Zach attended Champion University during 2014-2018. He lived at home and was claimed by his parents as a deduction during the entire duration of his education. He incurred education expenses of $15,000 during college of which $3,750 was paid for by scholarships. To finance his education, he borrowed $9,500 through a federal student loan program and borrowed another $5,500 from a local lending institution for educational purposes. After graduation, he married and moved with his spouse to a distant city. In 2019, he incurred $950 of interest on the federal loans and $550 on the lending institution loan. He filed a joint return with his spouse showing modified AGI of $113,500. What amount of student loan interest can Zach and his spouse deduct in 2019, if any

Answers

Answer 1

Answer:

The amount of student loan interest can Zach and his spouse deduct in 2017 is $1,125

Explanation:

The amount of student loan interest can Zach and his spouse deduct in 2017 is $1,125

The amount of student loan interest can Zach and his spouse deduct in 2017 is

Education Expenses:

= $15,000 Incurred Expenses - $3,750 Scholarship

= $11,250

$11,250 / $15,000 = 75%

Interest Incurred:

= $950 Federal Loan Interest + $550 Lending Loan Interest

= $1, 500

$1,700 x 90% = $1,125


Related Questions

Red Co. recorded a right-of-use asset of $170,000 in a 10-year finance lease. Payments of $27,667 are made annually at the end of each year. The interest rate charged by the lessor and known by Red was 10%. The balance in the lease payable after two years will be

Answers

,Answer: $147,599.30

Explanation:

Lease payment = Interest component + Principal component

Year 1:

Interest = 10% * 170,000

= $17,000

Principal component = 27,667 - 17,000

= $10,667

Lease payable will drop to:

= Lease balance - Principal component

= 170,000 - 10,667

= $159,333

Year 2:

Interest = 10% * 159,333

= $15,933.30

Principal component = 27,667 - 15,933.30

= $11,733.70

Lease payable balance will drop to:

= 159,333 -11,733.70

= $147,599.30

Paris Summer 20 Company sells small laptops. Based on the information below, calculate the Break even point in sales dollars for the year.

Selling price per unit $150
Variable cost per unit $60
Fixed Costs per year $21,000

Answers

Answer:

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Explanation:

a ceo decides to change an accounting method at the end of the current year. the change results in reported profits increasing by 5% but the company's cash flows are not changing. if capital markets are efficient, then the stock price will:

Answers

Answer:

The stock price will not be affected by the accounting change.

Explanation:

Since it is assumed that the capital markets are efficient, the stock's market price is expected to reflect all available and relevant information.  This implies that all the necessary information is already incorporated into the stock price.  The CEO cannot deceive the market through this change in accounting method.  Therefore, the stock price will not be undervalued or overvalued.  Moreover, the change in accounting method only shifts the timing for reporting income.

Prepare journal entries to record each of the following sales transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system.
Apr. 1 Sold merchandise for $2,000, granting the customer terms of 2/10, End of Month; invoice dated April 1. The cost of the merchandise is $1,400.
Apr. 4 The customer in the April 1 sale returned merchandise and received credit for $500. The merchandise, which had cost $350, is returned to inventory.
Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.

Answers

Answer:

Apr 01

Dr Accounts receivable $2,000

Cr Sales $2,000

Apr 01

Dr Cost of goods sold $1,400

Cr Merchandise inventory $1,400

Apr 04

Dr Sales returns and allowances $500

Cr Accounts receivable $500

Apr 04

Dr Merchandise inventory $350

Cr Cost of goods sold $350

Apr 11

Dr Cash $1,500

Cr Accounts receivable $1,500

Explanation:

Preparation of the journal entries to record each of the following sales transactions of a merchandising company

Apr 01

Dr Accounts receivable $2,000

Cr Sales $2,000

Apr 01

Dr Cost of goods sold $1,400

Cr Merchandise inventory $1,400

Apr 04

Dr Sales returns and allowances $500

Cr Accounts receivable $500

Apr 04

Dr Merchandise inventory $350

Cr Cost of goods sold $350

Apr 11

Dr Cash $1,500

Cr Accounts receivable $1,500

($2,000-$500)

