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Assume that Global Positioning Systems paid $50,000 for equipment with a 10-year life and zero expected...
assume that XYZ catering services paid $28,000 for equipment with a 14 year life and zero...
assume that XYZ catering services paid $28,000 for equipment
with a 14 year life and zero expected residual value. After using
the equipment for six years, the company determines that the asset
will remain useful for only four more years.
Assume that XYZ Catering Services and 28.000 for men with a 14 year and respected residual value Aller using the equipment for years, the con t e nt wil l for only for more years Read the ments Requirement 1....
please explain why book value is 70000 and req 2 ans is 56000 Assume that XYZ...
please explain why book value is 70000 and req 2 ans is
56000
Assume that XYZ Catering Services paid $112 000 for equipment with a 16 year de andere expected residual va A more years sing the equipment for six years, the company determines that we will remain for only ve Read the requirements Requirement 1. Record depreciation expense on the equipment for year 7 by the straight line method First select the form to calculate the company's revised depreciation...
Read the reouremerts Requirement1.Record depreciation expense on the equipment for year & by the straight line...
Read the reouremerts Requirement1.Record depreciation expense on the equipment for year & by the straight line method. Revised deprecialion conts and Explanatian Cred Requirement 2.What iscoumuiated depreciation at the and of year 8 Requirement 1. Record depreciation expense on the equipme First, select the formula to calculate the company's revised depr Accumulated depreciation Book value Cost Depreciation Rec ent for year 8. (Record deb counts and Explanation Net book value Residual value Revised useful life remaining Useful life Requirement 2....
Changing the estimated life of an asset Assume that ABC Catering Services paid $20,000 for equipment...
Changing the estimated life of an asset Assume that ABC Catering Services paid $20,000 for equipment with a 10-year life and zero expected residual value. After using the equipment for four years, the company determines that the asset will remain useful for only three more years. Requirements 1. Record depreciation expense on the equipment for year 5 by the straight-line method. 2. What is accumulated depreciation at the end of year 5?
Budget Hardware Consultants purchased a building for $658,000 and depreciated it on a straight-line basis over...
Budget Hardware Consultants purchased a building for $658,000 and depreciated it on a straight-line basis over a 40-year period. The estimated residual value is $98,000. After using the building for 15 years, Budget realized that wear and tear on the building would wear it out before 40 years and that the estimated residual value should be $86,000. Starting with the 16th year, Budget began depreciating the building over a revised total life of 25 years using the new residual value....
Discount Hardware Consultants purchased a building for $485,000 and depreciated it on a straight-line basis over...
Discount Hardware Consultants purchased a building for $485,000 and depreciated it on a straight-line basis over a 35-year period. The estimated residual value is $100,000. After using the building for 15 years, Discount realized that wear and tear on the building would wear it out before 35 years and that the estimated residual value should be $84,000. Starting with the 16th year, Discount began depreciating the building over a revised total life of 20 years using the new residual value....
On February 1, 2018 Soggy Company purchased a patent for $144,000 cash. Although the patent gives...
On February 1, 2018 Soggy Company purchased a patent for $144,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only four years Read the requirements Requirement 1. Journalize the purchase of the patent. (Record debits first, then credits Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Fob 1 144.000 Patent Cash 144,000 To record purchase of patent Requirement 2. Journalize...
Check The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet...
Check The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet contained the following: $116,000 Property, plant, and equipment: Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment $ 936,000 (180,00) 163,000 756,000 ? The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of $36.000 for the building is anticipated The equipment is comprised of the following three machines Life...
Suppose FastShip purchased equipment on January 1, 2018, for $48,000. The expected useful life of the...
Suppose FastShip purchased equipment on January 1, 2018, for
$48,000. The expected useful life of the equipment is 10 years or
400,000 units of protection, and its residual value is $8,000.
FastShip prepared the following analysis of two depreciation
methods:
Data Table Method B: Double-Declining-Balance Annual Depreciation Accumulated Year Expense Depreciation Method A: Straight-Line Annual Depreciation Accumulated Expense Depreciation Book Value $ 48,000 4,000 $ 4,000 44,000 4,000 8,000 40,000 4,000 12,000 36,000 Start Book Value $ 48,000 38,400 30,720...
