Need answers to problem 9.3A BLEM 9.3A s Involving Smart Hardware purchased new shelving for its...
Answers to problem 9.3A
u CheExplain Smart Hardware purchased new shelving for its store on April 1, 2011. The shelving is expected to have a 20-year life and no residual value. The following expenditures were associated with the purchase: thods Freight charges . . Sales taxes.... Installation of shelving .. 2,700 Cost to repair shelf damaged during installation....... 520 780 400 Instructions Compute depreciation expense for the years 2011 through 2013 under each depreciation a. method listed below: 1. Straight-line,...
09-2, L09-3, L09.5 son, DDS, purchased new furniture for its store on May 1, 2018. The furniture is expected to have a 10-year life and no residual value. The followin d itures were associated with the purchase. MARLEM 9.3B involving Alternative cution Methods Cost of the furniture .. Freight charges... Sales taxes Installation of furniture. Cost to repair furniture damaged during installation ....... $11,000 375 550 75 400 Instructions . Compute depreciation expense for the years 2018 through 2021 under...
JoJo Limited ("JoJo") purchased a machinery for its plant on 1 May 2017. The machinery is expected to have a 10-year life and no residual value. The following expenditures were associated with the purchase: Cost of the machinery Freight-in charges Commission fees Legal title fees Sales taxes Essential set-up charges Cost to repair machinery damaged during installation 100,000 3,750 6,000 9,250 5,500 1,500 800 JoJo adopts the cost model as its accounting policy in subsequently measuring its property, plant and...
Swanson & Hiller, Inc., purchased a new machine on September 1 of the current year at a cost of $118,000. The machine's estimated useful life at the time of the purchase was five years, and its residual value was $8,000. The company reports on a calendar year basis. Required: a-1. Prepare a complete depreciation schedule, beginning with the current year, using the straight-line method. (Assume that the half-year convention is used). a-2. Prepare a complete depreciation schedule, beginning with the...
Swanson & Hiller, Inc., purchased a new machine on September 1 of the current year at a cost of $130,000. The machine’s estimated useful life at the time of the purchase was five years, and its residual value was $10,000. The company reports on a calendar year basis. Required: a-1. Prepare a complete depreciation schedule, beginning with the current year, using the straight-line method. (Assume that the half-year convention is used). a-2. Prepare a complete depreciation schedule, beginning with the...
Swanson & Hiller, Inc., purchased a new machine on September 1 of the current year at a cost of $109,000. The machine’s estimated useful life at the time of the purchase was five years, and its residual value was $9,000. The company reports on a calendar year basis. Required: a-2. Prepare a complete depreciation schedule, beginning with the current year, using the 200 percent declining-balance method. (Assume that the half-year convention is used). a-3. Prepare a complete depreciation schedule, beginning...
Swanson & Hiller, Inc., purchased a new machine on September 1 of the current year at a cost of $109,000. The machine’s estimated useful life at the time of the purchase was five years, and its residual value was $9,000. The company reports on a calendar year basis. Required: a-2. Prepare a complete depreciation schedule, beginning with the current year, using the 200 percent declining-balance method. (Assume that the half-year convention is used). a-3. Prepare a complete depreciation schedule, beginning...
Droblem 9.2B R&R Company purchased a new machine on 1 September 2010, at a cost of $180.000. The machine's estimated useful life at the time of the purchase was five years, and its residual value was $10,000. R&R adopts the cost model as its accounting policy in subsequently measuring its property, plant, and equipment. Instructions S 1 22 GOD a. Prepare a complete depreciation schedule, beginning with calendar year 2010, under each of the methods listed below (assume that the...
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$200 cash 2. The shelving was sold for PROBLEM 9.4A During the curent year, Ramirez Developers disposed of plant assets in the following transactions Disposal of Plant Assets Office equipment costing $26,000 was given to a scrap dealer at no charge. At the date of disposal, accumulated depreciation on the office equipment amounted to $25,800 Feb. 10 Ramirez sold land and a building to Claypool Associates for $900,000, receiving $100,000 cash and a five-year, 9 percent note receivable...
16 marks) Wulston 334 marks) Better Life Hospital purchased an X-ray machine on 3 April 2019 at a cost of $405 The estimated useful life of this machine was five years and estimated residual van imated residual value was $24,000. The management estimates that the machine can take 300,000 pictures during the useful life. Workings are required for the answers below. (a) Compute the depreciation expense of the X-ray machine at the year-end on 31 December for 2019 and 2020...