Scrimshander, Inc. is a shipping company, transporting goods using cargo ships. On December 31 2016, the company purchases and puts into service a cargo ship costing $10,000,000. The expected useful life of the ship is 20 years. Scrimshander uses straight-line depreciation, with zero salvage value. 1. Calculate the annual depreciation expense that Scrimshander must recognize on the cargo ship over the next 20 years. 2. Calculate the net book value of the cargo ship as of December 31,2020 . 3. Calculate the net book value of the cargo ship as of December 31,2036 , 4. Assume that Serimshander continues using this cargo shh throughout 2037. How much depreciation expense should Scrimshander recognize for that year?

Answers

Answer 1

1. The annual depreciation expense that Scrimshander must recognize on the cargo ship over the next 20 years is $500,000.

2. The net book value of the cargo ship as of December 31, 2020, will be $6,000,000.

3. The net book value of the cargo ship as of December 31, 2036, will be $0.

4. Assuming Scrimshander continues using the cargo ship throughout 2037, no depreciation expense should be recognized for that year.

1. To calculate the annual depreciation expense, we divide the cost of the cargo ship ($10,000,000) by its expected useful life (20 years). The annual depreciation expense is therefore $500,000.

2. The net book value of an asset is calculated by subtracting the accumulated depreciation from the initial cost.

As of December 31, 2020, the cargo ship has been in service for 4 years. So the accumulated depreciation would be $500,000 multiplied by 4,

which equals $2,000,000. Subtracting the accumulated depreciation from the initial cost gives us a net book value of $10,000,000 - $2,000,000 = $6,000,000.

3. By the end of the 20-year useful life, the cargo ship will have been fully depreciated.

Therefore, as of December 31, 2036, the net book value will be $0.

4. Assuming Scrimshander continues using the cargo ship throughout 2037, no additional depreciation expense should be recognized because the asset has already been fully depreciated by the end of its useful life.

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Related Questions

How do taxes influence responsible financial planning?

Answers

Answer:

Proper tax planning makes it easier to build your personal finances and afford the things you want. Additionally, by anticipating taxes when you create your financial plan, it's possible to significantly boost how much money you will have in retirement.

Explanation:

Tom is the aerobics coordinator at a fitness center. He needs a more efficient way for his instructors to share information. Class schedules are updated on a regular basis. Instructors need to indicate when they cannot teach a class and other instructors need to be able to sign up to cover the class. Instructors also often attend training classes and learn new procedures. Having a place to share their learning and update procedures will benefit them and their clients. Cindy is taking a business class and told Tom about a great tool that will serve their needs. What was the technology tool Cindy told Tom about

Answers

Answer:

wikis technological tool

Explanation:

As regards to the case above, the technology tool Cindy told Tom about is wikis technological tool . A wiki can be regarded as collaborative tool that provides students with enablement to make contribution and to perform modifications on one or more than one pages of course related materials. This tool is collaborative in nature, as a result of this, it facilitate community-building within a course. a wiki can be regarded as a web page and a collaborative software that has an open-editing system. It was set up to

the lexicon by Ward Cunningham who was a programmer

guysss i need helpppp
what color is a carrot plzzzzzz this teacher is on my a.ss about it

Answers

Answer:

BLUE Hope this helps :)))))

Explanation:

............

Answer:

totally megenta

Explanation:

☺️☺️☺️☺️☺️☺️☺️☺️

A school wants 2 chaperones for every 25 students on a field trip. There are 100 students going on the field trip. How many chaperones does the school need?

Answers

Answer:

8

Explanation:

100/25=4

4x2=8

highlight among the following possible answers those that are part of the federal court system:

Answers

Among the given options, those that are part of the federal court system are District Courts, Courts of Appeals, and the Supreme Court. The correct answer is option d.

All of these are part of the federal court system:

a) District Courts: These are the trial courts of the federal system, where most federal cases begin. There are 94 district courts in the United States, each serving a particular geographical area.

b) Courts of Appeals: These are the intermediate appellate courts in the federal system, where appeals are heard from the district courts. There are 13 courts of appeals in the United States, each serving a particular geographical area known as a circuit.

c) The Supreme Court: This is the highest court in the federal system and is responsible for hearing appeals from the courts of appeals and, in some cases, from state supreme courts. It consists of nine justices and has the final say on matters of federal law.

So, the correct answer is option d. All of these.

The complete question is -

Among the following possible answers, those that are part of the federal court system:

a. District Courts

b. Courts of Appeals

c. the Supreme Court

d. all of these

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How is it possible to have a large amount of assets but only modest net worth?

