Homework Answers
| 2 | ||
| Purchase price of Equipment | 140000 | |
| Installation of Equipment | 12000 | |
| Freight costs | 2000 | |
| Amount to be capitalized | 154000 | |
| Option B $154,000 is correct | ||
| 3 | ||
| Cost of Delivery Truck | 64000 | |
| Less: Salvage value | 4000 | |
| Depreciable cost | 60000 | |
| Divide by useful life | 5 | |
| Depreciation expense for 2019 | 12000 | |
| Accumulated Depreciation | 24000 | =12000*2 |
| Option D is correct |
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QUESTION 2 10 points Save Answer Wright Company purchased a new piece of equipment to use...
10 points QUESTION 4 Save Answer In 2018 Vickers Company purchased equipment for $140,000 and recorded $20,000 in depre...
10 points QUESTION 4 Save Answer In 2018 Vickers Company purchased equipment for $140,000 and recorded $20,000 in depreciation expense. How does the recording of the equipment purchase and the depreciation expense affect the statement of cash flows? Cash flow for operating activities ($20,000); cash flow for investing А. activities ($140,000) B. Cash flow for investing activities ($160,000) C. Cash flow for operating activities ($140,000) D. Cash flow for investing activities ($140,000) 10 points QUESTION 5 Save Answer On January...
On July 1, 2019, Cullumber Company purchased new equipment for $85,000. Its estimated useful life was...
On July 1, 2019, Cullumber Company purchased new equipment for $85,000. Its estimated useful life was 5 years with a $12,000 salvage value. On January 1, 2022, before making its depreciation entry for 2022, the company estimated the remaining useful life to be 10 years beyond December 31, 2022. The new salvage value is estimated to be $5,000. A.) Prepare the journal entry to record depreciation on December 31, 2019. B.) Prepare the journal entry to record depreciation on December...
Question 7 0.6 points Save Ans A company purchased factory equipment for $450,000. It is estimated...
Question 7 0.6 points Save Ans A company purchased factory equipment for $450,000. It is estimated that the equipment will have a $45,000 salvage value at the end of its estimated 5-year useful life. If the company uses the double-declining balance method of depreciation, the amount of annual depreciation recorded for the second year after purchase would be $180,000 $108,000 $162,000 $97200
On July 1, 2019, Cullumber Company purchased new equipment for $95.000. Its estimated useful life was...
On July 1, 2019, Cullumber Company purchased new equipment for $95.000. Its estimated useful life was 5 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. (a) ✓ Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
On July 1, 2019, Wildhorse Co. purchased new equipment for $90,000.
On July 1, 2019, Wildhorse Co. purchased new equipment for $90,000. Its estimated useful life was 8 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. Prepare the journal entry to record depreciation on December 31, 2019. Compute the revised annual depreciation on December 31, 2022. Compute the balance in Accumulated Depreciation Equipment for this equipment after depreciation expense has been recorded on...
On July 1, 2019, Cullumber Company purchased new equipment for $90,000. Its estimated useful life was 6 years with a $1...
On July 1, 2019, Cullumber Company purchased new equipment for $90,000. Its estimated useful life was 6 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 100 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 when amount is entered. Do not indent manually. If no entry is required,...
On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful life was...
On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful life was 5 years with a $8,000 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 partially correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
I'm not sure with my answer XYZ Company purchased a new piece of equipment on January...
I'm not sure with my answer
XYZ Company purchased a new piece of equipment on January 1, 2022. The following information relates to the equipment purchased: Purchase price.... Residual value.. Life ....... . 8 years Using the straight-line depreciation method, the equipment's book value at December 31, 2025 would be $82,700. Using the double-declining balance depreciation method, the depreciation expense recorded on the equipment in 2023 would be $30,000. Calculate the residual value assigned to this piece of equipment. 5,400
CUMCIL Amp 33 Marigold Company purchased equipment for $24000 on December 1. It is estimated that...
CUMCIL Amp 33 Marigold Company purchased equipment for $24000 on December 1. It is estimated that annual depreciation on the equipment will be $6000. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: O Debit Depreciation Expense, $500; Credit Accumulated Depreciation, $500. Debit Equipment, $24000: Credit Accumulated Depreciation, $24000. O Debit Depreciation Expense. $6000; Credit Accumulated Depreciation, $6000. Debit Depreciation Expense, $18000; Credit Accumulated Depreciation, $18000.
On July 1, 2019, Cullumber Company purchased new equipment for $85,000. Its estimated useful life was 5 years with a $12...
On July 1, 2019, Cullumber Company purchased new equipment for $85,000. Its estimated useful life was 5 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 revised annual depreciation on December 31, 2022. Revised annual depreciation $__________________ Show your work
10 points QUESTION 4 Save Answer In 2018 Vickers Company purchased equipment for $140,000 and recorded $20,000 in depreciation expense. How does the recording of the equipment purchase and the depreciation expense affect the statement of cash flows? Cash flow for operating activities ($20,000); cash flow for investing А. activities ($140,000) B. Cash flow for investing activities ($160,000) C. Cash flow for operating activities ($140,000) D. Cash flow for investing activities ($140,000) 10 points QUESTION 5 Save Answer On January...
Question 7 0.6 points Save Ans A company purchased factory equipment for $450,000. It is estimated that the equipment will have a $45,000 salvage value at the end of its estimated 5-year useful life. If the company uses the double-declining balance method of depreciation, the amount of annual depreciation recorded for the second year after purchase would be $180,000 $108,000 $162,000 $97200
On July 1, 2019, Cullumber Company purchased new equipment for $95.000. Its estimated useful life was 5 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. (a) ✓ Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
On July 1, 2019, Cullumber Company purchased new equipment for $90,000. Its estimated useful life was 6 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 100 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 when amount is entered. Do not indent manually. If no entry is required,...
On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful life was 5 years with a $8,000 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 partially correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
I'm not sure with my answer
XYZ Company purchased a new piece of equipment on January 1, 2022. The following information relates to the equipment purchased: Purchase price.... Residual value.. Life ....... . 8 years Using the straight-line depreciation method, the equipment's book value at December 31, 2025 would be $82,700. Using the double-declining balance depreciation method, the depreciation expense recorded on the equipment in 2023 would be $30,000. Calculate the residual value assigned to this piece of equipment. 5,400
CUMCIL Amp 33 Marigold Company purchased equipment for $24000 on December 1. It is estimated that annual depreciation on the equipment will be $6000. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: O Debit Depreciation Expense, $500; Credit Accumulated Depreciation, $500. Debit Equipment, $24000: Credit Accumulated Depreciation, $24000. O Debit Depreciation Expense. $6000; Credit Accumulated Depreciation, $6000. Debit Depreciation Expense, $18000; Credit Accumulated Depreciation, $18000.
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