Dance Creations manufactures authentic Hawaiian hula skirts that are purchased for traditional Hawaiian celebrations, costume parties, and other functions. During its first year of business, the company incurred the following costs: Variable Cost per Hula Skirt Direct materials $ 9.60 Direct labor 3.40 Variable manufacturing overhead 1.05 Variable selling and administrative expenses 0.40 Fixed Cost per Month Fixed manufacturing overhead $ 16,125 Fixed selling and administrative expenses 4,950 Dance Creations charges $30 for each skirt that it sells. During the first month of operation, it made 1,500 skirts and sold 1,375. Required: 1. Assuming Dance Creations uses variable costing, calculate the variable manufacturing cost per unit for last month. 2. Complete a variable costing income statement for the last month. 3. Assuming Dance Creations uses full absorption costing, calculate the full manufacturing cost per unit for the last month. 4. Complete a full absorption costing income statement. 6. Suppose next month Dance Creations expects to produce 1,500 hula skirts and sell 1,600. Without recreating the new income statements, calculate the difference in profit between variable costing and full absorption costing. Which would be higher

Answers

Answer:

1. $14.05 per unit

2. Contribution Margin $21,381

Net Operating Income $306

3.$24.08 per unit

4.Gross Margin $7,150

Net Operating Income $4,620

6. $1,075

Variable costing would be higher

Explanation:

1. Calculation to determine the variable manufacturing cost per unit for last month

Using this formula

Variable manufacturing cost per unit = Direct material + Direct labor + variable manufacturing overhead

Let plug in the formula

Variable manufacturing cost per unit= $9.60+3.40+1.05

Variable manufacturing cost per unit=$14.05 per unit

Therefore Variable manufacturing cost per unit is $14.05 per unit

2. Calculation to Complete a variable costing income statement for the last month

Variable costing income statement

Sales Revenue $41,250

($30*1,375)

Less: Variable cost per unit $19,869

1,375*($9.60+3.40+1.05 +$0.4)

Contribution Margin $21,381

($41,250-$19,869)

Less: Fixed costs $21,075

($ 16,125+$4,950)

Net Operating Income $306

($21,381-$21,075)

Therefore the complete variable costing income statement for the last month will have Contribution Margn of $21,381 and Net Operating Income of $306

3. Calculation to determine the full manufacturing cost per unit for the last month

Using this formula

Full manufacturing cost per unit = Direct material + Direct labor + variable manufacturing overhead + Fixed manufacturing overhead per unit

Let plug in the formula

Full manufacturing cost per unit= $9.60+3.40+1.05+ $ 16,125/1,500

Full manufacturing cost per unit=$14.05+ $10.75

Full manufacturing cost per unit=$24.08 per unit

Therefore the full manufacturing cost per unit for the last month is $24.08 per unit

4. Calculation to Complete a full absorption costing income statement

Absorption costing Income Statement

Sales Revenue $41,250

($30*1,375)

Less: Cost of Goods sold $34,100

($24.08*1,375)

Gross Margin $7,150

($41,250-$34,100)

Less: Selling expenses $2,530

($0.4*1,375+4,950)

Net Operating Income $4,620

($7,150-$2,530)

Therefore the Complete a full absorption costing income statement will have Gross Margin of $7,150 and Net Operating Income of $4,620

6. Calculation to determine the difference in profit between variable costing and full absorption costing.

Difference=(1,600-1,500)*($16,125/1,500)

Difference= 100*($16,125/1,500)

Difference=100*$10.75

Difference= $1,075

Therefore Variable costing would be higher $1,075

A plant asset can be defined by which of the following statements?
a. Its original cost is expensed in the period in which it was purchased.
b. It is a tangible long-term asset.
c. It is reported on the balance sheet.
d. Its cost (minus any salvage value) is gradually reported as expenses over its useful life.

Answers

Answer:

it's a tangible long-term asset

Answer:all of them

Explanation:

Got it right

On average, it takes one packaging and shipping employee 15 minutes to prepare a package and label, independent of the number or types of items in the shipment, plus 6 minutes per item to bubble wrap and pack it in the carton. What is the packaging and shipping cost assigned to Order 705, which has 40 items?