Wholesale Hardware Consultants purchased a building for $615,000 and depreciated it on a straight-line basis over...
Wholesale Hardware Consultants purchased a building for $615,000 and depreciated it on a straight-line basis over a 35-year period. The estimated residual value is $90,000. After using the building for 15 years, Wholesale realized that wear and tear on the building would wear it out before 35 years and that the estimated residual value should be $76,000. Starting with the 16th year, Wholesale began depreciating the building over a revised total life of 20 years using the new residual value....
assume that XYZ catering services paid $28,000 for equipment
with a 14 year life and zero expected residual value. After using
the equipment for six years, the company determines that the asset
will remain useful for only four more years.
Assume that XYZ Catering Services and 28.000 for men with a 14 year and respected residual value Aller using the equipment for years, the con t e nt wil l for only for more years Read the ments Requirement 1....
please explain why book value is 70000 and req 2 ans is
56000
Assume that XYZ Catering Services paid $112 000 for equipment with a 16 year de andere expected residual va A more years sing the equipment for six years, the company determines that we will remain for only ve Read the requirements Requirement 1. Record depreciation expense on the equipment for year 7 by the straight line method First select the form to calculate the company's revised depreciation...
Read the reouremerts Requirement1.Record depreciation expense on the equipment for year & by the straight line method. Revised deprecialion conts and Explanatian Cred Requirement 2.What iscoumuiated depreciation at the and of year 8 Requirement 1. Record depreciation expense on the equipme First, select the formula to calculate the company's revised depr Accumulated depreciation Book value Cost Depreciation Rec ent for year 8. (Record deb counts and Explanation Net book value Residual value Revised useful life remaining Useful life Requirement 2....
Changing the estimated life of an asset Assume that ABC Catering Services paid $20,000 for equipment with a 10-year life and zero expected residual value. After using the equipment for four years, the company determines that the asset will remain useful for only three more years. Requirements 1. Record depreciation expense on the equipment for year 5 by the straight-line method. 2. What is accumulated depreciation at the end of year 5?
Budget Hardware Consultants purchased a building for $658,000 and depreciated it on a straight-line basis over a 40-year period. The estimated residual value is $98,000. After using the building for 15 years, Budget realized that wear and tear on the building would wear it out before 40 years and that the estimated residual value should be $86,000. Starting with the 16th year, Budget began depreciating the building over a revised total life of 25 years using the new residual value....
Discount Hardware Consultants purchased a building for $485,000 and depreciated it on a straight-line basis over a 35-year period. The estimated residual value is $100,000. After using the building for 15 years, Discount realized that wear and tear on the building would wear it out before 35 years and that the estimated residual value should be $84,000. Starting with the 16th year, Discount began depreciating the building over a revised total life of 20 years using the new residual value....
On February 1, 2018 Soggy Company purchased a patent for $144,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only four years Read the requirements Requirement 1. Journalize the purchase of the patent. (Record debits first, then credits Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Fob 1 144.000 Patent Cash 144,000 To record purchase of patent Requirement 2. Journalize...
Check The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet contained the following: $116,000 Property, plant, and equipment: Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment $ 936,000 (180,00) 163,000 756,000 ? The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of $36.000 for the building is anticipated The equipment is comprised of the following three machines Life...
Suppose FastShip purchased equipment on January 1, 2018, for
$48,000. The expected useful life of the equipment is 10 years or
400,000 units of protection, and its residual value is $8,000.
FastShip prepared the following analysis of two depreciation
methods:
Data Table Method B: Double-Declining-Balance Annual Depreciation Accumulated Year Expense Depreciation Method A: Straight-Line Annual Depreciation Accumulated Expense Depreciation Book Value $ 48,000 4,000 $ 4,000 44,000 4,000 8,000 40,000 4,000 12,000 36,000 Start Book Value $ 48,000 38,400 30,720...
Wholesale Hardware Consultants purchased a building for $615,000 and depreciated it on a straight-line basis over a 35-year period. The estimated residual value is $90,000. After using the building for 15 years, Wholesale realized that wear and tear on the building would wear it out before 35 years and that the estimated residual value should be $76,000. Starting with the 16th year, Wholesale began depreciating the building over a revised total life of 20 years using the new residual value....
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