BUSINESS HIGH SCHOOL

Which of the following is NOT a component of the FITT acronym?a. frequency
b. type
c. fitness
d. time

Answers

Answer 1
Answer: Fitness is not a component of the FITT acronym, whereas the other options are. FITT stands for frequency, intensity, time, and type.
Answer 2
Answer:

the answer is C. fitness

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Accountants need not worry about calculations based upon the concept of the time value of money. Is this true or false?

Answers

The statement above is considered FALSE. The concept of time value of money or TVM states that money available at the present time is worth more than the same amount in the future because of its potential earning capacity. This principle holds that money is worth more earlier. Therefore, accountants should account for the calculations because the value of money changes overtime. 

ACCT 167 - Computer EquipmentDebit - 22,400 ;
ACCT 163 - Office Equipment
Debit - 8,000

d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value.
e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value.

WHAT IS THE JOURNAL ENTRY FOR D & E????? I have the correct accounts, I just can't figure out the amounts....

d Depreciation expense—Computer equipment
Accumulated depreciation—Computer equipment

e Depreciation expense—Office equipment
Accumulated depreciation—Office equipment

Answers

d. The depreciation expense-computer equipment will be debited, and accumulated depreciation will be credited with $5,600.

e. The depreciation expenses-office equipment will be debited, and accumulated depreciation will be credited with $1,600.

Further Explanation:

Depreciation:

Depreciation refers to the allocation of the cost of the physical asset over the useful life of the asset. The depreciation is a non-cash expense of the business. The value of the asset decreases as the business uses the asset for the operating activities. The normal wear and tear in the value of the asset are recorded as the depreciation. The depreciation can be calculated as follows:

\begin{aligned}\text{Annual deprecitation}&=\frac{\text{Purchase value}-\text{Salvage value}}{\text{Useful life of the asset}}\end{aligned}

Journal entry for the depreciation of computer system and office equipment:

The depreciation expense-computer equipment will be debited, and accumulated depreciation will be credited with $5,600.

The depreciation expenses-office equipment will be debited, and accumulated depreciation will be credited with $1,600.

Working notes:

Calculate the annual deprecation for computer depreciation:

\begin{aligned}\text{Annual deprecitation-Computer Equipment}&=\frac{\text{Purchase value}-\text{Salvage value}}{\text{Useful life of the asset}}\n&=(\$22,400-\$0)/(4)\n&=\$5,600\end{aligned}

Calculate the annual depreciation on office equipment:

\begin{aligned}\text{Annual deprecitation-Office Equipment}&=\frac{\text{Purchase value}-\text{Salvage value}}{\text{Useful life of the asset}}\n&=(\$8,000-\$0)/(5)\n&=\$1,600\end{aligned}

Learn More:

  1. Learn more about journal entry of petty cash bookbrainly.com/question/10708516
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Answer Details:

Grade: Middle school

Chapter: Depreciation

Subject: Accounting

Keywords:  computer, system, acquired, October, expected, have, four-year, life, salvage, value, office, equipment, acquired, October 1, five-year life, no, salvage value.

Final answer:

The journal entries to record depreciation expense for computer equipment and office equipment acquired on October 1 are $1,400 for computer equipment and $400 for office equipment, corresponding to three months of depreciation in the first year.

Explanation:

The journal entry to record depreciation for both computer equipment and office equipment on October 1 should include the depreciation expense for the first year of use and the corresponding accumulated depreciation for each asset. To calculate the depreciation expense for the computer system with a cost of $22,400 and a 4-year life, divide the initial cost by the number of years to find the annual depreciation, which is $5,600 (22,400 ÷ 4). Since the equipment was acquired on October 1, only 3 months of depreciation should be recorded for the current year. Therefore, the depreciation expense for the three months is $5,600 ÷ 12 months x 3 months = $1,400.

The office equipment with a cost of $8,000 and a 5-year life, would have an annual depreciation of $1,600 (8,000 ÷ 5). Similarly, only 3 months' worth is considered for the first year, giving a depreciation expense of $1,600 ÷ 12 months x 3 months = $400.

The journal entries would look like this:

  • Depreciation expense—Computer equipment   $1,400
  • Accumulated depreciation—Computer equipment   $1,400
  • Depreciation expense—Office equipment   $400
  • Accumulated depreciation—Office equipment   $400

Learn more about Depreciation Journal Entry here:

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List three nondurable goods that you use on a regular basis

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A part of the consumerism cycle is that manufacturers do not advertise goods. sell goods only for cash. advertise goods. make fewer goods.

Answers

Part of the consumerism cycle involves manufacturers advertising goods to the general population to encourage them to buy the product. Making fewer goods is rarely part of the consumerism cycle as this reduces supply and not advertising goods potentially reduces manufacturers' returns on an investment in a product.

Answer:

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