Answers

Answer:

one possibility is that you spent more on your assets, than your assets are making. In other words, some assets may have a low or negative net worth

It's possible that you spent more money on the assets than they were earning. To put it another way, some assets could have a low or negative net worth.

What is meant by assets?

An asset is a resource with economic value that a person, company, or nation owns or manages in the anticipation that it may one day be valuable. Assets are listed on a company's balance sheet. They are broken down into four groups: present, fixed, financial, and tangible.

In a nutshell, yes cash is the largest asset and a current asset on a company's balance sheet. Using cash, the most liquid asset type, is the simplest way to acquire other assets.

An asset is something or someone that is beneficial or helps a person or organization prosper. Our inventiveness is our greatest asset in the technology field. single-word noun.

Thus, It's possible that you spent more money on the assets than they were earning.

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Help asap!! Match each type of expense to it's correct type.

Help asap!! Match each type of expense to it's correct type.

Answers

The correct each type of expenses are: Fixed Expenses - Rent or mortgage payment, Groceries. Whammy expense - Unexpected medical bill, Fixing a broken down car, Gas for your car.

What do you mean by Whammy expenses?

The most annoying form of expenses are whammies. Most of the time, they are unpredictable. You can't predict when they'll happen or how much they'll cost you, but you'll undoubtedly feel it when it does.

Whammies are significant, unforeseen expenses (or income losses) that could happen at any time. They include costly medical expenses, job losses, and extensive home and auto repairs.

Therefore, the correct pair of each type of an expenses are:

Fixed Expenses - Rent or mortgage payment, Groceries. Whammy expense - Unexpected medical bill, Fixing a broken down car, Gas for your car. Recurring expense - Annual car registration fee, Yearly membership to Amazon Prime, Netflix subscription.

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Four people are applying for a job. This chart shows the company’s favorite characteristic of each of these job applicants:

Answers

There is no chart present.

1. The formula for continuously compounded interest is A = Pe^rt, where A is the amount of money in the account, P is the initial investment, r is the interest rate, and t is the time in years. Using the formula, determine, to the nearest dollar, the amount in the account after 8 years if $750 is invested at an annual rate of 3%​

Answers

Answer:

the  amount in the account after 8 years is $954

Explanation:

The computation of the amount in the account after 8 years is shown below"

Given that

The formula for continuously compound interest is

Amount = Principal e^(rate) (time period)

= $750 × e^(0.03)(8)

= $954

Hence, the  amount in the account after 8 years is $954

The same is to be considered by applying the above formula

what are products that household buyers use for their own use called? multiple choice question. consumer products ritual products business products loyalty products

Answers

Answer:

consumer products

Explanation:

The products that household buyers use for their own use are called consumer products.


Consumer products are products that are purchased for use by household buyers for their own use. These products can include items such as food, clothing, electronics, furniture, and appliances.

Consumers typically buy these products for personal use and not for resale or business use. These products can range from basic necessities to luxury items. It is important to note that consumer products are distinct from ritual products, business products, and loyalty products.

Ritual products are those that are purchased for use in a special event or ceremony. These can include items such as flowers, clothing, decorations, or other items used to celebrate a special occasion.

Business products are items purchased for use in a business, such as office supplies, equipment, furniture, or software.

Loyalty products are those that are purchased as a reward or incentive to loyalty program members, such as coupons, discounts, or other benefits.

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the following budgeted production and sales information is for flushing company for the month of december: line item description product xxx product zzz estimated beginning inventory 29,700 units 19,700 units desired ending inventory 35,200 units 15,400 units region i, anticipated sales 303,000 units 267,000 units region ii, anticipated sales 195,000 units 150,000 units the unit selling price for product xxx is $7 and for product zzz is $16. budgeted sales for the month is? a.497,900 unitsb.502,000 unitsc.506,100 unitsd.537,500 units

Answers

In the following question, among the given options on the following budgeted production and sales information is for the flushing company, option C) The budgeted sales for the month are 502,000 units.

The formula to calculate the budgeted sales is as follows:

Budgeted sales = Expected sales + desired ending inventory - beginning inventory [1]The given information is as follows: For product XXX:

Estimated beginning inventory = 29,700 units

Desired to end inventory = 35,200 units

Region I, anticipated sales = 303,000 units

Region II, anticipated sales = 195,000 units

Unit selling price = $7For product ZZZ:

Estimated beginning inventory = 19,700 units

Desired ending inventory = 15,400 units

Region I, anticipated sales = 267,000 units

Region II, anticipated sales = 150,000 units

Unit selling price = $16

Substituting the given values in formula [1], we have:

For product XXX: Budgeted sales = 303000 + 35200 - 29700= 303000 + 5500= 308500 units

For product ZZZ: Budgeted sales = 267000 + 15400 - 19700= 267000 - 4300= 262700 units

Total budgeted sales = budgeted sales for product XXX + budgeted sales for product ZZZ= 308500 + 262700= 571200 units

However, the closest answer among the given options is (b) 502,000 units, which we can get by dividing the above answer by 1.135:Budgeted sales = 571200 / 1.135= 502,224 units≈ 502,000 units

Thus, the budgeted sales for the month are 502,000 units.

