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Teams of 2. Teams are not allowed to work together. Problem # 1: Forklift Purchased Jan...
Each problem is worth 2 point for a total of 10 points EXTRA CREDIT Fully depreciate...
Each problem is worth 2 point for a total of 10 points EXTRA CREDIT Fully depreciate all problems using all three methods (SL, UOfP, DDB). All team members must work through this everyone stays together on each problem (you cannot split up the work). One packet turned in with everyone's first and last name printed. Teams of 2. Teams are not allowed to work together. Problem # 1: Forklift Purchased Jan 1 Cost: $180,000 RV: $25,000 Life: 6 years or...
Exercise: 4 Cost The following data for a small delivery truck purchased by Barb's Florists on...
Exercise: 4 Cost The following data for a small delivery truck purchased by Barb's Florists on January 1, 2005. $13,000. Expected salvage value $1000. Estimated useful life(years) Estimated useful life(miles) 100,000 Miles driven: Y1 15,000 miles, Y2 30,000 miles, Y3 20,000 miles, Y4 25,000, Y5 10,000 Instructions: Calculate depreciation expenses for first year, and prepare the depreciation schedule for the estimated useful life using units of activity method. Depreciation schedule: Annual = depreciation Accumulated depreciation **Book value = Year Units...
Roswell Company has the following information on one of its vehicles purchased on January 1,
Roswell Company has the following information on one of its vehicles purchased on January 1, Year 1: Vehicle cost $50,000 Useful life, years, estimated 5Useful life, miles, estimated 100.000 Salvage value, estimated $10,000 Actual miles driven: Year 1 30,000 Year 2 20,000 Year 3 15,000 Year 4 25,000 Year 5 12.000 No estimates were changed during the life of the asset. The Year 3 depreciation expense for Roswell's vehicle using the sum-of-the-years'-digits (SYD) method was A. $6,000 B. $8,000 C. $10,000 D. $16,000 Using the activity method, what was Roswell's Year 5 depreciation...
Problem #2: Depreciation Methods (SHOW YOUR WORK) Numo Company purchased a new machine on October 1,...
Problem #2: Depreciation Methods (SHOW YOUR WORK) Numo Company purchased a new machine on October 1, 2020, at a cost of $145,000. The company estimated that the machine will have a salvage value of $25,000.The machine is expected to be used for 20,000 working hours during its 5-year life. Instructions Compute the depreciation expense under the following methods for the year indicated. (a) Straight-line for 2020. (b) Units-of-activity for 2020, assuming machine usage was 3,400 hours. (c) Declining-balance using double...
Sony Corp. purchased a new machine on Jan 1, 2014. The cost of this machine was...
Sony Corp. purchased a new machine on Jan 1, 2014. The cost of this machine was $500,000. The company estimated that the machine would have a salvage value of $20,000 at the end of its service life. The estimated service life is 4 years and its estimated total working hours are 25,000 hours. Year-end is December 31. 1. Assuming 5,000 hours used in 2014, compute the depreciation expense for the year of 2014 under Activity method. 2. Compute the depreciation...
Handout 8: Accounting for Plant assets Exercise 1: On March 1, 2008, Penner Company acquired real...
Handout 8: Accounting for Plant assets Exercise 1: On March 1, 2008, Penner Company acquired real estate on which it planned to construct a small office building. The company paid $80,000 in cash. An old warehouse on the property was razed at a cost of $8,600; the salvaged materials were sold for $1,700. Additional expenditures before construction began included $1,100 attorney's fee for work concerning the land purchase, $5,000 real estate broker's fee, $7,800 architect's fee. Land price 8,600 Instruction:...
problems 1 and 2 please Problem I Shamber Inc. purchased equipment on January 1, 2018, at...
problems 1 and 2 please
Problem I Shamber Inc. purchased equipment on January 1, 2018, at a total cost of $68,000. At the time of purchase, management estimated that the equipment would have a salvage value of $8,000 and an estimated useful life of 6 years. The company recorded depreciation through December 31, 2020, using the straight-line method. On January 1, 2021, the estimated salvage value was revised to $3,000 and the useful life was revised to a total of...
