Homework Answers
| Calculation of composite life for these assets | |||||
| Machine | Cost (1) | Salvage(2) | Depreciable cost (1)-(2) | life | Depreciation |
| X | 620000 | 46000 | 574000 | 14 | 41000 |
| Y | 750000 | 62000 | 688000 | 10 | 68800 |
| Z | 380000 | 86000 | 294000 | 6 | 49000 |
| TOTAL | 1750000 | 194000 | 1556000 | 158800 | |
| Composite life = Total depreciable cost/depreciation | |||||
| Composite life = 1556000/158800 = 9.8 | |||||
| Option 9.8 is Correct | |||||
Add Answer to:
A schedule of machinery owned by Sheridan Company is presented below: Estimated Estimated Machine X Machine...
1.Equipment that cost $674000 and has accumulated depreciation of $292000 is exchanged for equipment with a...
1.Equipment that cost $674000 and has accumulated depreciation of $292000 is exchanged for equipment with a fair value of $480000 and $120000 cash is received. The exchange lacked commercial substance. The gain to be recognized from the exchange is a.$188000 b.$52400 c.$90000 d.$278000 2. Crane Company has equipment with a carrying amount of $2400000. The expected future net cash flows from the equipment are $2440000, and its fair value is $2035000. The equipment is expected to be used in operations...
[Fact Pattern #3] Nella Corporation, which computes depreciation to the nearest whole month, placed a new...
[Fact Pattern #3] Nella Corporation, which computes depreciation to the nearest whole month, placed a new piece of equipment in operation on July 1, Year 1. It was expected to produce 400,000 units of product in its estimated useful life of 8 years. Total cost was $300,000; salvage value was estimated to be $30,000. Nella employs a calendar year for financial reporting purposes. Actual production for the past 3 years was as follows: Year 1 -- 34,000 units Year 2...
Question 6 of 9 -/1 Presented below is information related to Sheridan Manufacturing Corporation. Estimated Salvage...
Question 6 of 9 -/1 Presented below is information related to Sheridan Manufacturing Corporation. Estimated Salvage Estimated Life (in years) Asset Cost А $44,700 $5,500 10 B 33,700 4,900 9 36,300 С 3,000 ON D 18.400 1,600 7 E 23,400 2,700 6 Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (Round answer to 2 decimal place, e.g. 4.83%.) Composite rate Question 6 of 9 Prepare the adjusting entry necessary at...
Presented below is information related to copyrights owned by Sheridan Company at December 31, 2020. Cost...
Presented below is information related to copyrights owned by
Sheridan Company at December 31, 2020.
Cost
$8,640,000
Carrying amount
4,270,000
Expected future net cash flows
3,940,000
Fair value
3,360,000
Assume that Sheridan Company will continue to use this copyright in
the future. As of December 31, 2020, the copyright is estimated to
have a remaining useful life of 10 years.
(a)
Prepare the journal entry to record the impairment of the asset at
December 31, 2020. The company does not...
Presented below are the selected transactions at X company for 2017 Jan 1. Retired a piece of machinery that was purchas...
Presented below are the selected transactions at X company for 2017 Jan 1. Retired a piece of machinery that was purchased on January 1, 2007. The machine costs $75,000 on that date. It had a useful life of 10 years with no salvage value June 30. Sold a computer that was purchased on Jan 1, 2014. The computer cost $30,000. It had a useful life of 5 years with no salvage value. The computer was sold for $10,500 Dec 31....
CASE 1-5 Financial Statement Ratio Computation Refer to Campbell Soup Company's financial Campbell Soup statements in...
CASE 1-5 Financial Statement Ratio Computation Refer to Campbell Soup Company's financial Campbell Soup statements in Appendix A. Required: Compute the following ratios for Year 11. Liquidity ratios: Asset utilization ratios:* a. Current ratio n. Cash turnover b. Acid-test ratio 0. Accounts receivable turnover c. Days to sell inventory p. Inventory turnover d. Collection period 4. Working capital turnover Capital structure and solvency ratios: 1. Fixed assets turnover e. Total debt to total equity s. Total assets turnover f. Long-term...
[Fact Pattern #3] Nella Corporation, which computes depreciation to the nearest whole month, placed a new piece of equipment in operation on July 1, Year 1. It was expected to produce 400,000 units of product in its estimated useful life of 8 years. Total cost was $300,000; salvage value was estimated to be $30,000. Nella employs a calendar year for financial reporting purposes. Actual production for the past 3 years was as follows: Year 1 -- 34,000 units Year 2...
Question 6 of 9 -/1 Presented below is information related to Sheridan Manufacturing Corporation. Estimated Salvage Estimated Life (in years) Asset Cost А $44,700 $5,500 10 B 33,700 4,900 9 36,300 С 3,000 ON D 18.400 1,600 7 E 23,400 2,700 6 Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (Round answer to 2 decimal place, e.g. 4.83%.) Composite rate Question 6 of 9 Prepare the adjusting entry necessary at...
Presented below is information related to copyrights owned by
Sheridan Company at December 31, 2020.
Cost
$8,640,000
Carrying amount
4,270,000
Expected future net cash flows
3,940,000
Fair value
3,360,000
Assume that Sheridan Company will continue to use this copyright in
the future. As of December 31, 2020, the copyright is estimated to
have a remaining useful life of 10 years.
(a)
Prepare the journal entry to record the impairment of the asset at
December 31, 2020. The company does not...
CASE 1-5 Financial Statement Ratio Computation Refer to Campbell Soup Company's financial Campbell Soup statements in Appendix A. Required: Compute the following ratios for Year 11. Liquidity ratios: Asset utilization ratios:* a. Current ratio n. Cash turnover b. Acid-test ratio 0. Accounts receivable turnover c. Days to sell inventory p. Inventory turnover d. Collection period 4. Working capital turnover Capital structure and solvency ratios: 1. Fixed assets turnover e. Total debt to total equity s. Total assets turnover f. Long-term...
Most questions answered within 3 hours.
-
Why PWM using H-bridge for control motor speed is more power
effiecient than the linear amplifier...
asked 12 minutes ago -
In 1999, Carly Fiorina famously said,"I hope that we are at a
point that everyone is...
asked 15 minutes ago -
Individuals in a species of moth vary in wing color from white to
black, but all...
asked 28 minutes ago -
The following standards for variable manufacturing overhead have
been established for a company that makes only...
asked 39 minutes ago -
The United States government wanted to determine what proportion
of Americans approve of the current president,...
asked 54 minutes ago -
2-N stone is dropped from the top of a cliff. The stone hits the
ground 3...
asked 54 minutes ago -
Vitamins participate in metabolic reactions in their coenzyme
forms . Match the following reactions to the respective...
asked 56 minutes ago -
We have developed a new mobile device and wish to gain insight
into the price that...
asked 1 hour ago -
12.8 ml of a solution is run into an empty flask, from a buret.
The mass...
asked 1 hour ago -
Using java:
Use the following starter code:
public class HandsOn01 {
public //// insert your code...
asked 1 hour ago -
Two speakers are placed along a wall 3 m apart. They are in
phase and emitting...
asked 1 hour ago -
Determine the magnitude of the complex number z = 3 – j * 4
using the...
asked 1 hour ago