Homework Answers
Correct answer----(c ) Straight line.
.
Generally straight line method is used to record amortization expense. FIFO is not applicable for amortization expense.
Units of production and declining balance could be used but not practically applied by business.
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Which of the following accounting methods is generally used to compute amortization expense? O A first...
Requirements e1. Compute Austin Airlines's first-year depreciation expense on the plane using the following methods: a....
Requirements e1. Compute Austin Airlines's first-year depreciation expense on the plane using the following methods: a. Straight-line b. Units-of-production c. Double-declining-balance 2. Show the airplane's book value at the end of the first year for all three methods. ir Print Done a on the nlens using the double-declinina-halance meth town 1,800.000 miesthe first yea tems with a zero value
QUESTION 18 The debit portion of the journal entry to relenish the petty cash fur O...
QUESTION 18 The debit portion of the journal entry to relenish the petty cash fur O a. a list of the various accounts for which the petty cash was discured O b. Petty Cash O c. Accounts Receivable Od Cash QUESTION 19 Some years Mano uses his machine a few hours a year and sometimes he uses it thousands of hours a year. What depreciation method should he use? O Double Declining Balance Units of Production (Output) O Straight line...
On January 1, 2018, Austin Airlines purchased a used airplane for $50,000,000. Austin Airlines expects the...
On January 1, 2018, Austin Airlines purchased a used airplane for $50,000,000. Austin Airlines expects the plane to remain useful for four years (4,000,000 miles) and to have a residual value of $6,000,000. The company expects the plane to be flown 1,500,000 miles the first year. Read the requirements. Requirement 1a. Compute Austin Airlines's first-year depreciation expense on the plane using the straight-line method. Begin by selecting the formula to calculate the company's first-year depreciation expense on the plane using...
On January 1, 2018, Northeast Airlines purchased a used airplane for $37,500,000. Northeast Airlines expects the...
On January 1, 2018, Northeast Airlines purchased a used airplane for $37,500,000. Northeast Airlines expects the plane to remain useful for four years (4,000,000 miles) and to have a residual value of $5,500,000. The company expects the plane to be flown 1,300,000 miles the first year. Read the requirements. Requirement 1a. Compute Northeast Airlines's first-year depreciation expense on the plane using the straight-line method. Begin by selecting the formula to calculate the company's first-year depreciation expense on the plane using...
Prepaid expense would appear on which financial statement? O A. Income Statement O B. Balance Sheet...
Prepaid expense would appear on which financial statement? O A. Income Statement O B. Balance Sheet OC. Owner's Equity Statement OD. None of the above answers are correct. Click to select your answer. What is X-cel Company's net income or net loss if it had Revenue of $1,800, Salary Expense of $400, Utility Expense of $350, and Withdrawals of $5,000 during October? O A. $3,950 net loss O B. $3,950 net income OC. $1,050 net loss OD. $1,050 net income...
The fact that generally accepted accounting principles allow companies flexibility in choosing between certain allocation methods...
The fact that generally accepted accounting principles allow companies flexibility in choosing between certain allocation methods can make it difficult for a financial analyst to compare periodic performance from firm to firm. Suppose you were a financial analyst trying to compare the performance of two companies. Company A uses the double-declining- balance depreciation method. Company B uses the straight-line method. You have the following information taken from the 12/31/18 year-end financial statements for Company B: Income Statement Depreciation expense $5,500...
Depreciation Methods On January 2, 2015, Roth, Inc. purchased a laser cutting machine to be used...
Depreciation Methods On January 2, 2015, Roth, Inc. purchased a laser cutting machine to be used in the fabrication of a part for one of its key products. The machine cost $125,000, and its estimated useful life was four years or 1,200,000 cuttings, after which it could be sold for $5,000. Required a. Calculate each year's depreciation expense for the machine's useful life under each of the following depreciation methods (round all answers to the nearest dollar): 1. Straight-line. 2....
Please use same format in response. On January 1, 2018, Air Asias purchased a used airplane...
Please use same format in
response.
On January 1, 2018, Air Asias purchased a used airplane for $54,000,000. Air Asias expects the plane to remain useful for five years (5,000,000 miles) and to have a residual value of $4,000,000. The company expects the plane to be flown 1,100,000 miles the first year. Read the requirements Requirement 1a. Compute Air Aslas's first-year depreciation expense on the plane using the straight-line method. Begin by selecting the formula to calculate the company's first-year...
When inventory costs are declining, which of the following inventory costing methods will result in the...
