general and administrative expense in our condensed consolidated statements of income, based on the use of the facility on which rent is being paid. what is the amount of the right-of-use asset the company added to its balance sheet upon adoption of the new standard?
The amount of right-of-use asset the company added to balance sheet upon adoption of the new standard is $22,498.
What is a balance sheet?One of the three basic financial statements and a critical component of accounting and financial modeling is the balance sheet. The balance sheet shows the total assets of the business as well as the method by which those assets are financed—debt or equity. As a statement of net worth or financial position, it has additional names. Thus, there are two sides to the balance sheet. A company's assets are listed in full on the balance sheet's left side. Liabilities of the business and shareholder equity are shown on the balance sheet's right side. Both the current and non-current (long-term) assets and liabilities are divided into these two groups.
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def growth fund has net assets of $330 million and liabilities of $15 million. the fund has 10 million outstanding shares. what is the fund's current net asset value (nav) per share?
Currently, the net asset value (nav) per shares of the fund is $31.5.
What is net asset value?The current asset value of fund's portfolio (after deducting liabilities) is divided by the total number of outstanding shares to arrive at the net asset value.The net asset value, or NAV, of an investment fund, which is computed by adding together each of the fund's assets and subtracting all of its liabilities, serves as a representation of the fund's value.Mutual funds and ETFs evaluate the price per share of the fund using NAV.The amount of outstanding shares of such an investment fund is multiplied by the net asset value of fund's assets less if its liabilities to determine the fund's net asset value.NAV is frequently used to determine an ETF or mutual fund's share price.Here ,Given net asset = $330
Liabilities = $15
Outstanding share = 10
Net asset value = ($330 - $15) / 10
= 31.5
Therefore the net asset value is : 31.5 .
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Dr. Benavidez is placed on unpaid leave due to medical errors that he made last month. This unpaid leave is.
This unpaid leave is an emergency, an audit.
What is an emergency?An unexpected combination of circumstances, or conditions resulting therefrom, that require immediate attention. : An urgent need for help or relief. After the flood, the mayor declared a state of emergency.The primary goals of emergency planning are to reduce injuries, protect communities, and maintain business continuity. Contingency plans typically include the procedures required in the event of a crisis, a clear set of roles and responsibilities, and designated instructions to authorities regarding local emergency and recovery. An emergency is an urgent, unexpected, and usually dangerous situation that poses an imminent threat to health, life, property, or the environment and requires immediate action. Knowing which disasters are most likely to hit your business can help you get back up and running audit. A business reopening self-assessment helps assess exposure to common hazards such as hurricanes, wildfires, floods, and even cyberattacks.To learn more about emergency from the given link :
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in what ways does a well-written job description help a firm? (check all that apply.) multiple select question. improving customer relationships determining training guidelines creating performance expectations narrowing down the list of job candidates
Deciding on training standards
Setting up performance criteria
Reducing the pool of applicants for the position
What advantages does a well-written job description offer a business?When it comes time for a performance review or evaluation, in particular, a well-written job description can help employers stay accountable to the needs and demands of a role from employees.
Which of the following describes a successful salesperson?They are self-assured.
They're constantly on.
They're not overt.
They are tough.
They are outgoing.
They pay attention well.
They are adept multitaskers.
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The task environment consists of elements that influence a given organization. Which of the following would be part of the task environment of a media company that makes videos? Check all that apply. a. Social values around family-friendly content b. Trade agreements governing export of videos c. Consumers of video content d. Suppliers of cameras and lights
As the task environment consists of elements that influence a given organization, the part of the task environment of a media company that makes videos includes:
C. Consumers of video contentD. Suppliers of cameras and lights.What is the task environment?Also known as an external environment, are the segment of an organization which affects its ability to reach business goals. Any firm with direct involvement with an organization may be part of the task environment. Some examples include, competitors, customers, suppliers and labour supply.
In a typical firm, the task environment are important because it Identifies sectors with a direct influence on organization
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the standard materials cost to produce 1 unit of product r is 7 pounds of material at a standard price of $70 per pound. in manufacturing 6,200 units, 42,000 pounds of material were used at a cost of $72 per pound. what is the direct materials price variance?
42,000 pounds of material, at a cost of $72 per pound, were used to make 6,200 units. The difference in the cost of direct materials is $14,000.
How does direct material work?Direct materials are the resources and materials used in the production of a product that may be directly related to that product. A list of the items that have been designated as direct materials is typically included in a product's bill of materials.
The bill of materials, which may sometimes include an allocation for overhead, lists the unit amounts and typical costs of each item used in a product.
The term "direct material" refers to all waste and spoilage produced during the production process. Scrap is the surplus, pointless material that remains after a product is produced.
Calculation:
First, we arrive at the average cost of manufacturing.
The typical cost to produce 6,200 units is = 7 × $70 × 6,200
Standard cost = $30,38,000
and, now that we arrive at actual manufacturing costs
The real price of producing 6,200 units is = 42,000 × $72
Actual cost = $30,24,000
and here we are now Variance in direct material cost represented as
Standard cost minus Actual cost is the direct material cost variation.
Direct material cost variance = $30,38,000 - $30,24,000
Direct material cost variance = $14,000 favourable
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Exhibit 24-3 Price Quantity Refer to Exhibit 24-3. Total revenue of this profit maximizing monopolistic competitor is represented by the area OOP AQ2 OOPSEQ2 OP3P, AC OP4DQ3.
Option (A)
The monopolistic firm will set MC=MR for profit maximization so, quantity = Q2,
Price = P1
TR = Area 0P1AQ2
Option(A)
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on january 1 year 1 the starshina company paid 25000 for a photocopier with an estimated useful life of 4 years and an estimated residual value of 5000 the company uses the double declining balance method wjat is the amount of depreciation expense for year 3
The amount of depreciation expense for the year 3 is $5000.
What is depreciation?The term "depreciation" is used in accounting to refer to two different aspects of the same concept: first, the actual decline in an asset's fair value, such as the annual loss in value of factory equipment due to use and wear, and second, the allocation in accounting statements of the asset's initial cost to the periods in which it is used. For accounting and tax purposes, businesses write off long-term assets. The asset's drop in value will affect a company's or entity's balance sheet, and the effect of the asset's depreciation method on net income will affect their income statement from an accounting perspective.
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