The Following Information Is Available from Sheldon Corp $\text { Information from the Balance Sheet: }$

question 27

Short Answer

The following information is available from Sheldon Corp.:
$\text { Information from the Balance Sheet: }$

$\begin{array}{llll}&2012&2011\\\text { Depreciable Assets } & \$ 2,458,600 & \$ 1,985,400 \\\text { Accumulated Depreciation } &\underline{ (1,350,700)} & \underline{(1,046,000 )}\\\text { Depreciable Assets(Net) } & \$ 1,107,900 & \$ 939,400\end{array}$ $\begin{array}{llcc} \text {From the Income Statement } & 2012 \\ \text { Depreciation Expense } &\$384,500\\\end{array}$
Use the information above to calculate the following:
a. Average age of the depreciable assets
b. Average remaining useful life of the depreciable assets

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Definitions:

Revenues

The total income produced by a company from its activities, before any expenses are subtracted.

Long-run Supply Curve

A graphical representation that shows the relationship between the price of a good and the quantity supplied over a period long enough for producers to adjust all of their inputs.

Short-run Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity supplied over a short period, holding some inputs fixed.

Elastic

Describes a situation where the quantity demanded or supplied of a good or service is sensitive to changes in price.