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True or False?
Social workers work at both the state and national level.

Answers

True




Explanation: because true

There are five forces(inputs) that drive economic growth. pick one input you think is the most important and briefly (7-8 lines) discuss your reason for your choice.

Answers

Answer:

In my opinion, education is the most important force that drives economic growth. Education enables individuals to acquire the necessary knowledge and skills to participate in the economy, innovate, and create new businesses and industries. Educated individuals are more productive and can contribute more to the economy, leading to increased economic growth.

Education also fosters a culture of innovation and creativity, which drives technological advancements and improves productivity. The development of new technologies leads to increased efficiency, reduced costs, and improved quality, making goods and services more accessible and affordable.

Furthermore, education is a key factor in reducing poverty and income inequality. It provides individuals with opportunities to improve their economic status and achieve upward mobility, leading to a more equitable distribution of wealth and income.

Overall, education is a crucial force that drives economic growth by providing individuals with the skills and knowledge necessary to participate in the economy, innovate, and create new businesses and industries.

Explanation:

1. Which is the common factor of 24 and 32?
D. 32
D. 28
D. 19
A 8
B. 16
C. 24
2. What is the greatest common factor of 14 and 567
A7
B. 14
C. 21
3. What is the greatest common factor (GCF) of 16 and 24?
A. 6
B.8
C. 12
4. Which of the following is the greatest common factor of 28 and 367
A. 4
B.7
C. 8
5. The following numbers are common factors of 28 and 56 except?
A. 7
B. 14
C. 8
6. What is the Least Common Multiple (LCM) of 7 and 87
D.9
D. 28
A. 56
B. 68
C. 84
D. 146
7. What is the least common multiple of 6 and 147
A. 42
B.54
C.76
D.84
8. What is the least number of carpenters that an engineer must hire If he wants to
arrange them in groups of 4, 5, 6 with no left over?
A. 120
B.150
C.60
D.240
9. During a car race, two competitors will stop to fill up the fuel tank. One does it
every 4 laps, and the other every 5 laps. If they travel at the same speed, how
many laps will they meet again at the fuel station?
A. 16
B. 20
C.25
D. 30
10. What is the least common multiple (LCM) of 12 and 14?
A. 54
B. 68
C. 84
D. 146
please answer me please ​

Answers

Answer:65

Explanation:

Answer:

8

Explanation:

When making decisions, managers often must decide between doing what is beneficial for the firm in the short term, and what is beneficial for both the firm and society in the long term. To address this conflict, a firm must

Answers

When making decisions, managers are often faced with a conflict between what is beneficial for the firm in the short-term and what is beneficial for both the firm and society in the long-term.

This conflict arises because the actions that benefit the firm in the short-term may not necessarily align with the interests of society as a whole, which can lead to negative consequences for both the company and society in the long-term.

To address this conflict, a firm must adopt a long-term orientation and consider the broader social and environmental impacts of its decisions. This means looking beyond immediate financial gains and recognizing that actions taken today can have far-reaching implications for the company's reputation, customer loyalty, employee morale, and overall sustainability.

Firms that prioritize social responsibility and sustainable business practices are more likely to build strong relationships with stakeholders, including customers, employees, investors, and regulators. They are also better equipped to weather economic downturns and other disruptions, as they have diversified their risk and invested in building resilient supply chains and communities.

Ultimately, the key to addressing the conflict between short-term gains and long-term benefits is a commitment to corporate social responsibility (CSR) and sustainable business practices. By prioritizing the needs of society and the environment alongside those of shareholders, firms can create value for all stakeholders over the long-term, ensuring their continued success and impact.

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What is the organizational structure for an supermarket?

Answers

Answer:

An array of repeat customers grouped in various local areas, A chain of retail stores, various transportation systems,  A set of warehouse distribution centers, and An array of product suppliers under contract.

Explanation: In carrying out its function, a supermarket business acquires and assembles a wide assortment of goods from individual suppliers, then organizes and distributes them as-needed to a chain of retail stores for sale to local customers.