Answers

Question Completion:

Owl Company sells multiple products - very fragile hand carved stone owls. They use a time-driven ABC system. The company's products must be wrapped individually before shipping. The packaging and shipping department employs 12 people. Each person works 20 days per month on average. Employees in this department work an eight hour shift that includes a total of 75 minutes for breaks and a meal. The full compensation, including fringe benefits, for each packaging and shipping employee is $ 4,050 per month.

Answer:

Owl Company

The packaging and shipping cost assigned to Order 705, which has 40 items is:

= $127.50

Explanation:

a) Data and Calculations:

Number of people employed by the packaging and shipping department = 12

Working days per employee = 20 days per month on average

Shift per day = 8 hours

Minutes for breaks and a meal = 75 minutes per day

Total minutes spent working per month = (20 * 8 * 60) - (75 * 20) = 8,100

Salary per employee = $ 4,050 per month

Salary per minute = $0.50 ($4,050/8,100)

Minutes spent in preparing a package and label = 15 minutes

Minutes spent for bubble wrap and packaging = 6 minutes per item

Total Packaging and shipping cost = Total Minutes of labor used in Packaging (40 * 6 + 15) * Labor cost per minute

= 255 minutes * $0.50 per minute

= $127.50

Flesch Corporation produces and sells two products. In the most recent month, Product C90B had sales of $23,490 and variable expenses of $7,047. Product Y45E had sales of $34,800 and variable expenses of $13,920. The fixed expenses of the entire company were $15,200. If the sales mix were to shift toward Product C90B with total dollar sales remaining constant, the overall break-even point for the entire company:____________

Answers

Answer:

Contribution margin ratio = Contribution margin / Sales

Product C90B CMR = ($23,490 - $7,047) / $23,490 = $16,443 / $23,490 = 0.7 = 70%

Product Y45E CMR = ($34,800 - $13,920) / $34,800 = $20,880 / $34,800 = 0.6 = 60%

The rule, the Higher the contribution margin ratio, the lower the Break-Even point. So, if sales mix shifts to product C90B, overall Break-even point Decreases.

To assign overhead costs to each product, the company:_____.
a. multiplies the activity-based overhead rates per cost driver by the number of cost drivers expected to be used per product.
b. assigns the cost of each activity cost pool in total to one product line.
c. multiplies the overhead rate by the number of direct labor hours used on each product.
d. multiplies the rate of cost drivers per estimated cost for the cost pool by the estimated cost for each cost pool.

Answers

Answer:

a. multiplies the activity-based overhead rates per cost driver by the number of cost drivers expected to be used per product.

Explanation:

Costing is the measurement of the cost of production of goods and services by assessing the fixed costs and variable costs associated with each step of production.

Generally, an activity-based costing uses multiple cost pools such as manufacturing cost or customer services and multiple cost drivers such as direct labor hours worked, number of changes used in engineering department, etc.

Cost pool is simply the amount of money spent by a firm on a particular activity.

Hence, to assign overhead costs to each product, the company multiplies the activity-based overhead rates per cost driver by the number of cost drivers expected to be used per product.

In activity-based costing, the activity rate for an activity cost pool is calculated by using the following formula;

Activity rate = total overhead cost/activity for the activity cost pool.

All of the following are qualified education expenses for the Lifetime Learning Credit and American Opportunity Credit, except: _________
a) Books and Supplies.
b) Tuition and Fees.
c) Equipment.
d) Room and Board.

Answers

Answer:

d) Room and Board.

Explanation:

The only option that is not qualified as an educational expense would be Room and Board. This is because a place to stay on campus is not a necessity for learning. Tuition/Fees, Equipment, and Books/Supplies are all necessary in order to be able to attend the university and learn. Without these, it would be impossible for you as a student to learn what is needed. However,  with these things you can easily travel by car, bus, or train to the faculty without the need for a room or board.

