On June 1, Michael Company purchased equipment at a cost of $120,000 that has a depreciable cost of $90,000and an estimated useful life of 3 years or 30,000 hours. Using straight-line depreciation, calculate depreciation expense for the second year
a. $17,500 b. $12,500
c. $30,000 d. $40,000
c
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In 2016, Scranton, Inc sold 2,000 carpets for $50 each. The carpets carry a 2-year warranty for repairs. Scranton estimates that repair costs will average 3% of the total selling price. What is the amount that would be recorded in the warranty liability account as a result of selling the carpets during 2016?
a. $1,500 b. $3,000 c. $50 d. No liability should be recorded until the carpets are returned for repairs.
The ultimate goal of most market-oriented firms is profitability that results from satisfying the wants and needs of its consumers.
Answer the following statement true (T) or false (F)
The Toxic Substances Control Act is accurately described by which of the following?
A. It established a national policy to regulate, restrict, and, if necessary, ban toxic chemicals. B. It promoted nontoxic chemicals and fuels for business use. C. It required reductions in urban smog, acid rain, and greenhouse gas emissions. D. It authorized funds for treatment plans and toxic waste cleanup.
Explain the necessary password etiquette to be followed by the users of an information system
What will be an ideal response?