Bonita Industries purchased a machine on July 1, 2018, for $1470000. The machine was estimated to have a useful life of 10 years with an estimated salvage value of $86000. During 2021, it became apparent that the machine would become uneconomical after December 31, 2025, and that the machine would have no scrap value. Accumulated depreciation on this machine as of December 31, 2020, was $354000. What should be the charge for depreciation in 2021 under generally accepted accounting principles

Answer:

$223,200

Explanation:

to determine the depreciation charge, calculate the book value of the asset. use this revised book value to calculate the depreciation using the revised estimates

Straight line depreciation expense = (Cost of asset - Salvage value) / useful life

Book value = cost of the asset - accumulated depreciation

$1,470,000 - $354,000 = $1,116,000

salvage value - 0

useful life = 5

Straight line depreciation expense = $1,116,000 / 5 = $223,200

The sharper is available for 120 hours, and the grinder is available for 110 hours. No more than 200 units of component 3 can be sold, but up to 1000 units of each other components can be sold. In fact, the company already has orders for 600 units of component 1 that must be satisfied. The profit contributions for components 1, 2, and 3 are $8, $6, and $9, respectively. a. Formulate this LP problem and make sure you define all the decision variables. b. Transform your formulation to the Standard LP form. c. The Excel Solver Solution to this problem is presented below. Identify and present the optimal solution and the values of the decision variables. d. Find the slack and/or surplus variables. e. Will the Sharper or the Grinder or both need more time

A series of 10 end-of-year deposits is made that begins with $5,000 at the end of year 1 and decreases at the rate of $300 per year with 12% interest.
a) What amount could be withdrawn at t = 10? $
Round entry to the nearest dollar. Tolerance is ±4.
b) What uniform annual series of deposits (n = 10) would result in the same accumulated balance at the end of year 10? $
Round entry to the nearest dollar. Tolerance is ±4.

Snowbound Tours is considering investing $5,650,000 in a new lodge on the Tanana River. Management projects 15 years of cash flows per the chart below. Using a discount rate of 9.65%, management should:_______.
Year Cash Flow Year Cash Flow
1 260,000 9 980,000
2 340,000 10 965,000
3 505,000 11 920,000
4 610,000 12 890,000
5 790,000 13 840,000
6 1,200,000 14 720,000
7 1,295,000 15 690,000
8 1,110,000
A. Accept the project
B. Reject the project
C. Be indifferent to the project

Kent Company's May sales budget calls for sales of $900,000. The store expects to begin May with $50,000 of inventory and to end the month with $55,000 of inventory. Gross margin is typically 45% of sales. Compute the budgeted cost of merchandise purchases for May. $550,000. $500,000. $495,000. $460,000.

P Corporation acquires all of S Company's voting stock. At the date of acquisition, the fair value of S Company's long-term debt is $100 greater than its book value. The debt has a 5-year remaining life at the date of acquisition. When consolidating S Company's financial statements for the first year following acquisition, how will eliminating entry (O) affect long-term debt and interest expense

The price of a dozen eggs falls from $3 to $2.70. In response to this price change, the quantity supplied of eggs falls from 150,000 dozen eggs to 125,000 dozen eggs. What is the price elasticity of supply for eggs

My name is Felicia McMillian, and I was referred to you by a friend. I have a question about what I should do with my money. I've been working as a pharmaceutical sales representative for just two years now, but I've already started investing a little bit of my money. Right now, I have a checking account, a money market account, and I've started buying small bonds. I am beginning to earn a little more money, and I'm starting to think about future goals, like buying a house, helping my kids pay for college, retirement. . . all things that are more than 10 years down the road. What would you advise me to do at this point?

The law firm of Poe, Patterson and Henderson, a general partnership, represents 20 plaintiffs in a class-action product liability lawsuit, with trial scheduled to begin Monday of next week. It will be the biggest trial in the history of the firm, and the partners understand that success will depend, for the most part, on a collaborative effort on the part of all professionals at the firm, including partners, associate attorneys, paralegals, and secretarial staff. It is the Friday before the trail, and there will be no weekend for those working at Poe, Patterson and Henderson. The partners and the associate attorneys are reviewing depositions in the conference room. The clock on the wall shows 11:00 p.m. Partner Henderson turns to a first-year associate, J. Benjamin Fotheringham, and says "Ben, how about going to Donovan’s Delicatessen and picking up a few subs for all of us? Here’s $100." Donovan’s Delicatessen is a favorite of the firm for "late-night" trial preparation sustenance, and is located approximately two miles away, down Chestnut Avenue. Eager to make a positive impression on senior partner Henderson, and ready to escape the "tunnel-vision" brought on by twelve hours of deposition review, Ben heads for his car. In a rush to complete the "deli run" quickly, Ben accelerates his car to 50 miles per hour. The posted speed limit on Chestnut Avenue is 35 miles per hour. Fidgeting with his compact disc player in order to listen to an audio-recorded deposition, Ben inadvertently crosses the center line and collides with an oncoming automobile operated by Brandi Kernigan. Ms. Kernigan is severely injured, and experiences $22,000 in medical expenses; her $25,000 Volkswagen is a total loss. She sues Fotheringham individually, and the law firm partnership of Poe, Patterson and Henderson. Kernigan also lists Poe, Patterson and Henderson as individual defendants. Is the law firm of Poe, Patterson and Henderson liable for Brandi Kernigan’s injuries? Are Poe, Patterson and Henderson individually liable for Kernigan’s injuries?

