Homework Answers
First image is not showing accounting related question so kindly post it in the appropriate subject.
When does an account become uncollectible?
Ans: ( C) there is no general rule for when an account becomes.
uncollectible.
( Different company uses different time period to convert account into an uncollectible . There is no rule which specifically explains that when account became uncollectible. Therefore correct option is ( C).
3) Depreciation using Double Decling Method:
| Year 1 | $3750 |
| Year 2 | $7125 |
Explanation:
Depreciation Rate = 1/ useful life × 2 × 100%
= 1/ 20 × 2 × 100%
= 10%
First year Depreciation:
= Cost × Rate × Fraction of year
= $ 75000 × 10% × 6/12
= $3750
( 1st year dep will be calculatd for 7/1 to 12/31 i.e. for 6 month only.
Second Year Depreciation:
= Remaining Balance × Rate
=( $ 75000 - $3750) × 10%
= $ 7125
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