True or false: Interest expense and income tax expense are considered general and administrative expenses and, therefore, are included on the general and administrative expense budget. True false question. True False

Answers

Answer: True

Explanation:

Interest expense and income tax expenses generally are stand-alone expenses but they fall under general and administrative expenses required to run the business.

Interest expense is charged on debt that was taken to run the company so will be an admin expense and tax is part of the expenses that a company has to take care of in order to run the company so it is an admin expense as well.

The current economy is strong and many people are feeling confident about their future and ability to pay off debt. Because of this they are taking on more bank loans for things like new cars, renovating their homes, or buying new homes. Using the four step process with this type of market, what will banks most likely do with their loans

Answers

Answer:

They would increase the quantity supplied of loans and increase the interest rate

Explanation:

Monetary policy

This is simply refered to as alterations or changes in the interest rate to alter or influence the level of aggregate demand in an economy that is the demand side policy.

The central banks are known to be regulators of commercial banks and bankers to governments. The interest rate is the price of money. They manages interest rates to influence the money supply. They set the base rate of interest and the base rate influences all other interest rates that commercial banks use (i.e. savings rate, mortgage rate, car loan rate

phân tích phạm trù hàng hoá sức loa động theo quan điểm cua chủ nghĩa mác.Thực trạng thị trường sức lao động ở nước ta hiện nay. Là sinh viên trường đại học anh chị nhận thấy mình có trách nhiệm gì trong việc nâng cao chất lượng nguồn nhân lực đáp ứng yêu cầu của sự nghiệp công nghiệp hoá đất nước

Answers

I don’t understand what this says sorry

ing using a calculator​) Jesse Pinkman is thinking about trading cars. He estimates he will still have to borrow ​$ to pay for his new car. How large will​ Jesse's monthly car loan payment be if he can get a ​-year ​( equal monthly​ payments) car loan from the​ university's credit union at an APR of percent compounded​ monthly?

Answers

Answer:

Monthly car loan payment = $414 (Approx.)

Explanation:

Missing information;

Amount borrow = $29,000

NUmber of payment = 7 year x 12 = 84

Rate = 5.3% yearly = 0.053 / 12 monthly

Find:

Monthly car loan payment

Computation:

PV = $29,000

N = 84

r = 0.053/12

FV = 0  

PV = (PMT/r)[1 – 1/(1 + r)ⁿ] + FV/(1 + r)ⁿ  

29,000 = [PMT/(0.053/12)][1 – 1/(1 + 0.053/12)^84] + 0  

PMT = 413.98

Monthly car loan payment = $414 (Approx.)

The following information is available for a company's cost of sales over the last five months. Month Units sold Cost of sales January 470 $ 33,800 February 870 $ 40,500 March 1,950 $ 52,500 April 2,470 $ 64,500 Using the high-low method, the estimated total fixed cost is: Multiple Choice $26,586. $106,344. $53,172. $17,533. $30,700.

Answers

TC Units

$64,500 (High) 2,470

} $30,700 } 2000

$33,800( Low) 470

VC per Unit = 30 700 ÷ 2000 = $15.35

when 470 units are sold,( substitute vc per unit = 15.35)

TC = FC + VC

33, 800 = FC + ( 15.35× 470)

FC = $ 26 586

The rate of earnings is 6% and the cash to be received in 4 years is $20,000. The present value amount, using the following partial table of present
value of $1 at compound interest is
Year
6%
10%
12%
1
0.943
0.909
0.893
2
0.890
0.826
0.797
3
0.840
0.751
0.712
4
0.792
0.683
0.636
a. $12.720
Ob. $16,800
Oc. 513,660
Od. $15.840

Answers

Answer:

$15,840

Explanation:

Present value = Future value / (1 + r)^n

Rate, r = 6% = 0.06

Future value = $20,000

Number of years, n = 4

Present value = $20000 / (1 + 0.06)^4

Present value = $20000 / 1.06^4

Present value = $20,000 / 1.26247696

Present value = $15841.873

Using the partial table of present values :

Present value = Future value * PV(6%, 4)

PV at 6%, 4 years = 0.792

Present value = $20,000 * 0.792 = $15,840

On December 31, 2020, Brisbane Company had 100,000 shares of common stock outstanding and 32,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2021, Brisbane purchased 26,000 shares of common stock on the open market as treasury stock paying $42 per share. Brisbane sold 6,200 treasury shares on September 30, 2021, for $47 per share. Net income for 2021 was $182,905. Also outstanding during the year were fully vested incentive stock options giving key officers the option to buy 52,000 common shares at $42. The market price of the common shares averaged $52 during 2021.
Required:
Compute Brisbane's basic and diluted earnings per share for 2021. (Round your answers to 2 decimal places.)

