Excel functions and tools used:
SLN function ROUND function Page Layout
VDB function Cell referencing
IF function Formatting
Some good friends of yours just opened ABC Company, a small home business, on 1/1/19. They’re using QuickBooks to track their transactions. They have a calendar year end.
They bought a computer, a printer and a used Camry. They also purchased a cargo box for the Camry so they could carry tools to the job site. (The cargo box is permanently attached to the vehicle.) These assets are only being used in the business (no personal use). They would like you to help them with the depreciation calculations. They’ve given you the following information
Asset |
Date placed in service |
Cost |
Expected service life (in years) |
Expected salvage value |
Computer |
1/1 |
$2,235 |
3 |
$0 |
LaserJet Copier/Printer |
1/1 |
2,110 |
5 |
$0 |
2011 Camry |
1/1 |
$16,965 |
4 |
$1,500 |
Cargo Box for the Camry |
1/1 |
$595 |
4 |
$200 |
Required:
Choose one
Option A: On a separate worksheet, determine DDB depreciation for the Camry assuming it was placed in service on 2/1. Use the VDB function. (Ignore the cargo box.)
Option B: On a separate worksheet, prepare an amortization schedule assuming they put 10% down on the Camry and financed the balance over two years (monthly payments) at an annual interest rate of 5%.
we choose option A to solve this problem
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