Final Milestone With Answers VERIFIED ANSWERS 100% CORRECT.

The value of a machine was $400,000 when purchased new one year ago. It
has an expected life of five years and the income statement shows the
straight line depreciation rate as 20%.
Using double declining balance depreciation, what is the value of the
machine at the end of year two?
Using the information shown here, which of the following is the asset
turnover ratio?
Which of the following is Sue’s ending owner’s equity, in her
statement of changes in owner's equity, if her records show $21,000
in investment by owner, $78,000 in net income, $18,000 in expenses
and $14,000 in owner drawings?
Which of the following allowances for bad debt should the company
enter into their financials for an Accounts Receivable account with a
balance of $50,000 if the company estimates that 1.9% of
receivables will be uncollectible?
•
•
•
$950.00
$9,500.00
$10,250.00
•
•
•
•
$96,000
$53,000
$57,000
$85,000
4
•
•
0.56
0.51
0.86
• 0.43
2
$240,000
• $96,0