Tom's Quik Shop bought equipment for $140,000 on January 1, 2021. Tom estimated the useful life to be 5 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2022, Tom decides that the business will use the equipment for a total of 6 years. What is the revised depreciation expense for 2022?
Select one:
a. $22,400
b. $11,200
c. $18,666
d. $28,000

Which of the following best describes the purpose of raising and lowering the required reserve ratio? a. to make sure that government spending does not result in either a surplus or deficit. b. to stimulate economic growth by making it less expensive for producers to get loans. c. to manage the economy by increasing or decreasing the amount of loans being made. d. to regulate the activity of private banks to assure an equitable distribution of wealth. 2b2t

Tri fecta, a partnership, had revenues of $369,000 in its first year of operations. the partnership has not collected on $45,000 of its sales and still owes $39,500 on $155,000 of merchandise it purchased. there was no inventory on hand at the end of the year. the partnership paid $27,000 in salaries. the partners invested $48,000 in the business and $23,000 was borrowed on a five-year note. the partnership paid $2,070 in interest that was the amount owed for the year and paid $9,500 for a two-year insurance policy on the first day of business. compute net income for the first year for tri fecta.

Which of the following statements are false regarding activity-based costing? non-manufacturing costs are important to include when calculating the cost of each product. costs are allocated based on a pre-determined overhead rate. transitioning from traditional costing methods to activity-based costing can be complicated and costly. activity-based costing follows the same basic calculation methods as traditional costing approaches. none of the above