Oriole Company incurs these expenditures in purchasing a truck: cash price $26,070, accident insurance (during use) $1,910, sales taxes $1,350, motor vehicle license $260, and painting and lettering $1,960. What is the cost of the truck?

A company has 800 bonds outstanding with a par value of $1,000 and priced at 95% of par. It also has 40,000 shares of common stock outstanding with a book value per share of $50 and market price per share of $60. Calculate the capital-structure weights for the firm (as if you were calculating the firm’s Weighted Average Cost of Capital).

Jacques lives in Chicago and runs a business that sells pianos. In an average year, he receives $701,000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $420,000; he also pays wages and utility bills totaling $247,000. He owns his showroom; if he chooses to rent it out, he will receive $9,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Jacques does not operate this piano business, he can work as a financial advisor, receive an annual salary of $32,000 with no additional monetary costs, and rent out his showroom at the $9,000 per year rate. No other costs are incurred in running this piano business.
What are Raphael's explicit costs of selling pianos?
1) The salary Raphael could earn if he worked in an accounting firm.
2) The wages and utilty bills that Raphael pays.
3) The wholesale cost for pianos that Raphael pays the manufacturer.
4) The rental income Raphael could receive per year if he chose to rent his showroom out.

On November 1 of the current year, Rob Elliot invested $30,000.00 of his cash to form a corporation, GGE Enterprises Inc., in exchange for shares of common stock. No other common stock was issued during November or December. After a very successful first month of operations, the retained earnings as of November 30 were reported at $5,000.00. After all transactions have been entered into the accounting equation for the month of December, the ending balances for selected items on December 31 follow. On that date, the financial statements were prepared. The balance sheet reported total assets of $55,650.00 and total stockholders' equity of $38,000.00.
Cash Supplies Land Accounts Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Supplies Expense Utilities Expense Miscellaneous Expense
? $8,600.00 $16,500.00 ? ? $5,000.00 $5,750.00 $26,750.00 $6,400.00 ? $4,650.00 $1,265.00 $460.00
Review the following questions. Indicate which financial statement(s) report the desired information. Enter the amount reported on the financial statement. (Select "Yes" or "No")
Balance Sheet Income Statement Retained Earnings Statement Amount
1. What is the amount reported for total liabilities and stockholders' equity on December 31? $
2. What is the retained earnings amount reported on December 31? $
3. How much does GGE Enterprises Inc. owe to its creditors? $
4. How much cash is being held by GGE Enterprises Inc.? $
5. By what amount did retained earnings increase or decrease during the period? $
6. What is the amount of profit or loss during December? $
7. What were the total expenses for December? $
8. How much was paid for rent? $

At the end of the first year of operations, Meacham's balance sheet showed the following account balances: Accounts Receivable, $13,400; Inventory, $9,400; and Accounts Payable, $14,650. The company's income statement reports net income of $37,400, including depreciation expense of $10,400. Using only the given information, compute Meacham's net cash flow from operating activities using the indirect method.

if the Supply schedule for a taco truck shows at $200 per day at $2.00 per Taco are being produced how many tacos per day does the owner need to have the market demand to be in equilibrium at that price?​

I need Public Administration introdution please about half a page​

When the interest rate is above the equilibrium level, a. the quantity of money that people want to hold is less than the quantity of money that the Federal Reserve has supplied. b. people respond by buying interest-bearing bonds or by depositing money in interest-bearing bank accounts. c. bond issuers and banks respond by lowering the interest rates they offer. d. All of the above are correct.

If there are no readily available substitutes for a product, it will tend to have...

