Homework Answers
| Book Value Of Equipment = Cost - Accumulated Depreciation | |||||||
| =$68000-$9000 | |||||||
| =$59000 | |||||||
| Revised Annual Depreciation = (Book Value - Salvage Value / Revised Life | |||||||
| = (59000-3200)/5 | |||||||
| =$11160 | |||||||
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Question 6 --/1 View Policies Current Attempt in Progress On January 1, 2020, the Flint Company...
Question 3 View Policies Current Attempt in Progress Flint Company acquires a delivery truck at a...
Question 3 View Policies Current Attempt in Progress Flint Company acquires a delivery truck at a cost of $48,000. The truck is expected to have a salvage value of $11,000 at the end of its 10-year useful life. Compute annual depreciation expense for the first and second years using the straight-line method. Year 1 Year 2 Annual depreciation expense $
Question 5 1.6/2. View Policies Show Attempt History Current Attempt in Progress On July 1, 2019,...
Question 5 1.6/2. View Policies Show Attempt History Current Attempt in Progress On July 1, 2019, Sheridan Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Compute the balance in Accumulated Depreciation- Equipment for this equipment after depreciation expense has been recorded on December 31, 2022. ulated Depreciation-Equipment...
Question 15 --/1 View Policies Current Attempt in Progress On January 1, 2018, SantoCompany purchased a...
Question 15 --/1 View Policies Current Attempt in Progress On January 1, 2018, SantoCompany purchased a computer system for $30,500. The system had an estimated useful life of 5 years and no salvage value. At January 1, 2020, the company revised the remaining useful life to two years. What amount of depreciation will be recorded for 2020 and 2021? Depreciation expense for 2016 $ Depreciation expense for 2017 $
Brief Exercise 9-6 On January 1, 2017, the Wildhorse Co. ledger shows Equipment $51,700 and Accumulated...
Brief Exercise 9-6 On January 1, 2017, the Wildhorse Co. ledger shows Equipment $51,700 and Accumulated Depreciation $19,800. The depreciation resulted from using the straight-line method with a useful life of 10 years and a salvage value of $2,200. On this date, the company concludes that the equipment has a remaining useful life of only 4 years with the same salvage value. Compute the revised annual depreciation. The revised annual depreciation $ Click if you would like to Show Work...
Compute the revised annual depreciation.
On January 1, 2015, the Morgantown Company ledger shows Equipment $61,700 and Accumulated Depreciation―Equipment $9,980. The depreciation resulted from using the straight-line method with a useful life of 12 years and salvage value of $2,400. On this date, the company concludes that the equipment has a remaining useful life of only 5 years with the same salvage value.Compute the revised annual depreciation.Revised annual depreciation$
Question 5 0.8/2 View Policies Show Attempt History Current Attempt in Progress On July 1, 2019,...
Question 5 0.8/2 View Policies Show Attempt History Current Attempt in Progress On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. ✓ Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented...
ief Exercise 9-6 January 1, 2017, the Crane Company ledger shows Equipment $36,500 and Accumulated Depreciation...
ief Exercise 9-6 January 1, 2017, the Crane Company ledger shows Equipment $36,500 and Accumulated Depreciation $13,480. The depreciation resulted from using the ethod with a useful life of 10 years and a salvage value of $2,800. On this date, the company concludes that the equipment has a remaining useful life of a ith the same salvage value. compute the revised annual depreciation. The revised annual depreciation Click if you would like to Show Work for this question: Open Show...
--/1 Question 7 View Policies Current Attempt in Progress Victor Mineli, the new controller of Oriole...
--/1 Question 7 View Policies Current Attempt in Progress Victor Mineli, the new controller of Oriole Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Useful Life (in years) Salvage Value Type of Asset Accumulated Depreciation, Jan. 1, 2022 $183,700 23,960 Date Acquired Cost Jan. 1, 2014 $975,500 Jan 1, 2017 125,000 Building Old 40 25 Proposed 58 20 Old $57,000 5,200 Proposed $35,300 4,890 Warehouse...
Question 7 --/24 View Policies Current Attempt in Progress On January 1, 2016, Sheridan Corporation acquired...
