On July 1, 2011, Hale Kennels sells equipment for $66,000. The equipment was originally purchased on July 1, 2007 at a cost $180,000, had an estimated 5-year life and an expected salvage value of $30,000. The company books depreciation annually. What is the balance in Accumulated Depreciation As of December 31, 2010

Accumulated Depreciation As of December 31, 2010  = $105,000

Explanation:

Under the straight line method of depreciation, the cost of an asset less the salvage value is spread equally over the expected useful life.

Annual depreciation:

= (cost of assets - salvage value)/ 5 years

= (180,000 -30,000)/5

=.$30,000

From July 1 2007  to December 31 2010 = 3 years 6 months = 42 months

So total accumulated depreciation at the end of 3 years 6 months :

=  ( 30,000/12) ×  42

= $105,000

Accumulated Depreciation As of December 31, 2010 = = $105,000

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know