Homework Answers
Solution
Entry for depreciation
| Date | Accounts title | Debit | Credit |
| Dec 31 | Depreciation expense | $ 6,000 | |
| Accumulated Depreciation | $ 6,000 | ||
| (Depreciation expense recorded) |
Working
| Straight line Method | ||
| A | Cost | $ 32,500 |
| B | Residual Value | $ 2,500 |
| C=A - B | Depreciable base | $ 30,000 |
| D | Life [in years left ] | 5 |
| E=C/D | Annual SLM depreciation | $ 6,000.00 |
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directions say "If Henderson had not recorded the adjusting
entries, indicate which specific category of accounts on the
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overstated or understated. Begin by completing the table for
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laser cutting machine to be used in the fabrication of a part for
one of its key products. the machine cost $120,000 and its
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Fishing Guides Co. used straight-line depreciation for a boat that cost $13,550, had a salvage value of $2,600 and a six-year useful life. After depreciating the asset for three complete years, the salvage value was reduced to $1,355 but its total useful life remained the same. Determine the amount of depreciation to be charged against the equipment during each of the remaining years of its useful life:
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The
directions say "If Henderson had not recorded the adjusting
entries, indicate which specific category of accounts on the
financial statements would be misstated and if the misstatement is
overstated or understated. Begin by completing the table for
adjustment a and then transactions b through e."
Head the requirements To record revenue that was collected in advance ox Requet. Henderson had recorded the which speciwgory of accounts on the brand tem b a nd i Begin by completing the table...
Depreciation Methods - on January 2,2018, skyler, Inc. purchased a
laser cutting machine to be used in the fabrication of a part for
one of its key products. the machine cost $120,000 and its
estimated useful life was four years or 920,000 cuttings, after
which it could be sold for $5,000.
Cambridge Business Publishers Chapter 9 Accounting for Long-lived and Intangible Asses 451 Required Calculate each year's depreciation expense for the period 2018-2021 under each of the following depreciation methods:...
Depreciation Methods On January 2, 2015, Roth, Inc. purchased a laser cutting machine to be used in the fabrication of a part for one of its key products. The machine cost $125,000, and its estimated useful life was four years or 1,200,000 cuttings, after which it could be sold for $5,000. Required a. Calculate each year's depreciation expense for the machine's useful life under each of the following depreciation methods (round all answers to the nearest dollar): 1. Straight-line. 2....
Depreciation Methods On January 2, 2015, Roth, Inc. purchased a laser cutting machine to be used in the fabrication of a part for one of its key products. The machine cost $100,000, and its estimated useful life was four years or 950,000 cuttings, after which it could be sold for $5,000. Required a. Calculate each year's depreciation expense for the machine's useful life under each of the following depreciation methods (round all answers to the nearest dollar): 1. Straight-line. 2....
2) Depreciation On January 1, 2018, Phil's Airline purchased a used airplane at a cost of $63,000,000. Boston Airline expects the plane to remain useful for nine years (6.000.000 miles) and to have a residual value of $4,000,000. Boston Airline expects the plane to be flown 1,100,000 miles to be flown 1.100,000 miles the first year and 1,500,000 miles the second year. Requirements Compute first and second-year (2019) depreciation expense on the plane using the following methods: a. Straight-line b....
Sunland Company purchased a hot tub for $11,210 on January 1, 2016. Straight-line depreciation is used, based on a 6-year life and a $1,790 salvage value. In 2018, the estimates are revised. Sunland now feels the hot tub will be used until December 31, 2020, when it can be sold for $840. Compute the 2018 depreciation. Depreciation expense, 2018
Straight-Line and Units-of-Production Methods Assume that Sample Company purchased factory equipment on January 1, 2016, for $35,000. The equipment has an estimated life of five years and an estimated residual value of $3,500. Sample's accountant is considering whether to use the straight-line or the units-of-production method to depreciate the asset. Because the company is beginning a new production process, the equipment will be used to produce 10,000 units in 2016, but production subsequent to 2016 will increase by 10,000 units...
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