On October 1, 2015, Ming Wo Ltd

question 67

Multiple Choice

On October 1, 2015, Ming Wo Ltd.places a new asset into service.The cost of the asset is $16,000 with an estimated 5-year life and $4,000 residual value.If Ming Wo uses straight-line depreciation, the depreciation expense for the year ended January 31, 2016 is

• A)$ 600.
• B)$ 800.
• C)$1,067.
• D)$2,400.

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Definitions:

Arbitration

A method of dispute resolution where a neutral third party, the arbitrator, makes a binding decision to resolve a conflict.

Process Control

The practice of monitoring and adjusting processes to ensure they meet desired outcomes efficiently and effectively.

Major Concessions

Significant compromises or allowances made during negotiations to reach an agreement.

Negotiations

The process where two or more parties discuss an issue to reach a mutually acceptable agreement or resolution.