Select the correct answer.
John is in his late thirties, and works as a senior manager in a marketing firm. Despite achieving professional success, he likes to keep educating
himself. He enrolls in vocational courses and apprenticeship programs so that he can add value to his career. Which skills does John seem to
possess?
OA
interpersonal skills
ОВ.
resourcefulness
OC. lifelong learning skills
OD
creativity
OE.
task management skills
Reser
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At October 31, Dingo, Inc. had cash accounts at three different banks. One account balance is segregated solely for a November 15 payment into a bond sinking fund. A second account, used for branch operations, is overdrawn. The third account, used for regular corporate operations, has a positive balance. How should these accounts be reported in Dingo's October 31 classified balance shee

Topsider Inc. is evaluating whether to replace an existing leather-cutting machine with a new machine that has a five-year life. The old machine has current salvage value equal to $3,000; its salvage value in five years is expected to be zero. The net (after-tax) salvage value of the new machine in five years is expected to be $6,000. If the new machine is purchased, Topsider will have to invest $3,520 in its net working capital. Based on this information, what is the new machine's terminal cash

SAP Inc. received a $1.5 million grant under its Small Business Innovation program. SAP invested the grant money and developed a system to remove metal contaminants from storm water in shipyards. The firm estimates that each shipyard spends $500,000 a year on storm water clean-up efforts. If SAP is able to sign up and retain four shipyards in the first year onwards, what is the present value (PV) of the project (net of investment) if the cost of capital for SAP is 14% per year

Principal Printing produces custom labels and stationery for companies. In conducting CVP analysis of its Personalized Package, management decided to determine how many of the packages would need to be sold in order to justify continuing the product line. Management determined that fixed costs direct related to this particular product amounted to $54,000 annually. Principal reported $240,000 of gross sales related to this product and variable product costs of $180,000. Assuming that each Personalized Package sells for $12 per unit, what is the minimum amount of total sales dollars of Personalized Packages that Principal needs in order to justify the product line

Which one of the following bank accounts will you choose for a savings account? Bank A: An account that pays 8% nominal interest (APR) with daily (365-day) compounding. Bank B: An account that pays 8% nominal interest (APR) with annual compounding. Bank C: An account that pays 7% nominal interest (APR) with daily (365-day) compounding. Bank D: An account that pays 7% nominal interest (APR) with monthly compounding.

Which of the following statements is more likely if cash and marketable securities increased by $5,000 during a period in which cash provided by operations increases by $1,000 and cash used by investments decreases by $500?

a. Cash provided by financing increases by $6,500.
b. Cash used by financing decreases by $1,000.
c. Debt increases by more than cash dividends paid.
d. Debt is reduced by more than cash dividends paid.

If the dividend yield for year 1 is expected to be a 7% based on a stock price of 30 what will the year 5 divident be if dividents grow annually at a constant rate of 8%?

THESE ARE TRUE OR FALSE!! PLEASE HELP!!
1. A goal in life that is fulfilled through a job is called an occupation.
2. The process of studying careers, assessing yourself, and making decisions about the future
is called career planning.
3. Career planning begins when you make decisions about your interests and the occupation
you want to have someday.
4. Studying careers is continuous because new career opportunities come along regularly.
5. School libraries should be avoided in career planning.
6. Newspaper help wanted ads are interesting but of little value in career planning.
7. In career planning, you should contact both government employment offices and private
employment agencies.
8. Career information interviews can be done naturally without any advance preparation.
9. The willingness and ability of workers to move where jobs are available is called mobility.
10. A natural, in-born aptitude to do certain things is an ability.

Nelson Corp is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in cash flow of $100,000. The equipment will have an initial cost of $400,000 and have a 5 year life. If the salvage value of the equipment is estimated to be $75,000, what is the accounting rate of return

The management of Unter Corporation, an architectural design firm, is considering an investment with the following cash flows: Year Investment Cash Inflow 1 $ 42,000 $ 3,000 2 $ 5,000 $ 6,000 3 $ 12,000 4 $ 14,000 5 $ 16,000 6 $ 15,000 7 $ 13,000 8 $ 11,000 9 $ 10,000 10 $ 10,000 Required: 1. Determine the payback period of the investment. 2. Would the payback period be affected if the cash inflow in the last year were several times as large

Which of the following best describes the purpose of INSURANCE?
Group of answer choices

Insurance prevents accident and injury to insured individuals

Insurance protects individuals from financial loss.

Insurance helps pay your car payments.

Insurance is an emergency savings plan

Assume that on July 1, Jerome, Inc., paid $100,000 to buy Potter's 8 percent, two-year bonds with a $100,000 par value. The bonds pay interest semiannually on December 31 and June 30. Jerome intends to hold the bonds until they mature. Complete the necessary December 31 entry to record receipt of interest by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.