5. Younger Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased...
5. Younger Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2010, at a cost of $168,000.Over its 4-year useful life, the bus is expected to be driven 100,000 miles. Salvage value is expected to be $8,000. Instructions: (a) Compute the depreciation cost per unit. () Prepare a depreciation schedule assuming actual mileage Computation End of Year Annual Units of Depreciation Depreciation Accumulated Book Year Activity X Cost/Unit - Expense Depreciation Value...
Lab Task 1 & task 2 (due week 7): Please submit both tasks together on one...
Lab Task 1 & task 2 (due week 7): Please submit both tasks together on one pdf document. Do not forget to highlight your answers Lab task 1 1) The accountant at Parker & Sisters gathered the following selected accounting information: 20X9 20X8 $ 32,000 17,000 23,000 65,000 8,000 54.000 15,000 $ 40,000 Cash at bank Short-term investments 27,000 35,000 62,000 Accounts receivable (net) Inventory Prepaid expenses Accounts payable Salary payable Income taxes payable Debentures payable (due 20X9) 7,000 61,000...
107. Porter Company purchased equipment for $450,000 on January 1, 2007, and will use the double-declining-balance...
107. Porter Company purchased equipment for $450,000 on January 1, 2007, and will use the double-declining-balance method of depreciation. It is estimated that the equipment will have a 3-year life and a $20,000 salvage value at the end of its useful life. The amount of depreciation expense recognized in the year 2009 will be a. $50,000. b. $30,000. c. $54,440. d. $34,440. 108. A plant asset was purchased on January 1 for $50,000 with an estimated salvage value of $10,000...
Each problem is worth 2 point for a total of 10 points EXTRA CREDIT Fully depreciate all problems using all three methods (SL, UOfP, DDB). All team members must work through this everyone stays together on each problem (you cannot split up the work). One packet turned in with everyone's first and last name printed. Teams of 2. Teams are not allowed to work together. Problem # 1: Forklift Purchased Jan 1 Cost: $180,000 RV: $25,000 Life: 6 years or...
Exercise: 4 Cost The following data for a small delivery truck purchased by Barb's Florists on January 1, 2005. $13,000. Expected salvage value $1000. Estimated useful life(years) Estimated useful life(miles) 100,000 Miles driven: Y1 15,000 miles, Y2 30,000 miles, Y3 20,000 miles, Y4 25,000, Y5 10,000 Instructions: Calculate depreciation expenses for first year, and prepare the depreciation schedule for the estimated useful life using units of activity method. Depreciation schedule: Annual = depreciation Accumulated depreciation **Book value = Year Units...
Handout 8: Accounting for Plant assets Exercise 1: On March 1, 2008, Penner Company acquired real estate on which it planned to construct a small office building. The company paid $80,000 in cash. An old warehouse on the property was razed at a cost of $8,600; the salvaged materials were sold for $1,700. Additional expenditures before construction began included $1,100 attorney's fee for work concerning the land purchase, $5,000 real estate broker's fee, $7,800 architect's fee. Land price 8,600 Instruction:...
problems 1 and 2 please
Problem I Shamber Inc. purchased equipment on January 1, 2018, at a total cost of $68,000. At the time of purchase, management estimated that the equipment would have a salvage value of $8,000 and an estimated useful life of 6 years. The company recorded depreciation through December 31, 2020, using the straight-line method. On January 1, 2021, the estimated salvage value was revised to $3,000 and the useful life was revised to a total of...
5. Younger Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2010, at a cost of $168,000.Over its 4-year useful life, the bus is expected to be driven 100,000 miles. Salvage value is expected to be $8,000. Instructions: (a) Compute the depreciation cost per unit. () Prepare a depreciation schedule assuming actual mileage Computation End of Year Annual Units of Depreciation Depreciation Accumulated Book Year Activity X Cost/Unit - Expense Depreciation Value...
Lab Task 1 & task 2 (due week 7): Please submit both tasks together on one pdf document. Do not forget to highlight your answers Lab task 1 1) The accountant at Parker & Sisters gathered the following selected accounting information: 20X9 20X8 $ 32,000 17,000 23,000 65,000 8,000 54.000 15,000 $ 40,000 Cash at bank Short-term investments 27,000 35,000 62,000 Accounts receivable (net) Inventory Prepaid expenses Accounts payable Salary payable Income taxes payable Debentures payable (due 20X9) 7,000 61,000...
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