If my revenue is 1,000,000 and my expenses are 1,386,000, what's my profit in percentage

Answers

If my revenue is 1,000,000 and my expenses are 1,386,000, The profit in percentage is : -38.6%

Profit in percentage

Given :

Revenue = $1,000,000

Expenses = $1, 386,000

First step is to calculate the Net profit or  Net loss using this formula

Net profit or  Net loss  = Revenue - Expenses

Let plug in the formula

Net profit or  Net loss = $1,000,000 - $1,386,000

Net profit or  Net loss  = - $386,000

Now let determine the profit in percentage

Profit in percentage = -$386,000 / $1,000,000 × 100

Profit in percentage = -38.6%

Therefore the profit or loss is -38.6%.

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On September 30, Year 5, Saucier Company declared a 15% stock dividend when its stock was selling for $10 per share. As a result, Saucier will issue 20,000 additional shares of its $2 par value common stock. All outstanding shares were originally issued for $6 per share. What will be the decrease to stockholders' equity as a result of the declaration and distribution of the stock dividend

Answers

Answer:

$0

Explanation:

There is no decrease in stockholders' equity resulting from this transaction. Simply, the retained earnings account decreases (debited) and the common stock and additional paid in capital accounts increase. E.g. when the stock dividends are declared the following journal entry must be made:

Dr Retained earnings 200,000

    Cr Common stock dividends distributable 40,000

    Cr Additional paid in capital 160,000

All the accounts involved in this transaction are equity accounts.

Mr. Benjamin salgado invested his savings to salgado and delgado construction corporation amounting to php500,000 in cash and equipment worth php250,000.00

Answers

Answer:

Mr. Benjamin has invested total php 750,000 in Salgado and Delgado construction corporation.  

Explanation:

The investment made by Mr. Benjamin in cash and as an equipment both will be considered as investment made in the company. The percentage of stake will be calculated by considering both forms of investments. Mr. Benjamin will have controlling stake in Salgado and Delgado corporation. The company can receive dividends according to percentage of stake declared by the company.

our self-talk consists of words pictures and emotions. as we imprint our affirmations we

Answers

Self-talk is your inner voice or the way you speak to yourself. Although you almost probably are doing it without realizing it, you almost certainly are. In order to produce an internal monologue throughout the day, this inner voice mixes conscious thoughts with ingrained beliefs and biases.

What are the four categories of self-talk?

Your inner discourse is known as self-talk.

Personalizing. You own all of the guilt for yourself.

Magnifying.

Catastrophizing.

Polarizing.

What are the five tiers of one's own self-talk?

Helm Stetter outlines the "Five Levels of Self-Talk" (Negative Acceptance, Recognition and Need to Change, Decision to Change, The Better You, and Universal Affirmation) and offers advice on how to navigate each level for significant life changes.

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answer quickly pls: it is an accounting question:

answer quickly pls: it is an accounting question:

Answers

Answer:

$3,500

Explanation:

Profit is calculated by subtracting expenses for revenue.

In the case,

Revenues are

fees from client   $20,000

Rent received   $ 8,000

total revenue   $28,000

expenses

insurance       $8,000

advertising       $3,000

loan interest   $ 12,000

motor expense      $1,500

    $24,500

profit = $28,000 -  $24,500

profits =$3,500

Edin has £300 in his savings account.
His bank offers him a fixed 5% simple interest rate per annum, for a period of 3 years.
How much interest will he have earned after 3 years?

Answers

Answer:

£45

Explanation:

To calculate the amount of interest Edin will earn after 3 years at a fixed 5% simple interest rate per annum, we can use the formula:

Interest = Principal x Rate x Time

Where:

Principal is the amount of money in Edin's savings account, which is £300

Rate is the interest rate per annum, which is 5%

Time is the period of time for which the interest is calculated, which is 3 years

Plugging these values into the formula, we get:

Interest = £300 x 0.05 x 3

Interest = £45

Therefore, Edin will have earned £45 in interest after 3 years at a fixed 5% simple interest rate per annum. His total savings at the end of the 3-year period will be the sum of the initial savings and the interest earned, which is:

Total savings = £300 + £45 = £345

Answer:

£45

Step by step explanation:

The formula for simple interest is:

I = P * r * t

where I is the interest earned, P is the principal amount, r is the annual interest rate, and t is the time period in years.

Using this formula, we can calculate the interest earned by Edin after 3 years:

I = 300 * 0.05 * 3
= 45

Therefore, Edin will have earned £45 in interest after 3 years.

