Homework Answers
Solution towards the highlighted Depreciation tables are:
| A) Straight line dep. Table: | Notes: | ||||||
| Truck | |||||||
| Year | Depr % | Depr Exp. | Accum. Dep. | Book Value | Date of purchase | 0 | |
| Purchase | 13000 | Life | 5 | ||||
| 1 | 20% | 2400 | 2400 | 10600 | Dep rate % | 20% | |
| 2 | 20% | 2400 | 4800 | 8200 | Cost | 13000 | |
| 3 | 20% | 2400 | 7200 | 5800 | Salvage Value | 1000 | |
| 4 | 20% | 2400 | 9600 | 3400 | Depreciable Cost | 2400 | |
| 5 | 20% | 2400 | 12000 | 1000 | |||
| B) Double Declining dep. Table: | Notes: | ||||||
| Truck | |||||||
| Year | Depr % | Depr Exp. | Accum. Dep. | Book Value | Date of purchase | 0 | |
| Purchase | 13000 | Life | 5 | ||||
| 1 | 40% | 5200 | 5200 | 7800 | Dep rate % | 40% | |
| 2 | 40% | 3120 | 8320 | 4680 | Cost | 13000 | |
| 3 | 40% | 1872 | 10192 | 2808 | Salvage Value | 1000 | |
| 4 | 40% | 1123.2 | 11315.2 | 1684.8 | Depreciable Cost: | ||
| 5 | 40% | 673.92 | 11989.12 | 1010.88 | 1st year | 5200 | |
| C) Units of Activity dep. Table: | Notes: | ||||||
| Truck | |||||||
| Year | Depr | Depr Exp. | Accum. Dep. | Book Value | Date of purchase | 0 | |
| Purchase | 13000 | Life | 5 | ||||
| 1 | 12000/125000 | 1152 | 1152 | 11848 | Dep rate % | as per production | |
| 2 | 18000/125000 | 1728 | 2880 | 10120 | Cost | 13000 | |
| 3 | 21000/125000 | 2016 | 4896 | 8104 | Salvage Value | 1000 | |
| 4 | 14000/125000 | 1344 | 6240 | 6760 | total production | 125000 | |
| 5 | 60000/125000 | 5760 | 12000 | 1000 | Depreciable Cost | 1152 | |
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Depreciation Schedules Barb's Florists Name: Units Table $ SI Purchased new truck Jan 1, 2012 Sold...
Depreciation Schedules Barb's Florists Name: Cost Expected salvage value Estimated useful life in years Estimated useful...
Depreciation Schedules Barb's Florists Name: Cost Expected salvage value Estimated useful life in years Estimated useful life in miles $13.000 $1.000 Purchased new truck Jan 1, 2012 Sold Dec 31, 2013 for $7,500 100 Complete A, B, C, D Intro thru SL Depr 8 min >> A. Prepare the straight line depreciation table. Straight-line Year Depr% Deprec Exp Purchase Notes calculations Truck Date of Purchase Accum Book Value Depreciation Rate Cost Salvage Value Depeche Cost 1st year Months Date of...
Prepare the depreciation tables for A. Straight Line, B. Double Declining Balance, and C. Units of...
Prepare the depreciation tables for A. Straight Line, B. Double
Declining Balance, and C. Units of Activity.
Next Journalize the purchase of the truck, the first year's
depreciation expense, and the disposal of the
truck. (including explanations)
Here's the data:
Purchased on January 1, 2012 for $13,000. Has an
estimated residual value of $1,000.
Useful life of 5 years or 100,000 miles.
Sold on December 31st, 2013
100 Depr Scheds Barb's Florists Solution with JE thru Disposal and T accounts XX...
Exercise: 4 Cost The following data for a small delivery truck purchased by Barb's Florists on...
Exercise: 4 Cost The following data for a small delivery truck purchased by Barb's Florists on January 1, 2005. $13,000. Expected salvage value $1000. Estimated useful life(years) Estimated useful life(miles) 100,000 Miles driven: Y1 15,000 miles, Y2 30,000 miles, Y3 20,000 miles, Y4 25,000, Y5 10,000 Instructions: Calculate depreciation expenses for first year, and prepare the depreciation schedule for the estimated useful life using units of activity method. Depreciation schedule: Annual = depreciation Accumulated depreciation **Book value = Year Units...
Depreciation Handout Flextronics Corporation bought a truck on January 1, 2012 for $35,000, Management has estimated...
Depreciation Handout Flextronics Corporation bought a truck on January 1, 2012 for $35,000, Management has estimated that equipment will have a useful life of five years or 120,000 miles. At the end of five years, management believes the truck will be worth $3,000. The actual mileage the truck was driven is as follows: 2012 2013 2014 2015 2016 50,000 miles 40,000 miles 20,000 miles 3,000 miles 9,000 miles Straight line Depreciation Cost - Residual Value (Depreciable Cost) Years Year Depreciation...
Double Declining Balance Depreciation A small delivery truck was purchased on January 1 at a cost...
Double Declining Balance Depreciation A small delivery truck was purchased on January 1 at a cost of $25,000. It has an estimated useful life of four years and an estimated salvage value of $5,000. Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the Double Declining balance method Accum. depr. end of Yr. 2:$18,750
Pronghorn Company purchased a delivery truck for $26,000 on January 1, 2020. The truck has an...
Pronghorn Company purchased a delivery truck for $26,000 on January 1, 2020. The truck has an expected salvage value of $1,280, and is expected to be driven 103,000 miles over its estimated useful life of 10 years. Actual miles driven were 12,700 in 2020 and 10,200 in 2021. a. Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense $ per mile b. Compute depreciation expense for 2020 and 2021 using (1)...
