Homework Answers
Journal entry
| Date | account and explanation | debit | Credit |
| Apr 30 | Carpet | 12780 | |
| Cash | 12780 | ||
| Dec 31 | Depreciation expense (12780/15)*8/12 | 568 | |
| Accumulated depreciation-Carpet | 568 | ||
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12. EX.09-16.ALGO (Algorithmic) Capital Expenditure and Depreciation Willow Creek purchased and installed carpet in its new...
EX 9-16 Capital expenditure and depreciation Obj. 1, 2 Willow Creek Company purchased and installed carpet...
EX 9-16 Capital expenditure and depreciation Obj. 1, 2 Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $18,000. The carpet is estimated to have a 15-year useful life and no residual value. a. Prepare the journal entry necessary for recording the purchase of the new carpet. b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek uses the straight-line...
(2) Willow Creek Company purchased and installed carpet in its new general offices on April 30...
(2) Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $36,288. The carpet is estimated to have a 16-year useful life and no residual value. A. Prepare the journal entry necessary for recording the purchase of the new carpet. Refer to the Chart of Accounts for exact wording of account titles. B. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow...
Capital expenditure and depreciation Instructions Willow Creek Company purchased and installed carpet in its new general...
Capital expenditure and depreciation Instructions Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $27,504. The carpet is estimated to have a 12-year useful life and no residual value. A. Prepare the journal entry necessary for recording the purchase of the new carpet. Refer to the Chart of Accounts for exact wording of account titles. B. Record the December 31 adjusting entry for the partial-year depreciation expense for the...
Instructions Willow Creek Company purchased and installed carpet in its new general offices on April 30...
Instructions Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $35, 136. The carpet is estimated to have a 16-year useful life and no residual value. A. Prepare the journal entry necessary for recording the purchase of the new carpet. Refer to the Chart of Accounts for exact wording of account titles. B. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that...
Depreciation by Units-of-activity Method A diesel-powered tractor with a cost of $304,360 and estimated residual value...
Depreciation by Units-of-activity Method A diesel-powered tractor with a cost of $304,360 and estimated residual value of $4,900 is expected to have a useful operating life of 93,000 hours. During April, the tractor was operated 100 hours. Determine the depreciation for the month. If required, carry out any division to two decimal places. $ Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $35,136. The carpet is estimated to...
13. EX.09-17.ALGO (Algorithmic) Entries for Sale of Fixed Asset Equipment acquired on January 5 at a...
13. EX.09-17.ALGO (Algorithmic) Entries for Sale of Fixed Asset Equipment acquired on January 5 at a cost of $195,150, has an estimated useful life of 19 years, has an estimated residual value of $8,000, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? b. Assuming that the equipment was sold on April 1 of the fifth year for 146,887. 1. Journalize the entry to...
10. EX.09-10.ALGO (Algorithmic) Depreciation by Two Methods A storage tank acquired at the beginning of the...
10. EX.09-10.ALGO (Algorithmic) Depreciation by Two Methods A storage tank acquired at the beginning of the fiscal year at a cost of $126,000 has an estimated residual value of $7,600 and an estimated useful life of four years. a. Determine the amount of annual depreciation by the straight-line method. b. Determine the amount of depreciation for the first and second years computed by the double-declining balance method. Do not round the double-declining balance rate. If required, round your answers to...
8. EX.09-07.ALGO (Algorithmic) Depreciation by Units-of-activity Method A diesel-powered tractor with a cost of $93,780 and...
8. EX.09-07.ALGO (Algorithmic) Depreciation by Units-of-activity Method A diesel-powered tractor with a cost of $93,780 and estimated residual value of $7,300 is expected to have a useful operating life of 46,000 hours. During February, the tractor was operated 200 hours. Determine the depreciation for the month. If required, carry out any division to two decimal places.
14. EX.09-18.ALGO (Algorithmic) Disposal of Fixed Asset Equipment acquired on January 6 at a cost of...
14. EX.09-18.ALGO (Algorithmic) Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $338.100. has an estimated useful life of 7 years and an estimated residual value of $44,100. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 $ Year 2 $ Year 3$ b. What was the book value of the equipment on January 1 of Year 4? C. Assuming that the...
en olgen 7. EX.09-03.ALGO (Algorithmic) Determining Cost of Land Fastball Delivery Company acquired an adjacent lot...
en olgen 7. EX.09-03.ALGO (Algorithmic) Determining Cost of Land Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $36,000 and giving a short-term note for $336,000. Legal fees paid were $1,675, delinquent taxes assumed were $14, 100, and fees paid to remove an old building from the land were $16,600. Materials salvaged from the demolition of the building were sold for $5,600. A contractor was paid $1,130,900 to construct a new warehouse. Determine the cost of...
EX 9-16 Capital expenditure and depreciation Obj. 1, 2 Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $18,000. The carpet is estimated to have a 15-year useful life and no residual value. a. Prepare the journal entry necessary for recording the purchase of the new carpet. b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek uses the straight-line...
Instructions Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $35, 136. The carpet is estimated to have a 16-year useful life and no residual value. A. Prepare the journal entry necessary for recording the purchase of the new carpet. Refer to the Chart of Accounts for exact wording of account titles. B. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that...
13. EX.09-17.ALGO (Algorithmic) Entries for Sale of Fixed Asset Equipment acquired on January 5 at a cost of $195,150, has an estimated useful life of 19 years, has an estimated residual value of $8,000, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? b. Assuming that the equipment was sold on April 1 of the fifth year for 146,887. 1. Journalize the entry to...
10. EX.09-10.ALGO (Algorithmic) Depreciation by Two Methods A storage tank acquired at the beginning of the fiscal year at a cost of $126,000 has an estimated residual value of $7,600 and an estimated useful life of four years. a. Determine the amount of annual depreciation by the straight-line method. b. Determine the amount of depreciation for the first and second years computed by the double-declining balance method. Do not round the double-declining balance rate. If required, round your answers to...
8. EX.09-07.ALGO (Algorithmic) Depreciation by Units-of-activity Method A diesel-powered tractor with a cost of $93,780 and estimated residual value of $7,300 is expected to have a useful operating life of 46,000 hours. During February, the tractor was operated 200 hours. Determine the depreciation for the month. If required, carry out any division to two decimal places.
14. EX.09-18.ALGO (Algorithmic) Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $338.100. has an estimated useful life of 7 years and an estimated residual value of $44,100. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 $ Year 2 $ Year 3$ b. What was the book value of the equipment on January 1 of Year 4? C. Assuming that the...
en olgen 7. EX.09-03.ALGO (Algorithmic) Determining Cost of Land Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $36,000 and giving a short-term note for $336,000. Legal fees paid were $1,675, delinquent taxes assumed were $14, 100, and fees paid to remove an old building from the land were $16,600. Materials salvaged from the demolition of the building were sold for $5,600. A contractor was paid $1,130,900 to construct a new warehouse. Determine the cost of...
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