Answers

Answer and Explanation:

The computation of the basic and diluted earning per share is given below:

For Basic EPS

Given that

Income for 2016 = 182,905

Income after 7% dividend on cumulatie peference share is

= 182,905 - ( 7% × 1,600,000)

= $ 70,905

And,  

Outstanding shares is

= 100,000 - (26,000 × 10 ÷ 12) + ( 6,200 × 3 ÷12 )

= 79,884

So,  

Basic earning per share is

= $70,905 ÷ 79,884

= $0.89 per share

For Diluted EPS

Outstanding shares is

= 79,884 + 10,000

= 89,884

So,

Diluted EPS is

= $70,905 ÷ 89,884

= $0.79 per share

Working note

Option to be exercised = 52,000 shares

So,

shares to be bought back with proceeds = (52,000 × 42) ÷ 52 = 42,000 shares

so difference should be of 10,000 shares

In a board of directors election for five directors and straight voting, a majority group of shareholders will elect a. four directors. b. five directors. c. four or five depending on how the cumulative voters vote. d. the same proportional share of directors as their ownership share.

Answers

Answer: b. five directors

Explanation:

Straight voting refers to a voting convention where shareholders are allowed to cast a single vote towards each director seat for each share they own. This is in contrast to cumulative voting where a single shareholder can decide to cast all their votes to one director.

In such a convention therefore, the majority will elect all five seats because the majority that voted for each seat will decide which director will be elected.

You're trying to save to buy a new $207,000 Ferrari. You have $57,000 today that can be invested at your bank. The bank pays 6.5 percent annual interest on its accounts. How long will it be before you have enough to buy the car?

Answers

Answer:

19.84 years

Explanation:

Number of years =  in ( fv / pv) / r  

FV = future value

PV = present value

r = interest rate

IN(207000 / 57000) / 0.065

IN (3.631579) / 0.065 = 19.84

Maverick law office currently orders ink refills 120 units at a time. The firm estimates that carrying cost is 40% of the $10 unit cost and that annual demand is about 480 units per year. The assumptions of the basic EOQ model are thought to apply. For what value of ordering cost would its current action (order quantity) be optimal

Answers

Answer:

Economic order quantity (EOQ)= 49 units

Explanation:

Giving the following information:

Demand= 480 units per year

Order cost= $10

Holding cost= 10*0.4= $4

Economic order quantity (EOQ) is the ideal order quantity a company should purchase to minimize inventory costs such as holding costs, shortage costs, and order costs.

Economic order quantity (EOQ)= √[(2*D*S)/H]

D= Demand in units

S= Order cost

H= Holding cost

Economic order quantity (EOQ)= √[(2*480*10) / 4]

Economic order quantity (EOQ)= √(2,400)

Economic order quantity (EOQ)= 49 units

Two leading home appliance companies, Globex Inc. and Pug Tech, are in competition for market share. In their quest for exciting new products, Globex employs an open innovation model, while Pug Tech pursues a closed innovation model. Which of the following statements is most likely true?

a. Globex has a greater chance of capturing market share.
b. Pug Tech has a superior absorptive capacity.
c. Pug Tech will protect its intellectual property with patents and trade secrets.
d. Globex is most concerned with securing first-mover advantages.

Answers

Answer: c. Pug Tech will protect its intellectual property with patents and trade secrets.

Explanation:

A closed innovation model means that the company develops the product internally instead of through collaboration with external sources.

Pug Tech will therefore produce new products internally. As a result, they will be able to protect these products from being copied by others through patents and trade secrets because the law will recognize that they have exclusive rights to the new technology seeing as they came up with it.