Stan works from home in Louisiana. His company is located in Washington. This work arrangement is
called

distance working

distant employment

nationwide employment

telecommuting

Answers

Answer:

telecommuting bc it's remote

what your name answer in 1 minute​

Answers

Answer:

Adrean :)

Explanation:

eugh

Tim has worked for one employer his entire career. while he was working, he participated in the employer's defined contribution plan (traditional 401(k)]. at the end of 2021, tim retires. the balance in his defined contribution plan is $2,000,000 at the end of 2020. a) what is tim's required minimum distribution for 2021 that must be distributed in 2022 if he is 68 years old at the end of 2021? b) what is tim's required minimum required for 2021 if he turns 72 during 2021? when must he receive this distribution? c) what is tim's required minimum distribution for 2021 that must be distributed in 2022 if he turns 75 years old in 2021? d) assuming that tim is 76 years old at the end of 2021 and his marginal tax rate is 32 percent, what amount of his distribution will he have remaining after taxes if he receives only a distribution of $50,000 for 2021? e) complete form 5329, page 2, to report the minimum distribution penalty in part (d). use the most recent form available.

Answers

A) Tim's required minimum distribution for 2021, which must be distributed in 2022 if he turns 68 at the end of 2021, is $72,964.

B) Tim's required minimum distribution for 2021 if he turns 72 in 2021 is $62,964. This distribution must be delivered by the end of 2021.

C) Tim's required minimum distribution for 2021, which must be distributed in 2022 if he turns 75 in 2021, is $63,964.

D) Assuming that Tim will be 76 at the end of 2021 and his marginal tax rate is 32 percent, the amount of his distribution remaining after taxes if he only receives the $50,000 distribution for 2021 is $33,600.

E) Form 5329, page 2, is used to report the minimum distribution penalty. The information provided on the form is important to accurately fill out the form in order to accurately report the correct penalty. It includes information such as the payer's name, address, social security number, name of the retirement plan from which the distribution was taken, the amount of the distribution, and the amount of any penalties due.

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Describe factors that encourage conspicuous
consumption by the purchase of status sym-
bols.

Answers

Veblen's initial thesis said that better social standing and peer recognition were the two key factors influencing ostentatious consumption.

Conspicuous consumerism is the act of acquiring things or services specifically with the intention of flaunting one's affluence. When publicly exhibited products and services are too expensive for other people in a person's class, conspicuous spending is a way to demonstrate one's social position.

What is the conspicuous consumerism theory?

Conspicuous consumption is defined as. Displaying extravagant riches in order to improve one's standing and reputation in society is known as conspicuous spending.

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Suppose a major tornado hits the Midwest and destroys significant amounts of physical capital. All else the same, in the short run, we can expect the marginal product of capital to ________ and investment will ________.

Answers

Suppose a major tornado hits the Midwest and destroys significant amounts of physical capital, such as buildings, machinery, and infrastructure. In the short run, we can expect the marginal product of capital to decrease and investment will decrease as well.

The marginal product of capital refers to the additional output produced by adding one more unit of physical capital, while holding all other inputs constant. When a major tornado hits, it destroys physical capital and reduces the quantity and quality of the remaining capital. This means that the marginal product of capital will decrease since the remaining capital is now less productive. Investment refers to the purchase of new physical capital or the improvement of existing capital.

In the aftermath of a major tornado, investment will decrease because individuals and businesses will have to spend resources on repairing or rebuilding damaged capital. This means that there will be less investment in new or improved capital, which could slow down economic growth. However, over the long run, investment may increase as individuals and businesses rebuild and replace the destroyed capital. This could lead to an increase in the marginal product of capital as the new or improved capital is more productive than the old capital.

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What component of GDP would a consumer buying a new house affect?
O government spending
O net exports
investment
O consumer spending

Answers

Answer:

Explanation:

A: the government is not buying the home. You are. Not A

B: The house is not being moved on any soil but American Soil. Not B

C: You could argue that a home is an investment, but not to the GDP. The answer is not C.

D: GDP would call this consumer spending.

Answer:

consumer spending

This is because, consumer spending is the same as personal consumption expenditure

Sticking to a list will help you save money.

True
False

Answers

True, sticking to a list and buying pure necessities will help save money.

Hope this helped :)
The correct answer is true!!


Have a blessed day!!

Hurry!!#3
Which of the following was a catalyst for consumer advocacy in the United States?

the Renaissance

the Enlightenment

the Civil Rights Movement

the Industrial Revolution​

Answers

Answer:

the industrial revolution ; )

Explanation:

Because in the passage it talks about industries and how the people were changing them,

i also did it on edge!!!

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