Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 15, 2024

If a firm reports Gross Assets of $10mm, Net assets of $4mm, and annual depreciation expense of $1mm, the what is the average age of

If a firm reports Gross Assets of $10mm, Net assets of $4mm, and annual depreciation expense of $1mm, the what is the average age of its assets?

A.8 years

B.6 years

C.10 years

D.2 years

E.4 years

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Comparative International Accounting

Authors: Christopher Nobes, Robert Parker

13th edition

1292081902, 1292081908, 9781292081960 , 1292081961, 978-1292081908

More Books

Students also viewed these Accounting questions

Question

★★★★★

Copenhaver, the owner of a laundry business, contracted with Berryman, the owner of a large apartment complex, to allow Copenhaver to own and operate the laundry facilities within the apartment...

Answered: 1 week ago

Question

★★★★★

Give three examples of non-financial information that could be useful for the managers of Tennis Australia in running the Australian Open tennis tournament each year.

Answered: 1 week ago

Question

★★★★★

A random variable X has density f (x) = 2(3x x2) 9 , 0 Answered: 1 week ago

Answered: 1 week ago

Question

★★★★★

Bliss Company owns an asset with an estimated life of 15 years and an estimated residual value of zero; it uses the straight-line method of depreciation. At the beginning of the sixth year, the...

Answered: 1 week ago

Question

★★★★★

Sky Corp. declared on May 20, a dividend of $1,0000,000 payable on July 1. Of this amount $250,000 is a return of capital. The journal entry to record this transaction would be?

Answered: 1 week ago

Question

★★★★★

Question 38 of 50 Given the following data about a firm, calculate its number of shares outstanding: Sales Fixed Cost $138,000 $15,000 $34,000 $7,000 ariable Cost Interest Cost Tax rate Earnings per...

Answered: 1 week ago

Question

★★★★★

A state fisheries commission wants to estimate the number of bass caught in a given lake during a season in order to restock the lake with the appropriate number of young fish. The commission could...

Answered: 1 week ago

Question

★★★★★

QUESTION 4 The following Trial Balance was extracted from the books of Mega Enterprise as at 31 December 2020. Particulars Debit (RM) Credit (RM) Capital 215,000 Duty on purchases 2,300 Insurance...

Answered: 1 week ago

Question

★★★★★

As the safety manager on a construction site, you have many roles. At the site, we are working we must approve the trenching and excavation plans for the subcontractors performing the work. Looking...

Answered: 1 week ago

Question

★★★★★

Write a C++ program that reads a single line of text from a file, then prints the contents of that line with the first and last characters swapped to an output file calledoutput.txt. The program...

Answered: 1 week ago

Question

★★★★★

Question 2 (1 point) A project requires the purchase of machinery for $40,000. The machinery belongs in a 20% CCA class and will have a salvage value of $4,000 at the end of the 4 year project. It...

Answered: 1 week ago

Question

★★★★★

Bart, a veteran tax preparer, must frequently advise clients on their choice of inventory valuation methods for their business. Which of the following is a false statement? a) A business owner may...

Answered: 1 week ago

Question

★★★★★

9. Discuss the statement: If the actors mainly act on the basis of a view of human-ity as driven by self-interest, and incorporate this idea into their models, they may end up with their premises...

Answered: 1 week ago

Question

★★★★★

5. What does it mean when we say the evaluation comes before the presenta-tion?.

Answered: 1 week ago

Question

★★★★★

1. Discuss the following statements: a) Predetermined is not the same thing as predictable. b) When we are aware of the consequences of our behaviour, we can change our behaviour. c) What we know is...

Answered: 1 week ago

Previous Question Next Question