If the market index subsequently rises by 8% and Ford’s stock price rises by 7%, what is the abnormal change in Ford’s stock price? (Negative value should be indicated by a minus sign. Do not round intermediate calculations. Round your answer to 1 decimal place.)

Answers

Answer:

-1.9%.

Explanation:

The computation of the abnormal change in the stock price of ford should be given below:

Given that

The return on the market is 8%.

So, the forecast monthly return for Ford is

= 0.10% + (1.1 × 8%)

= 8.9%.

And, the Ford’s actual return was 7%,

So,

the abnormal return be

= 7% - 8.9%

= -1.9%.

You made an investment of $15,000 into an account that paid you an annual interest rate of 3.8 percent for the first 8 years and 8.2 percent for the next 10 years. What was your annual rate of return over the entire 18 years

Answers

Answer: 6.22%

Explanation:

To find the annual rate of return, find the geometric mean of the returns:

= ¹⁸√ (1 + 3.8%)⁸ * (1 + 8.2%)¹⁰ - 1

= ¹⁸√ 2.9638173484126186153 - 1

= 1.0622187633434 - 1

= 6.22%

Demand for a specific design of dinning sets has been fairly large in the past several years and Statewide Furnishings, Inc. usually orders new dinning sets 10 times a year. It is estimated that the ordering cost is $400 per order. The carrying cost is $50 per unit per year. Furthermore, State Wide Furnishings, Inc. has estimated that the stock out cost is $120 per unit per year. Based on forecast, the annual demand is 600 units. State Wide Furnishings, Inc. has 350 working days in a year and its lead time is 14 working days.
Assume shortage is allowed and the store manager is sure that shortages will not become lost sales, determine the annual ordering cost.
a. 592.82
b. 1472.01
c. 2051.28
d. 4116.11
e. None of the above

Answers

Answer:

e. None of the above

Explanation:

Annual demand, D = 600 units

Ordering cost, S = $400

Holding cost, H = $50

Economic order quantity without stock-out = SQRT(2*D*S/H)

Economic order quantity without stock-out = SQRT(2*600*400/50)

Economic order quantity without stock-out = 98

Total annual ordering cost = (D/Q)*S + (Q/2)*H

Total annual ordering cost = (600/98)*$400 + (98/2)*$50

Total annual ordering cost = $2,448.97 + $2,450

Total annual ordering cost = $4,898.97

"if Washburn achieves the sales target of 2,000 units at the $349 retail price, what will its profit be?"

Answers

Answer: $370,000

Explanation:

Your question isn't complete as there were some further questions asked before getting to this question.

The profit from 2,000 units at $349 will be:

Profit = Total revenue – Total cost

Total revenue = (P x Q)

= $349 x 2000

= $698000

Total cost = [FC + (UVC x Q)]=

= [$38,000 + ($145 x 2,000)]

=$38000 + $290000

= $328000

Profit = Total revenue - Total cost

Profit = $698000 - $328000

Profit = $370000

Fabrics has budgeted overhead costs of $1,039,500. It has allocated overhead on a plantwide basis to its two products (wool and cotton) using direct labor hours which are estimated to be 495,000 for the current year. The company has decided to experiment with activity-based costing and has created two activity cost pools and related activity cost drivers. These two cost pools are cutting (cost driver is machine hours) and design (cost driver is number of setups). Overhead allocated to the cutting cost pool is $396,000 and $643,500 is allocated to the design cost pool. Additional information related to these pools is as follows:

Wool Cotton Total
Machine hours 110,000 110,000 220,000
Number of setups 1,100 550 1,650

Required:
Calculate the overhead rate using activity based costing.

