Homework Answers
Answer
--Correct Answer = Option #3: $ 177,400 = Cash received on sale
| A | Cost | $850,000 |
| B | Salvage value | $52,000 |
| C = A - B | Depreciable base | $798,000 |
| D | Life | 5 |
| E = C/D | Annual Depreciation | $159,600 |
| F = 4 years + 4 months | No of year till May 1, 2021 | 4.333333333 |
| G = E x F | Accumulated Depreciation at time of sale | $691,600 |
| H = A - G | Book Value at the time of sale | $158,400 |
| I | Gain on sale | $19,000 |
| J = H+I | Cash received from sale of machinery | $177,400 |
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Current Attempt in Progress Bramble Corp purchased machinery for 5865000 on January 1, 2017. Straight-line depreciation...
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Flounder Company purchased machinery on January 1, 2017, for $88,800. The machinery is estimated to have...
Flounder Company purchased machinery on January 1, 2017, for
$88,800. The machinery is estimated to have a salvage value of
$8,880 after a useful life of 8 years.
Compute 2017 depreciation expense using the straight-line
method.
Depreciation expense
$
Compute 2017 depreciation expense using the straight-line method
assuming the machinery was purchased on September 1, 2017.
Depreciation expense
$
Current Attempt in Progress On September 19, 2017 Swifty Corporation purchased machinery for $480000. Salvage value...
Current Attempt in Progress On September 19, 2017 Swifty Corporation purchased machinery for $480000. Salvage value was estimated to be $25000. The machinery will be depreciated over eight years using the sum of the years.dipits method of depreciation is computed on the basis of the nearest full month. Swifty should record depreciation expense for 2018 on this machinery of View Policies Current Attempt in Progress Crane Company purchased machinery for $1270000 on January 1, 2014 Straight line depreciation has been...
unit 2 11-2 Sweet Company purchased machinery on January 1, 2017, for $96,800. The machinery is...
unit 2 11-2 Sweet Company purchased machinery on January 1,
2017, for $96,800. The machinery is estimated to have a salvage
value of $9,680 after a useful life of 8 years.
Compute 2017 depreciation expense using the straight-line
method.
Depreciation expense
$
Compute 2017 depreciation expense using the straight-line
method assuming the machinery was purchased on September 1,
2017.
Depreciation expense
$
Current Attempt in Progress On January 2, 2015 Bonita Industries acquired equipment to be used in...
Current Attempt in Progress On January 2, 2015 Bonita Industries acquired equipment to be used in its manufacturing operations. The equipment has an estimated useful life of 10 years and an estimated salvage value of $46300. The depreciation applicable to tra equipment was $213500 for 2018.computed under the sum-of-the-years digits method. What was the couisition cost of the ecument Current Attempt in Progress . The machinery old on May 1, 2018 in 2000 Crane Company purchased machinery for $1270000 on...
Need Help! Sheridan Company owns equipment that cost $72,000 when purchased on January 1, 2019. It has been depreciated...
Need Help!
Sheridan Company owns equipment that cost $72,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $12,000 and an estimated useful life of 5 years. Prepare Sheridan Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
Brief Exercise 11-2 Crane Company purchased machinery on January 1, 2017, for $97,600. The machinery is estimated to hav...
Brief Exercise 11-2 Crane Company purchased
machinery on January 1, 2017, for $97,600. The machinery is
estimated to have a salvage value of $9,760 after a useful life of
8 years. Compute 2017 depreciation expense using the straight-line
method. Depreciation expense $ LINK TO TEXT Compute 2017
depreciation expense using the straight-line method assuming the
machinery was purchased on September 1, 2017. Depreciation expense
$ Click if you would like to Show Work for this question: Open Show
Work
CALCULATOR...
Pina Company purchased machinery for $176,400 on January 1, 2017. It is estimated that the machinery...