When inventory costs are declining, which of the following inventory costing methods will result in the highest cost of goods sold? O A. last - in, first-out OB. weighted average OC specific identification OD first-in, first-out
2) Depreciation On January 1, 2018, Phil's Airline purchased a used airplane at a cost of...
2) Depreciation On January 1, 2018, Phil's Airline purchased a used airplane at a cost of $63,000,000. Boston Airline expects the plane to remain useful for nine years (6.000.000 miles) and to have a residual value of $4,000,000. Boston Airline expects the plane to be flown 1,100,000 miles to be flown 1.100,000 miles the first year and 1,500,000 miles the second year. Requirements Compute first and second-year (2019) depreciation expense on the plane using the following methods: a. Straight-line b....
Requirements e1. Compute Austin Airlines's first-year depreciation expense on the plane using the following methods: a. Straight-line b. Units-of-production c. Double-declining-balance 2. Show the airplane's book value at the end of the first year for all three methods. ir Print Done a on the nlens using the double-declinina-halance meth town 1,800.000 miesthe first yea tems with a zero value
QUESTION 18 The debit portion of the journal entry to relenish the petty cash fur O a. a list of the various accounts for which the petty cash was discured O b. Petty Cash O c. Accounts Receivable Od Cash QUESTION 19 Some years Mano uses his machine a few hours a year and sometimes he uses it thousands of hours a year. What depreciation method should he use? O Double Declining Balance Units of Production (Output) O Straight line...
On January 1, 2018, Austin Airlines purchased a used airplane for $50,000,000. Austin Airlines expects the plane to remain useful for four years (4,000,000 miles) and to have a residual value of $6,000,000. The company expects the plane to be flown 1,500,000 miles the first year. Read the requirements. Requirement 1a. Compute Austin Airlines's first-year depreciation expense on the plane using the straight-line method. Begin by selecting the formula to calculate the company's first-year depreciation expense on the plane using...
On January 1, 2018, Northeast Airlines purchased a used airplane for $37,500,000. Northeast Airlines expects the plane to remain useful for four years (4,000,000 miles) and to have a residual value of $5,500,000. The company expects the plane to be flown 1,300,000 miles the first year. Read the requirements. Requirement 1a. Compute Northeast Airlines's first-year depreciation expense on the plane using the straight-line method. Begin by selecting the formula to calculate the company's first-year depreciation expense on the plane using...
Prepaid expense would appear on which financial statement? O A. Income Statement O B. Balance Sheet OC. Owner's Equity Statement OD. None of the above answers are correct. Click to select your answer. What is X-cel Company's net income or net loss if it had Revenue of $1,800, Salary Expense of $400, Utility Expense of $350, and Withdrawals of $5,000 during October? O A. $3,950 net loss O B. $3,950 net income OC. $1,050 net loss OD. $1,050 net income...
The fact that generally accepted accounting principles allow companies flexibility in choosing between certain allocation methods can make it difficult for a financial analyst to compare periodic performance from firm to firm. Suppose you were a financial analyst trying to compare the performance of two companies. Company A uses the double-declining- balance depreciation method. Company B uses the straight-line method. You have the following information taken from the 12/31/18 year-end financial statements for Company B: Income Statement Depreciation expense $5,500...
Depreciation Methods On January 2, 2015, Roth, Inc. purchased a laser cutting machine to be used in the fabrication of a part for one of its key products. The machine cost $125,000, and its estimated useful life was four years or 1,200,000 cuttings, after which it could be sold for $5,000. Required a. Calculate each year's depreciation expense for the machine's useful life under each of the following depreciation methods (round all answers to the nearest dollar): 1. Straight-line. 2....
Please use same format in
response.
On January 1, 2018, Air Asias purchased a used airplane for $54,000,000. Air Asias expects the plane to remain useful for five years (5,000,000 miles) and to have a residual value of $4,000,000. The company expects the plane to be flown 1,100,000 miles the first year. Read the requirements Requirement 1a. Compute Air Aslas's first-year depreciation expense on the plane using the straight-line method. Begin by selecting the formula to calculate the company's first-year...
When inventory costs are declining, which of the following inventory costing methods will result in the highest cost of goods sold? O A. last - in, first-out OB. weighted average OC specific identification OD first-in, first-out
2) Depreciation On January 1, 2018, Phil's Airline purchased a used airplane at a cost of $63,000,000. Boston Airline expects the plane to remain useful for nine years (6.000.000 miles) and to have a residual value of $4,000,000. Boston Airline expects the plane to be flown 1,100,000 miles to be flown 1.100,000 miles the first year and 1,500,000 miles the second year. Requirements Compute first and second-year (2019) depreciation expense on the plane using the following methods: a. Straight-line b....
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