Question 7 --/24 View Policies Current Attempt in Progress On January 1, 2016, Sheridan Corporation acquired equipment costing $72,320. It was estimated at that time that the equipment would have a useful life of eight years and no residual value. The company uses the straight-line method of depreciation for its equipment, and its year end is December 31. (a) Calculate the equipment's accumulated depreciation and carrying amount at the beginning of 2018. Equipment's accumulated depreciation $ Carrying amount tA
0.25/1 Question 1 View Policies Show Attempt History Current Attempt in Progress Victor Minell, the new...
0.25/1 Question 1 View Policies Show Attempt History Current Attempt in Progress Victor Minell, the new controller of Pharoah Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Useful Life (in years) Salvage Value Old Proposed Old Type of Date Asset Acquired Cost Building Jan 1, 2014 $800,500 Warehouse Jan 1, 2017 117,000 Accumulated Depreciation, Jan. 1,2022 $147,300 22,440 Proposed $35,800 $64,000 40 25 4,800 4,560...
Question 3 View Policies Current Attempt in Progress Flint Company acquires a delivery truck at a cost of $48,000. The truck is expected to have a salvage value of $11,000 at the end of its 10-year useful life. Compute annual depreciation expense for the first and second years using the straight-line method. Year 1 Year 2 Annual depreciation expense $
Question 5 1.6/2. View Policies Show Attempt History Current Attempt in Progress On July 1, 2019, Sheridan Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Compute the balance in Accumulated Depreciation- Equipment for this equipment after depreciation expense has been recorded on December 31, 2022. ulated Depreciation-Equipment...
Question 15 --/1 View Policies Current Attempt in Progress On January 1, 2018, SantoCompany purchased a computer system for $30,500. The system had an estimated useful life of 5 years and no salvage value. At January 1, 2020, the company revised the remaining useful life to two years. What amount of depreciation will be recorded for 2020 and 2021? Depreciation expense for 2016 $ Depreciation expense for 2017 $
Brief Exercise 9-6 On January 1, 2017, the Wildhorse Co. ledger shows Equipment $51,700 and Accumulated Depreciation $19,800. The depreciation resulted from using the straight-line method with a useful life of 10 years and a salvage value of $2,200. On this date, the company concludes that the equipment has a remaining useful life of only 4 years with the same salvage value. Compute the revised annual depreciation. The revised annual depreciation $ Click if you would like to Show Work...
Question 5 0.8/2 View Policies Show Attempt History Current Attempt in Progress On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. ✓ Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented...
ief Exercise 9-6 January 1, 2017, the Crane Company ledger shows Equipment $36,500 and Accumulated Depreciation $13,480. The depreciation resulted from using the ethod with a useful life of 10 years and a salvage value of $2,800. On this date, the company concludes that the equipment has a remaining useful life of a ith the same salvage value. compute the revised annual depreciation. The revised annual depreciation Click if you would like to Show Work for this question: Open Show...
--/1 Question 7 View Policies Current Attempt in Progress Victor Mineli, the new controller of Oriole Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Useful Life (in years) Salvage Value Type of Asset Accumulated Depreciation, Jan. 1, 2022 $183,700 23,960 Date Acquired Cost Jan. 1, 2014 $975,500 Jan 1, 2017 125,000 Building Old 40 25 Proposed 58 20 Old $57,000 5,200 Proposed $35,300 4,890 Warehouse...
Question 7 --/24 View Policies Current Attempt in Progress On January 1, 2016, Sheridan Corporation acquired equipment costing $72,320. It was estimated at that time that the equipment would have a useful life of eight years and no residual value. The company uses the straight-line method of depreciation for its equipment, and its year end is December 31. (a) Calculate the equipment's accumulated depreciation and carrying amount at the beginning of 2018. Equipment's accumulated depreciation $ Carrying amount tA
0.25/1 Question 1 View Policies Show Attempt History Current Attempt in Progress Victor Minell, the new controller of Pharoah Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Useful Life (in years) Salvage Value Old Proposed Old Type of Date Asset Acquired Cost Building Jan 1, 2014 $800,500 Warehouse Jan 1, 2017 117,000 Accumulated Depreciation, Jan. 1,2022 $147,300 22,440 Proposed $35,800 $64,000 40 25 4,800 4,560...
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