Pina Company purchased machinery for $176,400 on January 1,
2017. It is estimated that the machinery will have a useful life of
20 years, salvage value of $14,700, production of 91,400 units, and
working hours of 40,900. During 2017, the company uses the
machinery for 11,452 hours, and the machinery produces 11,882
units. Compute depreciation under the straight-line,
units-of-output, working hours, sum-of-the-years’-digits, and
double-declining-balance methods. (Round intermediate
calculations to 5 decimal places, e.g. 1.56487 and final answers to
0 decimal...
Swifty Corporation purchased machinery for $870000 on January 1, 2017. Straight-line depreciation has been recorded based on a $61000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2021 at a gain of $18500. How much cash did Swifty receive from the sale of the machinery? $126367 $187367 $150367 $248367
Current Attempt in Progress Bramble Corp purchased machinery for 5865000 on January 1, 2017. Straight-line depreciation has been recorded based on a $54500 salvate valanda 5 year useful life. The machinery was sold on May 1, 2021 at again of $18500. How much cash did Bramble receive from the sale of the machinery $235567 $181067 $144067 $126567 e Textbook and Media
Flounder Company purchased machinery on January 1, 2017, for
$88,800. The machinery is estimated to have a salvage value of
$8,880 after a useful life of 8 years.
Compute 2017 depreciation expense using the straight-line
method.
Depreciation expense
$
Compute 2017 depreciation expense using the straight-line method
assuming the machinery was purchased on September 1, 2017.
Depreciation expense
$
Current Attempt in Progress On September 19, 2017 Swifty Corporation purchased machinery for $480000. Salvage value was estimated to be $25000. The machinery will be depreciated over eight years using the sum of the years.dipits method of depreciation is computed on the basis of the nearest full month. Swifty should record depreciation expense for 2018 on this machinery of View Policies Current Attempt in Progress Crane Company purchased machinery for $1270000 on January 1, 2014 Straight line depreciation has been...
unit 2 11-2 Sweet Company purchased machinery on January 1,
2017, for $96,800. The machinery is estimated to have a salvage
value of $9,680 after a useful life of 8 years.
Compute 2017 depreciation expense using the straight-line
method.
Depreciation expense
$
Compute 2017 depreciation expense using the straight-line
method assuming the machinery was purchased on September 1,
2017.
Depreciation expense
$
Current Attempt in Progress On January 2, 2015 Bonita Industries acquired equipment to be used in its manufacturing operations. The equipment has an estimated useful life of 10 years and an estimated salvage value of $46300. The depreciation applicable to tra equipment was $213500 for 2018.computed under the sum-of-the-years digits method. What was the couisition cost of the ecument Current Attempt in Progress . The machinery old on May 1, 2018 in 2000 Crane Company purchased machinery for $1270000 on...
Need Help!
Sheridan Company owns equipment that cost $72,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $12,000 and an estimated useful life of 5 years. Prepare Sheridan Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
Brief Exercise 11-2 Crane Company purchased
machinery on January 1, 2017, for $97,600. The machinery is
estimated to have a salvage value of $9,760 after a useful life of
8 years. Compute 2017 depreciation expense using the straight-line
method. Depreciation expense $ LINK TO TEXT Compute 2017
depreciation expense using the straight-line method assuming the
machinery was purchased on September 1, 2017. Depreciation expense
$ Click if you would like to Show Work for this question: Open Show
Work
CALCULATOR...
Pina Company purchased machinery for $176,400 on January 1,
2017. It is estimated that the machinery will have a useful life of
20 years, salvage value of $14,700, production of 91,400 units, and
working hours of 40,900. During 2017, the company uses the
machinery for 11,452 hours, and the machinery produces 11,882
units. Compute depreciation under the straight-line,
units-of-output, working hours, sum-of-the-years’-digits, and
double-declining-balance methods. (Round intermediate
calculations to 5 decimal places, e.g. 1.56487 and final answers to
0 decimal...
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