Using double-declining balance method, how much is the accumulated depreciation for the third year (round up to zero decimal point)? Cost: $30,000 Salvage Value: $3,000 Useful life: 3 years O $26,000 O $29,000 O $27,000 O $28,000

Using double-declining balance method, how much is the accumulated depreciation for the third year (round up to zero decimal point)? Cost: $30,000 Salvage Value: $3,000 Useful life: 3 years $26.000 $29.000 $27.000 $28.000 We are using sum-of-year digits method to calculate depreciation. To calculate the sumof-year digits, you can use one of the following formula. 1+2+3++n, or. Suppose that we have acquired a building (cost: $1 million, salvage value: $200,000, and useful life 5 years). What would be the book value at the end of 5th year? If beginning inventory is understated by $10,000, the effect of this error in the current period is; Cost of goods sold would be , and Net income will be What is the (net) book value of the computer system at the end of the 2nd year? Round your answer to the nearest dollar, if necessary. $24,000 $20.000 $16,000 $12,000 Question 4 1 pts Stormin' Norman's Resort sold two golf carts for a total of $1,000 in order to raise cash. The resort's managers had originally bought the carts for a total of $6,000. The accumulated depreciation on both carts was $4,000. The resort's managers will have to record a of on the sale of these carts. loss: $500 loss; $4,000 loss: $1.000 gain: $3,000 Recently, our college has replaced the computer system in each classroom - control panel, software, and projector. The total amount was $240,000 (this is an arbitrary amount). The entire system will be used 6 years. Due to the nature of high-tech equipment, they will have zero ($0) value at the end of the third year. What is the (net) book value of the computer system at the end of the 2 nd year? Round your answer to the nearest dollar, if necessary. On December 20, 20XX, Carson Catering caters a party for Mary Smith for $1,000. Mary pays $300, and Carson Catering allows Mary to pay the remainder in two weeks. For this transaction, Carson catering should have debit entries for and Carson should have In this transaction, cash has been , accounts receivable has been , and service revenue has been \begin{tabular}{|l|l|} \hline Cash & $200,000 \\ \hline Marketable Securities & $10,000 \\ \hline Accounts Receivable & $300,000 \\ \hline Inventories & $10,000 \\ \hline Prepaid Expenses & $10,000 \\ \hline Land & $100,000 \\ \hline Building & $1,000,000 \\ \hline China, glass, etc. & $200,000 \\ \hline Accumulated Depreciation & $300,000 \\ \hline Accounts Payable & $200,000 \\ \hline Accrued Expenses & $100,000 \\ \hline Long-term debt & $230,000 \\ \hline Common stock & $700,000 \\ \hline Retained earnings & $300,000 \\ \hline \end{tabular} Based on the information above, which one is the correct amount for total assets? $1,630,000 $2,130,000 $1,530.000 $1,520,000 At the beginning of this year, AAA purchased a food truck with cash (Cost: 36,000, salvage value: 4,000 , useful life: 4 years). How much is the depreciable cost? Numbers only. You don't need $ sign. Question 3 At the beginning of this year, AAA purchased a food truck with cash (Cost: 40,000 , salvage value: 5,000, useful life: 5 years). Under straight-line method, what is the amount for book value at the end of 5th year? Numbers only. You don't need $ sign