You are applying for a loan and are required to submit a bal…

You are applying for a loan and are required to submit a balance sheet with your net worth. You own a 2014 Toyota Sienna that you bought last month for $20,995. The Kelly Bluebook value for this car is $23,995. You owe $18,150 on the car loan for the Sienna. You pay off your Visa credit card every month and have not paid any credit card interest this year. The current Visa credit card balance is $7,522 and the next statement is due in 15 days. You have a student loan balance of $6,500. You presently have $425 in your checking account and $1,540 in your savings account. You own 100 shares of IBM stock that you purchased for $85.50 per share. It is now selling for $158.42 per share. You own computers and other electronics that you purchased for $9,000 but could probably sell today on E-bay for $1,800. Your gross income is $130,000 per year. What is your current net worth?

Equipment acquired on October 1, 2024, at a cost of $750,000…

Equipment acquired on October 1, 2024, at a cost of $750,000, has an estimated useful life of 10 years. The residual value is estimated to be $80,000 and the company uses the straight-line method of depreciation. On October 1, 2029, the company re-estimated the residual value of the asset to be $100,000. Required: Calculate the depreciation expense for each year identified. Then, answer the following questions by filling in the blanks Instructions for Students: Enter the numerical values without negatives, commas, decimal point, or dollar signs. Eg. a $3,108 deduction is to be ENTERED as 3108 Calculate 2024 Depreciation Expense for the equipment acquired. Enter your answer in the space below.  _______ Calculate 2025 – 2028 Depreciation Expense for the equipment acquired. Enter your answer in the space below.  _______ Calculate the first nine months of 2029 Depreciation Expense for the equipment acquired. Enter your answer in the space below.  _______ Calculate the last three months of 2029 Depreciation Expense for the equipment acquired. Enter your answer in the space below.  _______ Calculate 2030 Depreciation Expense for the equipment acquired. Enter your answer in the space below.  _______

Jeff was talking to his 29 year-old son, who just bought a n…

Jeff was talking to his 29 year-old son, who just bought a new truck. He knowingly smiled and asked, “Jordan, do you know what is one of the best things you can do for your car? Jordan responded, I knew you’d ask that, but I am prepared.” Jordan continued his comment. “One of the best things you can do for your car is to: ………………….”