Homework Answers
Answer -
The book value of the furniture on December 31 of the first year = $13625
Calculation:
Cost of asset (furniture) = $14000 on September 30
Salvage value = $2000
Useful life of asset = 8 years
Under straight-line method:
Depreciation expense (Annual) = [Cost of asset - Salvage value] / Useful life of asset
= [$14000 - $2000] / 8 years
= $1500
So, Annual depreciation on asset = $1500
Depreciation expense for asset from September 30 to December 31 (i.e. 3 months):
= Annual depreciation expense * (3/12 months)
= $1500 * (3/12 months)
= $375 (3 months)
Therefore,
Book value of asset (furniture) on December 31 of the first year:
= Cost of asset (furniture) - Depreciation expense (3 months)
= $14000 - $375
= $13625
Add Answer to:
company purchased new furniture at a cost of $14.000 on September 30. The furniture is estimated...
A company purchased new furniture at a cost of $30,000 on September 30. The furniture is...
A company purchased new furniture at a cost of $30,000 on September 30. The furniture is estimated to have a useful life of 4 years and a salvage value of $3,600. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the furniture for the first year ended December 31?
TB MC Qu. 03-205 A company purchased new furniture at a cost... A company purchased new...
TB MC Qu. 03-205 A company purchased new furniture at a cost... A company purchased new furniture at a cost of $14,000 on September 30. The furniture is estimated to have a useful le of years and a salvage value of $2,000. The company uses the straight line method of depreciation. What is the book value of the furniture on December 31 of the first year? Multiple Choice Ο Ο $22000 Ο Ο $12,50000 Ο Ο $,625.00 Ο Ο 3156250...
24) A company purchased new furniture at a cost of $20,000 on January 1. The furniture...
24) A company purchased new furniture at a cost of $20,000 on January 1. The furniture is estimated to have a useful life of 6 years and a $2,000 salvage value. The company uses the straight-line method of depreciation. What is the book value of the furniture on December 31 of the first year? 25) A company pays each of its two office employees each Friday at the rate of $115 per day for a five-day week that begins on...
24) A company purchased new furniture at a cost of $20,000 on January 1. The furniture...
24) A company purchased new furniture at a cost of $20,000 on January 1. The furniture is estimated to have a useful life of 6 years and a $2,000 salvage value. The company uses the straight-line method of depreciation. What is the book value of the furniture on December 31 of the first year? 25) A company pays each of its two office employees each Friday at the rate of $115 per day for a five-day week that begins on...
A company purchased a new delivery van at a cost of $61,000 on July 1
A company purchased a new delivery van at a cost of $61,000 on July 1. The delivery van is estimated to have a useful life of 5 years and a salvage value of $4,900. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the van during the first year ended December 31 ?Multiple Choice$5,610$5,880
On September 1, a company purchased a vehicle for $28,000 with a residual value of $2,000. The estimated useful...
On September 1, a company purchased a vehicle for $28,000 with a residual value of $2,000. The estimated useful life is 10 years and the company uses the straight-line method. What is the depreciation expense for the year ended December 31? Multiple Choice 5867 O $650 O O $2,600 Multiple Choice $867 $650 оооо $2.600 $933
A company purchased a delivery van for $28000 With a Salvage value of $3000 on September...
A company purchased a delivery van for $28000 With a Salvage value of $3000 on September 1 year 1 It has an estimated useful life of 5 years. Using the straight-line method how much depreciation expense should the company recognize on December 31 year 1 A) $1400 B) 2,067 C) $1667 D) $ 5000 E) $1250 Wickland Company Installs a Manufacturing machine in its production facility at the beginning of the year at a cost of $87000 The machine Useful...
1) A private company in New York bought office furniture and equipment at a cost of...
1) A private company in New York bought office furniture and equipment at a cost of $240,000. The total salvage value of these equipment is estimated to be 15% of the initial cost at the end of a depreciable life of 8 years. Determine the book value for this asset at the end of years 4 and 6. Sold after 6 with 70,000. What is the depreciation recapture? a) Straight Line Method
A company purchased a delivery van for $28,000 with a salvage value of $2,000 on September...
A company purchased a delivery van for $28,000 with a salvage value of $2,000 on September 1, 2014. It has an estimated useful life of 6 years. Using the straight-line method and whole dollar amounts, how much depreciation expense should the company recognize on December 31, 2014? (rounded)
Osbourne Company purchased Equipment on January 1, 2015 at a cost of S110,000. The original Estimated...
