El Tapatio purchased restaurant furniture on September 1, 2021, for $43,000. Residual value at the end of an estimated 10-year service life is expected to be $5,800. Calculate depreciation expense for 2021 and 2022, using the straight-line method, and assuming a December 31 year-end.

Answers

Answer 1
Answer:

Answer:

2021 = $1,240

2022 = $3,720

Explanation:

Depreciation is basically a decrease in useful life of an asset and it can be calculated by using the following formula:

Depreciation = Cost - Residual Value/Estimated useful life

Per year Depreciation = ($43,000 - $5,800)/10 = $3,720

For 2021

As the asset is purchased on September 1, 2021 so only four months depreciation needs to be charged which is as under.

Depreciation = $ 3,720 * 4/12 = $1,240

2022 = $3,720

For 2022 full twelve months depreciation needs to be charged even if the asset is idle so the total depreciation expense would be $3720


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What should you do if you suspect your boss of unethical business practices?

Answers

Ethics is a organization's core principle or foundation of working. The HR department is responsible for carrying out various ethical codes and conducts.

  • If in any organization the boss of the company is found to behave in an unethical manner. The HR department needs to take this into notice. Unethical behavior in the company is not welcomed and needs to be controlled immediately.
  • One should record the unethical activities of the Boss and report them to the higher authorities if needed.

Learn more about if you suspect your boss of unethical business practices.

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- Ethical challenges can be complex; your response will depend to a great extent on the importance or quality of the ethical breach and on your personal situation. Here are some tips for managing situations when they arise.

- Small, simple ethical breaches may result from employees being lazy, unobservant, or unengaged. Often, the best way to address such issues is to avoid personal confrontation but instead to set clear general policies and respond publicly when they’re not followed. Most employees who have a problem pointed out find it’s easier to behave appropriately than to argue the point.

- More serious ethical breaches may require a more considered response. If you are reliant on your job for an income and your supervisor or coworker is doing something that is unethical but not illegal, you will have to decide whether you can afford to speak up and risk losing your job. If you do decide to speak up, carefully document the problem before saying anything. Be sure you have all your facts straight and can prove your point, especially if you’re the only one who knows about the issue.

- If the issue you’re confronting is illegal (embezzling, breaching the Equal Opportunity laws, sexual harassment, etc.) you must say something—but there is also (in most cases) a clear system for documenting the problem and bringing it to the attention of Human Resources. You may not need to reveal that you are the “whistle blower;” Human Resources will pick up the ball and handle the next steps.

- No matter what the level of ethical concern, be sure you don’t participate just to “get along.” If you truly believe that you’re being asked to do something unethical, make it clear that you are not willing to be part of the problem. While that may be risky at some level, it’s far riskier to be an accessory to immoral or illegal activity.

Big Box Store has operated with a 30% average gross profit ratio for a number of years. It had $100,000 in sales during the second quarter of this year. If it began the quarter with $18,000 of inventory at cost and purchased $72,000 of inventory during the quarter, its estimated ending inventory by the gross profit method is:__________a) $30,000.
b) $21,000.
c) $20,000.
d) $18,000.
e) $27,000.

Answers

Answer:

c) $20,000.

Explanation:

The computation of the estimated ending inventory is shown below:

We know that

Cost of goods sold = Beginning inventory + purchase made - ending inventory

And, the

Sales - gross profit = Cost of goods sold

$100,000 - $100,000 × 30% = Cost of goods sold

So, cost of goods sold would be

= $100,000 - $30,000

= $70,000

Now the ending inventory would be

$70,000 = $18,000 + $72,000 - ending inventory

$70,000 = $90,000  - ending inventory

So, the ending inventory would be

= $90,000 - $70,000

= $20,000

Final answer:

Based on 30% gross profit ratio, the estimated end inventory for the Big Box Store for the second quarter is $20,000, after accounting for cost of goods sold from the total available inventory.

Explanation:

The Big Box Store operates at a 30% Gross Profit Margin, implying 70% of the sales are accounted as Cost of Goods Sold (COGS). Therefore, the COGS for the second quarter would be $100,000*0.7 = $70,000.

The initial inventory at the beginning of the quarter was $18,000 and $72,000 amount of inventory was purchased during the quarter. So total available inventory is $18,000 + $72,000 = $90,000.

If we subtract the COGS from total available inventory that gives us the estimated ending inventory. That is $90,000 - $70,000 = $20,000. Therefore the estimated ending inventory from Box Store will be $20,000.

Learn more about Inventory Estimation here:

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In 1 or 2 sentences, explain the effect of competition on the price of goods and services.

Answers

Competition causes prices to drop on average. competition also causes the classes to fight within themselves, allowing the rich to be safe from any rebellion.

The idea generating technique most often used in writing business letters is

Answers

Answer:

free writing

Explanation:

Stephanie, a recent college graduate in computer programming, is interested in several positions with global companies because she knows that working in other countries exhibits ________ to potential employers, according to management recruiters.A. independence, flexibility, and disciplineB. ethnocentricity
C. polycentricity and strong leadership skills
D. Discipline and flexibility
E. independence, resourcefulness, and entrepreneurship

Answers

Answer: (E) Independence, resourcefulness, and entrepreneurship

Explanation:

  According to the given question, the Stephanie is the student and she recently done his graduation in the computer programming subject   a she is interested in the various types global companies profiles.

So, working in the different countries exhibiting the independence, entrepreneurship and also the resourcefulness skills that helps in managing the good position in an organization.

The above mentions skills helps in providing the effective managerial skills and also resourceful mindset is one of the type of ability that helps in providing the good visualizing for achieving the desirable goals in an organization.  

 Therefore, Option (E) is correct answer.

How does most price planning begin?(1 point)
A.
cost and expense analysis
B.
competition analysis
C.
sales projection
D.
review of consumer needs

Answers

Most price planning begins with a cost and expense analysis.