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27-10-2022
Business

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peavey enterprises purchased a depreciable asset for $23,000 on april 1, year 1. the asset will be depreciated using the straight-line method over its four-year useful life. assuming the asset's salvage value is $2,200, what will be the amount of accumulated depreciation on this asset on december 31, year 3?

Answer :

ANKITANAND ANKITANAND

31-10-2022

The amount of accumulated depreciation on this asset on December 31, Year 3 is $ 14,300

What is asset?
A resource to economic value that what a person, business, or nation owns or controls with the hope that it will someday be useful is referred to as an asset. The balance sheet of a business lists assets. They are divided into four categories: tangible, financial, fixed, and current. They are acquired or produced in order to raise a company's value or improve the operations of the company. Whether it's manufacturing equipment or even a patent, an asset can be assumed of as something that, inside the future, can generate cash flow, lower expenses, or increase sales. An asset is an economic resource that is owned or under the control of an entity, such as a business. A scarce resource that has the potential to benefit the economy by increasing cash inflows as well as decreasing cash outflows is referred to as an economic resource.

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