Use the Following Information for Questions

question 116

Multiple Choice

Use the following information for questions
On January 1, 2022, Anvil Corp.purchased equipment for $60,000.It was expected to last 5 years, after which it will be sold for $5,000.It is expected to be used for a total of 10,000 machine hours, and was used for 750 hours during the year ended December 31, 2022.
-The depreciation expense for 2022 using the double diminishing-balance method will be

• A)$11,000.
• B)$12,250.
• C)$12,000.
• D)$24,000.

Explain how theories of attitude commitment influence consumer-brand relationships.

Discuss the strategic use of emotional appeal in advertising to influence consumer attitudes.

Understand the concept of cognitive dissonance and its implications in consumer behavior.

Recognize the applicability of balance theory in understanding consumer attitudes and behaviors.

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Definitions:

Merchandise Purchases

Transactions involving the buying of goods intended for sale, usually in a retail or wholesale context.

Ending Merchandise Inventory

The value of goods available for sale at the end of an accounting period, before any year-end adjustments.

Accrued Salaries Expense

Refers to the salaries that have been incurred by the business but have not yet been paid or recorded in the financial statements.

Completed-Contract Method

An accounting method used where revenue and profit are deferred until a contract is completed, particularly useful in long-term projects.