The composite depreciation method
a. is applied to a group of homogeneous assets.
b. is an accelerated method of depreciation.
c. does not recognize gain or loss on the retirement of specific assets in the group.
d. excludes salvage value from the base of the depreciation calculation.
C
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When an applicant makes a material statement believed to be true to the best of their knowledge, the statement is considered to be a/an
A. Indemnity. B. Estoppel. C. Warranty. D. Representation.
Athletic Apparel and Sports Supplies are departments of World of Sports. Sheila manages both departments and employs three experts. Falana works full-time at Athletic Apparel and receives $1,000 each month; Carlos was originally hired to work full-time at Sports Supplies, but now works 60% of the time at Athletic Apparel and 40% of the time at Sports Supplies and receives $1,200 each month; Ana
works full-time at Sports Supplies and receives $1,100 each month. To compute departmental operating income, how much salary expense would Sheila record? a. $3,300 for World of Sports b. $1,580 for Athletic Apparel; $1,720 for Sports Supplies c. $1,720 for Athletic Apparel; $1,580 for Sports Supplies d. $2,200 for Athletic Apparel; $1,100 for Sports Supplies