Machinery that was purchased for $60,000 has an estimated residual value of $15,000 . Its depreciable cost is
a. $45,000.
b. $60,000.
c. $75,000.
d. impossible to determine from the information provided.
a
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Indicate whether the statement is true or false
Which of the following statements is not true regarding enterprise resource planning (ERP)?
A) It integrates traditional accounting information systems with other information systems. B) It can be customized to provide specific and relevant information to different types of users. C) It has evolved in the past few years to address the shortcomings of traditional accounting information systems. D) It captures quantitative but not qualitative information.
Amy is on the board of directors of Computers Plus. Computers Plus is looking for a warehouse to purchase. Amy owns a warehouse. In order for Amy to sell her warehouse to Computers Plus
a. the transaction must be fair to both Amy and Computers Plus. b. the disinterested members of the board of directors must approve the transaction. c. she must resign her position on the board of directors of Computers Plus before any negotiations for the warehouse begin. d. a court must review the opportunity to determine its favorability.
A company purchases merchandise with a catalog price of $28,500. The company receives a 40% trade discount from the seller. The seller also offers credit terms of 1/10, n/30. Assuming no returns were made and that payment was made within the discount period, what is the net cost of the merchandise?
A. $17,100. B. $16,571. C. $11,571. D. $16,929. E. $11,400.