Osbourne Company purchased Equipment on January 1, 2015 at a cost of S110,000. The original Estimated Useful (Service) Life of the Equipment was twenty (20) years and the original Estimated Salvage (Residual) Value was $10,000. On January 1, 2019, Osboume Company revised the total Estimated Useful (Service) Life (from the beginning) of the Equipment to ten (10) years and the Estimated Salvage (Residual) Value to S-0- (zero). Osbourne Company uses the Straight-Line Method to depreciate the Equipment REQUIRED In the...
TB MC Qu. 03-205 A company purchased new furniture at a cost... A company purchased new furniture at a cost of $14,000 on September 30. The furniture is estimated to have a useful le of years and a salvage value of $2,000. The company uses the straight line method of depreciation. What is the book value of the furniture on December 31 of the first year? Multiple Choice Ο Ο $22000 Ο Ο $12,50000 Ο Ο $,625.00 Ο Ο 3156250...
24) A company purchased new furniture at a cost of $20,000 on January 1. The furniture is estimated to have a useful life of 6 years and a $2,000 salvage value. The company uses the straight-line method of depreciation. What is the book value of the furniture on December 31 of the first year? 25) A company pays each of its two office employees each Friday at the rate of $115 per day for a five-day week that begins on...
24) A company purchased new furniture at a cost of $20,000 on January 1. The furniture is estimated to have a useful life of 6 years and a $2,000 salvage value. The company uses the straight-line method of depreciation. What is the book value of the furniture on December 31 of the first year? 25) A company pays each of its two office employees each Friday at the rate of $115 per day for a five-day week that begins on...
On September 1, a company purchased a vehicle for $28,000 with a residual value of $2,000. The estimated useful life is 10 years and the company uses the straight-line method. What is the depreciation expense for the year ended December 31? Multiple Choice 5867 O $650 O O $2,600 Multiple Choice $867 $650 оооо $2.600 $933
1) A private company in New York bought office furniture and equipment at a cost of $240,000. The total salvage value of these equipment is estimated to be 15% of the initial cost at the end of a depreciable life of 8 years. Determine the book value for this asset at the end of years 4 and 6. Sold after 6 with 70,000. What is the depreciation recapture? a) Straight Line Method
Osbourne Company purchased Equipment on January 1, 2015 at a cost of S110,000. The original Estimated Useful (Service) Life of the Equipment was twenty (20) years and the original Estimated Salvage (Residual) Value was $10,000. On January 1, 2019, Osboume Company revised the total Estimated Useful (Service) Life (from the beginning) of the Equipment to ten (10) years and the Estimated Salvage (Residual) Value to S-0- (zero). Osbourne Company uses the Straight-Line Method to depreciate the Equipment REQUIRED In the...
Most questions answered within 3 hours.
-
A proton moves in the plane of this paper toward the top of the
page. A...
asked 5 minutes ago -
different divisions differing lines of business use
different costs of capital because their cost of equity...
asked 2 minutes ago -
Give an algorithm to determine whether or not the elements
of
an array of integers are...
asked 9 minutes ago -
. Gravimetric analysis. The gravimetric analysis that we will
perform in lab occurs according to the...
asked 28 minutes ago -
Learning curve problem:
A company was ordered to make 6 custom made parts. the labor
costs...
asked 25 minutes ago -
When you don’t recall operator precedences you can Guess
Experiment with the compiler Look in a...
asked 28 minutes ago -
GST – Complex issues:
Instructions: The following case study is related to complex tax
issues. You...
asked 31 minutes ago -
We are evaluating a project that costs $836,117, has an
eight-year life, and has no salvage...
asked 31 minutes ago -
kmalloc()
Can be used by regular processes as a faster, lower-level
version of malloc
Allocates memory...
asked 39 minutes ago -
Suppose a distant world with surface gravity of 6.88 m/s2 has an
atmospheric pressure of 8.12...
asked 41 minutes ago -
A mixture contains 5.432 g of
sand and 2.521 g of salt. What is the percentage...
asked 46 minutes ago -
A 8.62 -m ladder with a mass of 21.1 kg lies flat on the ground.
A...
asked 45 minutes ago