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For each of the...
For each of the following depreciable assets, determine the missing amount. Abbreviations for depreciation methods are...
For each of the following depreciable assets, determine the missing amount. Abbreviations for depreciation methods are SL for straight line, SYD for sum-of-the-years' digits, and DDB for double-declining balance. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Asset Cost Residual Value $ 32,000 41,000 89,000 254,000 212,000 Service Life Depreciation Depreciation (Years) Method (Year 2) DDB $ 39,000 SYD 7,000 SL 5.000 10 23,200 8 150% DB 9,000 22.000 32,000
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! On March 31, 2021,...
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On March 31, 2021, Susquehanna Insurance purchased an office building for $12,300,000. Based on their relative falr values, one-third of the purchase price was allocated to the land and two-thirds to the building. Furniture and fixtures were purchased separately from office equipment on the same date for $1,210,000 and $710,000, respectively. The company uses the straight-line method to depreciate its buildings and the double-declining-balance method to depreciate all...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! Required information The following...
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Required information The following information apples to the questlons displayed below] On October 1, 2021, the Allegheny Corporation purchased equlpment for $314,000. The estimated service life of the equipment is 10 years and the estimated residual value Is $6,000. The equlpment is expected to produce 550,000 unlts during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreclation Is calculated based...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! Required Information The following...
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Required Information The following Information applies to the questlons displayed below] On January 1, 2021, the Allegheny Corporation purchased equipment for $151,000. The estimated service life of the equlpment is 10 years and the estimated residual value Is $8,000. The equlpment is expected to produce 232,000 units during Its life. Requlred: Calculate depreciation for 2021 and 2022 using each of the following methods 1. Sum-of-the-years-digits (Do not round...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! Howarth Manufacturing Company purchased...
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Howarth Manufacturing Company purchased equlpment on June 30, 2017, at a cost of $165,000. The residual value of the equlpment was estimated to be $15,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $50,000. Howarth uses the stralght-line depreclation method for all of its plant and equipment. Partlal-year depreclation is calculated based on the number of months the asset is...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! In 2021, the internal...
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In 2021, the internal auditors of Development Technologies, Inc., discovered that a $4.2 million purchase of merchandise in 2021 was recorded in 2020 instead. The physical inventory count at the end of 2020 was correct. Assume the company uses a periodic inventory system Required: Prepare the journal entry needed in 2021 to correct the error. (lgnore income taxes.) (Enter your answers in millions rounded to 1 decimal place...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! Campbell Corporation uses the...
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Campbell Corporation uses the retail method to value Its inventory. The following information is available for the year 2021: Retail $289,000 912,000 Cost Merchandise inventory, January 1, 2021 $280,000 687,000 17,000 Purchases Freight-in Net markups 29,000 4,900 890,000 Net markdowns Net sales Required: Determine the December 31, 2021, inventory by applying the conventional retall method using the information provided. Cost-to-Retail Cost Retail Ratio Beginning inventory Plus: Purchases Freight-in...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! Canova Corporation adopted the...
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Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the Inventory on hand was $12,000 and its retall value was $16,000. Information for 2021 and 2022 is as follows: Date 12/31/2021 12/31/2022 Ending Inventory at Retail $26,80 $36, eee Retail Price Index 1.30 1.60 Cost-to-Retail Percentage 78% 81% Required: 1. What is the cost-to-retail percentage for the Inventory on...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! San Lorenzo General Store...
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San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are avallable for the month of October 2021: Retail Cost Beginning inventory Net purchases Net markups $39,000 17,290 $54,000 32,000 1,600 1,000 36,000 Net markdowns Net sales Required: Complete the table below to estimate the average cost of ending inventory and cost...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! The inventory of Royal Decking consisted of five product...
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The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory is as follows: Per Unit Selling Price S 77 Replacement Cost 52 Product Cost 57 A В 97 87 117 C 57 72 97 D 117 87 147 45 E 37 47 Selling costs consist of a sales commission equal to 15% of selling price and shipping costs equal to 5% of...
For each of the following depreciable assets, determine the missing amount. Abbreviations for depreciation methods are SL for straight line, SYD for sum-of-the-years' digits, and DDB for double-declining balance. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Asset Cost Residual Value $ 32,000 41,000 89,000 254,000 212,000 Service Life Depreciation Depreciation (Years) Method (Year 2) DDB $ 39,000 SYD 7,000 SL 5.000 10 23,200 8 150% DB 9,000 22.000 32,000
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
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On March 31, 2021, Susquehanna Insurance purchased an office building for $12,300,000. Based on their relative falr values, one-third of the purchase price was allocated to the land and two-thirds to the building. Furniture and fixtures were purchased separately from office equipment on the same date for $1,210,000 and $710,000, respectively. The company uses the straight-line method to depreciate its buildings and the double-declining-balance method to depreciate all...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Required information The following information apples to the questlons displayed below] On October 1, 2021, the Allegheny Corporation purchased equlpment for $314,000. The estimated service life of the equipment is 10 years and the estimated residual value Is $6,000. The equlpment is expected to produce 550,000 unlts during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreclation Is calculated based...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Required Information The following Information applies to the questlons displayed below] On January 1, 2021, the Allegheny Corporation purchased equipment for $151,000. The estimated service life of the equlpment is 10 years and the estimated residual value Is $8,000. The equlpment is expected to produce 232,000 units during Its life. Requlred: Calculate depreciation for 2021 and 2022 using each of the following methods 1. Sum-of-the-years-digits (Do not round...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Howarth Manufacturing Company purchased equlpment on June 30, 2017, at a cost of $165,000. The residual value of the equlpment was estimated to be $15,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $50,000. Howarth uses the stralght-line depreclation method for all of its plant and equipment. Partlal-year depreclation is calculated based on the number of months the asset is...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
In 2021, the internal auditors of Development Technologies, Inc., discovered that a $4.2 million purchase of merchandise in 2021 was recorded in 2020 instead. The physical inventory count at the end of 2020 was correct. Assume the company uses a periodic inventory system Required: Prepare the journal entry needed in 2021 to correct the error. (lgnore income taxes.) (Enter your answers in millions rounded to 1 decimal place...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Campbell Corporation uses the retail method to value Its inventory. The following information is available for the year 2021: Retail $289,000 912,000 Cost Merchandise inventory, January 1, 2021 $280,000 687,000 17,000 Purchases Freight-in Net markups 29,000 4,900 890,000 Net markdowns Net sales Required: Determine the December 31, 2021, inventory by applying the conventional retall method using the information provided. Cost-to-Retail Cost Retail Ratio Beginning inventory Plus: Purchases Freight-in...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the Inventory on hand was $12,000 and its retall value was $16,000. Information for 2021 and 2022 is as follows: Date 12/31/2021 12/31/2022 Ending Inventory at Retail $26,80 $36, eee Retail Price Index 1.30 1.60 Cost-to-Retail Percentage 78% 81% Required: 1. What is the cost-to-retail percentage for the Inventory on...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are avallable for the month of October 2021: Retail Cost Beginning inventory Net purchases Net markups $39,000 17,290 $54,000 32,000 1,600 1,000 36,000 Net markdowns Net sales Required: Complete the table below to estimate the average cost of ending inventory and cost...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory is as follows: Per Unit Selling Price S 77 Replacement Cost 52 Product Cost 57 A В 97 87 117 C 57 72 97 D 117 87 147 45 E 37 47 Selling costs consist of a sales commission equal to 15% of selling price and shipping costs equal to 5% of...
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