Chip was hired as a sales rep for a multinational company and will be selling computer products around the world. He should learn and use the metric system
Indicate whether the statement is true or false
True
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Exhibit 22-3 Katrina Company acquired a truck on January 1, 2016, for $140,000. The truck had an estimated useful life of five years with no salvage value. Katrina used straight-line depreciation for the truck. On January 1, 2017, Katrina revises the estimated useful life of the truck. Katrina made the accounting change in 2017 to reflect the extended useful life. ? Refer to Exhibit 22-3. If
the revised estimated useful life of the truck is a total of eight years, what is the amount of depreciation expense that Katrina should report in its 2017 income statement? A) $14,000 B) $16,000 C) $17,500 D) $28,000
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Indicate whether the statement is true or false
On January 1, Year 1, the City Taxi Company purchased a new taxi cab for $87,000. The cab has an expected salvage value of $36,000. The company estimates that the cab will be driven 200,000 miles over its life. It uses the units-of-production method to determine depreciation expense. The cab was driven 69,000 miles the first year and 99,000 the second year. What is the amount of depreciation expense reported on the Year 2 income statement and the book value of the taxi at the end of Year 2, respectively? (Do not round intermediate calculations.)
A. $25,245 and $8160 B. $25,245 and $44,160 C. $43,065 and $13,920 D. $43,065 and -$22,080
Which of the following trends has been observed in the world population in terms of aging?
A. People aged 65 and older will soon outnumber children under age 5 for the first time in history. B. The world's population aged 80 and over is projected to shrink to less than half its current estimate between the years 2008 and 2040. C. The world's population is growing younger at a faster rate than it did in comparison with the previous two centuries. D. As nations have advanced economically, birthrates have increased in proportion and contributed to the subsequent decrease in the median age of the world's population.