Answers

Answer:

Fabrics

Overhead Rates based on activity-based costing

Cutting = $1.80

Design = $390

Explanation:

a) Data and Calculations:

Budgeted overhead costs = $1,039,500

Estimated direct labor hours for the current year = 495,000 hours

Predetermined overhead rate based on traditional method = $2.1 ($1,039,500/495,000)

Activity Cost    Activity Cost Drivers  Overhead    Wool   Cotton    Total

Pools

Cutting            Machine hours           $396,000  110,000 110,000  220,000

Design             Number of setups     $643,500       1,100      550        1,650

Overhead Rates based on activity-based costing

Cutting = $1.80 ($396,000/220,000)

Design = $390 ($643,500/1,650)

Huffman Corporation constructed a building at a cost of $30,000,000. Weighted-average accumulated expenditures (WAAE) were $12,000,000, actual interest was $1,200,000, and avoidable interest was $1,600,000. If the salvage value is $2,400,000, and the useful life is 40 years, depreciation expense for the first full year using the straight-line method is
a. $690,000
b. $705,000.
c. $720,000.
d. $735,000.

Answers

Answer:

$730,000

Explanation:

Calculation to determine what depreciation expense for the first full year using the straight-line method is

Using this formula

Depreciation expense=Costs of Building+Avoidable interest-Salvage value)/Useful life

Let plug in the formula

Depreciation expense=( $30,000,000 + $ 1,600,000- $2,400,000) / 40 years

Depreciation expense=$29,200,000/40 years

Depreciation expense= $730,000

Therefore depreciation expense for the first full year using the straight-line method is $730,000

Economists assume that individual decisions will be determined by the output or production costs they create. the output or production costs they create. the trade-offs they creates. the trade-offs they creates. the societal demands associated with them.

Answers

Answer:

the trade-offs they creates.

Explanation:

Trade-off is the opportunity cost of taking a particular decision

Opportunity cost of the next best option forgone when one alternative is chosen over other alternatives

For example, if there is a worker who values an hour of leisure at $10 and he is paid $20 per hour. If he has to choose between leisure and working. He would choose to work because the opportunity cost of not working (10) is lower when compared to the opportunity cost of leisure ($20)

A trade off is a situation that includes the decline or reduction n one quality and property for the sake of another. Only a certain value of objected can fit into the terms of multiple terms of the configurations.

An economics always assumes the individual decision making ability to determine the output or production costs they create.

Hence the option A is correct.

Learn more about the assume that individual decisions will.

brainly.com/question/17033149.

Entries for Discounted Note Payable A business issued a 90-day note for $57,000 to a creditor on account. The note was discounted at 8%. Assume a 360-day year.
a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank. If necessary, round to one decimal place. Accounting numeric field
b. Journalize the entry to record the payment of the note at maturity.

Answers

Answer:

A. Dr Accounts payable 55,830

Dr Interest expense 1170

Cr Notes payable 57,000

B. Dr Notes payable 57,000

Cr Cash 57,000

Explanation:

A. Preparation of the journal entry to record the issuance of the note.

Dr Accounts payable 55,830

(57,000-1170)

Dr Interest expense (57,000*8%*90/360) 1170

Cr Notes payable 57,000

(To record the issuance of the note)

B. Preparation of the journal entry to record the payment of the note at maturity.

Dr Notes payable 57,000

Cr Cash 57,000

(to record the payment of the note at maturity)

TB MC Qu. 08-156 Fortune Drilling Company acquires... Fortune Drilling Company acquires a mineral deposit at a cost of $5,900,000. It incurs additional costs of $600,000 to access the deposit, which is estimated to contain 2,000,000 tons and is expected to take 5 years to extract. What journal entry would be needed to record the expense for the first year assuming 418,000 tons were mined

Answers

Answer:

Fortune Drilling Company

Journal Entry:

Debit Depletion Expense $1,350,000

Credit Accumulated Depletion $1,350,000

To record the first year's expense.

Explanation:

a) Data and Calculations:

Acquisition cost of mineral deposit = $5,900,000

Additional costs incurred = $600,000

Total costs of mine = $6,500,000

Estimated mineral deposit = 2,000,000 tons

Estimated years of extraction = 5 years

First year's extraction quantity = 418,000

Expenses for the first year = 418,000/2,000,000 * $6,500,000

= $1,350,000

Analysis:

Depletion Expense $1,350,000 Accumulated Depletion $1,350,000

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