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Crazy boy [7]
2 years ago
11

On January 1, the Matthews Band pays $66,000 for sound equipment. The band estimates it will use this equipment for four years a

nd perform 200 concerts. It estimates that after four years it can sell the equipment for $1,000. During the first year, the band performs 45 concerts. Compute the first-year depreciation using the straight-line method.
Business
1 answer:
Alexxx [7]2 years ago
8 0

Answer:

Annual depreciation= $16,250

Explanation:

Giving the following information:

On January 1, the Matthews Band pays $66,000 for sound equipment. The band estimates it will use this equipment for four years and perform 200 concerts. It estimates that after four years it can sell the equipment for $1,000.

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (66,000 - 1,000)/4= $16,250

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To keep an organization free of the mum effect, it is necessary to foster a transparent and open work culture.
3 0
2 years ago
Prepare the issuer's journal entry for each of the following separate transactions. On March 1, Atlantic Co. issues 43,500 share
Tcecarenko [31]

Answer:

Atlantic Co. Journal entries

a.

March 1

Dr Cash$300,500

Cr Common Stock $174,000

(43,500×4)

Cr Paid-in Capital$126,500

($300,000-$174,000)

(Record of common stock for cash)

b.

April 1

Dr Cash$72,000

Cr Common Stock$72,000

(Record of common stock for cash)

c.

April 6

Dr Inventory $41,000

Dr Machinery$145,000

Dr Note Receivable$91,000

Cr Common Stock$55,000

(2,200 shares *$25 per share)

Cr Paid-in Capital $222,000

($145,000+$91,000+$41,000=$277,000-$55,000= $222,000)

(To record Insurance for Inventory, machinery,and notes receivable)

Explanation:

Since On March 1 Atlantic Co. was said to issues 43,500 shares of $4 par value common stock for $300,500 this means that we have to

Debit Cash with $300,500 and Credit Common Stock with $174,000(43,500×4) as well as Credit Paid-in Capital with $126,500 ($300,000-$174,000)

On April 1, OP Co as well issues no-par value common stock for $72,000 cash this means we have to Debit Cash with $72,000 and Credit Common Stock with the same amount .

While On April 6, based on information given to us about MPG transaction, we have to record Insurance for Inventory, machinery,and notes receivable by Debiting each and Crediting common stock and paid in capital .

4 0
2 years ago
Because barcelona is constantly raising the bar, the company experiences high turnover and is constantly hiring. why might scott
VMariaS [17]
A company is said to have a high turn over rate when it sacks old employees and hire new employees on a regular basis. Scott may want to change his approach to human resource management because, high turn overate is bad for the health of a company for the following reasons:
1. Reduction in overall efficiency of the company.
2. High cost of recruitment of new staff.
3. High cost of settlement for sacked employees.
4. It leads to lowered employees' productivity.
5. It negatively impacts the brand of the company.<span />
6 0
2 years ago
Camden Corporations agreed to build a warehouse for a client at an agreed contract price of $ 900,000. Expected (and actual) cos
weqwewe [10]

Answer:

Key figures:

2016:

Revenue = $270,000

Expenses = $202,500

Income = $67,500

2017:

Revenue = $450,000

Expenses = $337,500

Income = $112,500

2018:

Revenue = $180,000

Expenses = $135,000

Income = $45,000

Explanation:

Under this method, percentage of work completed is determined using the following <u>formula:</u>

<em>Percentage of work completed = (Total Expenses incurred on the project till the close of the accounting period) ÷ (Total Estimated Cost of the Contract)</em>

Total estimated cost = $202,500 + $337,500 + $135,000 = $675,000

<u>2016:</u>

Percentage of work completed = ($202,500 ÷ $675,000)×100 = 30%

Expenses in 2016 = $202,500 (answer)

Revenue in 2016 = $900,000 × 30% = $270,000 (answer)

Income in 2016 = Revenue - Expenses

Income in 2016 = $270,000 - $202,500

Income in 2016 = $67,500 (answer)

<u>2017:</u>

Percentage of work completed = ($337,500 ÷ $675,000)×100 = 50%

Expenses in 2017 = $337,500 (answer)

Revenue in 2017 = $900,000 × 50% = $450,000 (answer)

Income in 2017 = Revenue - Expenses

Income in 2017 = $450,000 - $337,500

Income in 2017 = $112,500 (answer)

<u>2018:</u>

Percentage of work completed = ($135,000 ÷ $675,000)×100 = 20%

Expenses in 2018 = $135,000 (answer)

Revenue in 2018 = $900,000 × 20% = $180,000 (answer)

Income in 2018 = Revenue - Expenses

Income in 2018 = $180,000 - $135,000

Income in 2018 = $45,000 (answer)

4 0
2 years ago
Fedex developed a 12-item statistical service quality indicator to measure customer satisfaction and service quality. the index
nikitadnepr [17]

Answer:

The correct option is B: Gap 2

Explanation:

The gaps model of service quality, which is also referred to as the 5 gaps model is a vital framework used by organization to ensure customer satisfaction. The Gap 2 model is normally between the perception of the management and what the actual experience of the customer is. In the Gap 2, managers always ensure that organization are delivering and defining the level of quality service they need. From the question Fedex is dealing with actual customer-defined performance standards and this indicates that they are a closing provider of the gap 2 of the gaps model of service quality.

8 0
2 years ago
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