E9.7 (LO 2) Linton Company purchased a delivery truck for $34,000 on January 1, 2020. The...
E9.7 (LO 2) Linton Company purchased a delivery truck for $34,000 on January 1, 2020. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2020 and 12,000 in 2021. Compute depreciation using different methods. Instructions . Compute depreciation expense for 2020 and 2021 using (1) the straight-line method, (2) the units- of-activity method, and (3) the double-declining-balance method....
Flint Company purchased a delivery truck for $29,000 on January 1, 2020. The truck has an...
Flint Company purchased a delivery truck for $29,000 on January
1, 2020. The truck has an expected salvage value of $2,740, and is
expected to be driven 101,000 miles over its estimated useful life
of 10 years. Actual miles driven were 16,600 in 2020 and 13,100 in
2021.
Calculate depreciation expense per mile under units-of-activity
method. (Round answer to 2 decimal places, e.g.
0.50.)
Depreciation expense
$
per mile
Compute depreciation expense for 2020 and 2021 using (1) the
straight-line...
Handout 8: Accounting for Plant assets Exercise 1: On March 1, 2008, Penner Company acquired real...
Handout 8: Accounting for Plant assets Exercise 1: On March 1, 2008, Penner Company acquired real estate on which it planned to construct a small office building. The company paid $80,000 in cash. An old warehouse on the property was razed at a cost of $8,600; the salvaged materials were sold for $1,700. Additional expenditures before construction began included $1,100 attorney's fee for work concerning the land purchase, $5,000 real estate broker's fee, $7,800 architect's fee. Land price 8,600 Instruction:...
Concord Corporation purchased a delivery truck for $36,800 on January 1, 2020. The truck has an...
Concord Corporation purchased a delivery truck for $36,800 on January 1, 2020. The truck has an expected salvage value of $1,800, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 13,500 in 2020 and 13,000 in 2021. Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense $ per mile e Textbook and Media List of Accounts Compute depreciation expense for...
Depreciation Schedules Barb's Florists Name: Cost Expected salvage value Estimated useful life in years Estimated useful life in miles $13.000 $1.000 Purchased new truck Jan 1, 2012 Sold Dec 31, 2013 for $7,500 100 Complete A, B, C, D Intro thru SL Depr 8 min >> A. Prepare the straight line depreciation table. Straight-line Year Depr% Deprec Exp Purchase Notes calculations Truck Date of Purchase Accum Book Value Depreciation Rate Cost Salvage Value Depeche Cost 1st year Months Date of...
Prepare the depreciation tables for A. Straight Line, B. Double
Declining Balance, and C. Units of Activity.
Next Journalize the purchase of the truck, the first year's
depreciation expense, and the disposal of the
truck. (including explanations)
Here's the data:
Purchased on January 1, 2012 for $13,000. Has an
estimated residual value of $1,000.
Useful life of 5 years or 100,000 miles.
Sold on December 31st, 2013
100 Depr Scheds Barb's Florists Solution with JE thru Disposal and T accounts XX...
Exercise: 4 Cost The following data for a small delivery truck purchased by Barb's Florists on January 1, 2005. $13,000. Expected salvage value $1000. Estimated useful life(years) Estimated useful life(miles) 100,000 Miles driven: Y1 15,000 miles, Y2 30,000 miles, Y3 20,000 miles, Y4 25,000, Y5 10,000 Instructions: Calculate depreciation expenses for first year, and prepare the depreciation schedule for the estimated useful life using units of activity method. Depreciation schedule: Annual = depreciation Accumulated depreciation **Book value = Year Units...
Depreciation Handout Flextronics Corporation bought a truck on January 1, 2012 for $35,000, Management has estimated that equipment will have a useful life of five years or 120,000 miles. At the end of five years, management believes the truck will be worth $3,000. The actual mileage the truck was driven is as follows: 2012 2013 2014 2015 2016 50,000 miles 40,000 miles 20,000 miles 3,000 miles 9,000 miles Straight line Depreciation Cost - Residual Value (Depreciable Cost) Years Year Depreciation...
E9.7 (LO 2) Linton Company purchased a delivery truck for $34,000 on January 1, 2020. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2020 and 12,000 in 2021. Compute depreciation using different methods. Instructions . Compute depreciation expense for 2020 and 2021 using (1) the straight-line method, (2) the units- of-activity method, and (3) the double-declining-balance method....
Flint Company purchased a delivery truck for $29,000 on January
1, 2020. The truck has an expected salvage value of $2,740, and is
expected to be driven 101,000 miles over its estimated useful life
of 10 years. Actual miles driven were 16,600 in 2020 and 13,100 in
2021.
Calculate depreciation expense per mile under units-of-activity
method. (Round answer to 2 decimal places, e.g.
0.50.)
Depreciation expense
$
per mile
Compute depreciation expense for 2020 and 2021 using (1) the
straight-line...
Handout 8: Accounting for Plant assets Exercise 1: On March 1, 2008, Penner Company acquired real estate on which it planned to construct a small office building. The company paid $80,000 in cash. An old warehouse on the property was razed at a cost of $8,600; the salvaged materials were sold for $1,700. Additional expenditures before construction began included $1,100 attorney's fee for work concerning the land purchase, $5,000 real estate broker's fee, $7,800 architect's fee. Land price 8,600 Instruction:...
Concord Corporation purchased a delivery truck for $36,800 on January 1, 2020. The truck has an expected salvage value of $1,800, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 13,500 in 2020 and 13,000 in 2021. Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense $ per mile e Textbook and Media List of Accounts Compute depreciation expense for...
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