Homework Answers
| Statement showing Computations | ||
| Particulars | Debit | Credit |
| March 01'2017 | ||
| Equipment Dr | 120,000.00 | |
| To Cash | 120,000.00 | |
| Dec 31'2017 | ||
| Depreciation Dr | 10,000.00 | |
| To Accumulated depreciation | 10,000.00 | |
| (120,000 - 0 )/10 *10/12 | ||
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Pessimistic Oil Company purchased seismic equipment on March 1, 2017, costing $120,000. The seismic equipment was...
Jayhawk Oil Company purchased seismic equipment on March 1, Year 1, at a cost of $100,000....
Jayhawk Oil Company purchased seismic equipment on March 1, Year 1, at a cost of $100,000. The seismic equipment was used in G&G operations for the remaining of the calendar year (Year 1). Compute straight-line depreciation for 2017, assuming a 10 year life and a salvage value of $20,000. What accounts we affected by the purchase and depreciation of the equipment?
During 2018, Longhorn Petroleum made the following transactions relating to test well contributions: a. Contracted with...
During 2018, Longhorn Petroleum made the following transactions relating to test well contributions: a. Contracted with King Energy Corporation, agreeing to pay $80,000 if a well was drilled on Garth's lease to a depth of 20,000 feet. b. Contracted to pay Richards Oil Company $65.000 if a well being drilled on Varsity's property was dry. c. Agreed to pay Carnegie Oil Company $110,000 if a well being drilled reached a depth of 9,000 feet Results from the above transactions were...
Coronado Company purchased equipment for $216,240 on October 1, 2017. It is estimated that the equipment...
Coronado Company purchased equipment for $216,240 on October 1, 2017. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $12,240. Estimated production is 40,000 units and estimated working hours are 20,300. During 2017, Coronado uses the equipment for 530 hours and the equipment produces 1,100 units. Compute depreciation expense under the following methods. Coronado is on a calendar-year basis ending December 31. (Round rate per hour and rate per unit...
Monty Company purchased equipment for $237,300 on October 1, 2017. It is estimated that the equipment...
Monty Company purchased equipment for $237,300 on October 1,
2017. It is estimated that the equipment will have a useful life of
8 years and a salvage value of $13,560. Estimated production is
39,600 units and estimated working hours are 20,300. During 2017,
Monty uses the equipment for 530 hours and the equipment produces
1,000 units.
Monty Company purchased equipment for $237,300 on October 1, 2017. It is estimated that the equipment will have a useful life of 8 years...
Sandhill Company purchased equipment for $236,430 on October 1, 2017. It is estimated that the equipment...
Sandhill Company purchased equipment for $236,430 on October 1,
2017. It is estimated that the equipment will have a useful life of
8 years and a salvage value of $13,320. Estimated production is
40,200 units and estimated working hours are 20,000. During 2017,
Sandhill uses the equipment for 530 hours and the equipment
produces 1,000 units.
Compute depreciation expense under each of the following methods.
Sandhill is on a calendar-year basis ending December 31.
(Round rate per hour and rate...
Question 1 Skysong Company purchased equipment for $270,000 on October 1, 2017. It is estimated that...
Question 1 Skysong Company purchased equipment for $270,000 on October 1, 2017. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $15,000. Estimated production is 40,800 units and estimated working hours are 19,700. During 2017, Skysong uses the equipment for 520 hours and the equipment produces 1,000 units Compute depreciation expense under each of the following methods. Skysong is on a calendar-year basis ending December 31. (Round rate per hour...
11-6 Coronado Company purchased equipment for $248,240 on October 1, 2017. It is estimated that the...
11-6
Coronado Company purchased equipment for $248,240 on October 1,
2017. It is estimated that the equipment will have a useful life of
8 years and a salvage value of $13,920. Estimated production is
40,400 units and estimated working hours are 20,000. During 2017,
Coronado uses the equipment for 530 hours and the equipment
produces 1,100 units.
Compute depreciation expense under each of the following methods.
Coronado is on a calendar-year basis ending December 31.
(Round rate per hour and...
On January 1, 2014, Carla Company purchased a building and equipment that have the following useful...
On January 1, 2014, Carla Company purchased a building and equipment that have the following useful lives, salvage values, and costs. Building, 40-year estimated useful life, $52,400 salvage value, $859,200 cost Equipment, 12-year estimated useful life, $9,200 salvage value, $108,200 cost The building has been depreciated under the double-declining-balance method through 2017. In 2018, the company decided to switch to the straight-line method of depreciation. Carla also decided to change the total useful life of the equipment to 9 years,...
On January 1, 2014, Swifty Company purchased a building and equipment that have the following useful...
On January 1, 2014, Swifty Company purchased a building and equipment that have the following useful lives, salvage values, and costs. Building, 40-year estimated useful life, $48,400 salvage value, $750,400 cost Equipment, 12-year estimated useful life, $10,000 salvage value, $97,300 cost The building has been depreciated under the double-declining-balance method through 2017. In 2018, the company decided to switch to the straight-line method of depreciation. Swifty also decided to change the total useful life of the equipment to 9 years,...
Exercise 22-12 On January 1, 2014, Larkspur Company purchased a building and equipment that have the...
Exercise 22-12 On January 1, 2014, Larkspur Company purchased a building and equipment that have the following useful lives, salvage values, and costs. Building, 40-year estimated useful life, $46,800 salvage value, $762,400 cost Equipment, 12-year estimated useful life, $10,000 salvage value, $101,800 cost The building has been depreciated under the double-declining-balance method through 2017. In 2018, the company decided to switch to the straight-line method of depreciation. Larkspur also decided to change the total useful life of the equipment to...
During 2018, Longhorn Petroleum made the following transactions relating to test well contributions: a. Contracted with King Energy Corporation, agreeing to pay $80,000 if a well was drilled on Garth's lease to a depth of 20,000 feet. b. Contracted to pay Richards Oil Company $65.000 if a well being drilled on Varsity's property was dry. c. Agreed to pay Carnegie Oil Company $110,000 if a well being drilled reached a depth of 9,000 feet Results from the above transactions were...
Monty Company purchased equipment for $237,300 on October 1,
2017. It is estimated that the equipment will have a useful life of
8 years and a salvage value of $13,560. Estimated production is
39,600 units and estimated working hours are 20,300. During 2017,
Monty uses the equipment for 530 hours and the equipment produces
1,000 units.
Monty Company purchased equipment for $237,300 on October 1, 2017. It is estimated that the equipment will have a useful life of 8 years...
Sandhill Company purchased equipment for $236,430 on October 1,
2017. It is estimated that the equipment will have a useful life of
8 years and a salvage value of $13,320. Estimated production is
40,200 units and estimated working hours are 20,000. During 2017,
Sandhill uses the equipment for 530 hours and the equipment
produces 1,000 units.
Compute depreciation expense under each of the following methods.
Sandhill is on a calendar-year basis ending December 31.
(Round rate per hour and rate...
Question 1 Skysong Company purchased equipment for $270,000 on October 1, 2017. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $15,000. Estimated production is 40,800 units and estimated working hours are 19,700. During 2017, Skysong uses the equipment for 520 hours and the equipment produces 1,000 units Compute depreciation expense under each of the following methods. Skysong is on a calendar-year basis ending December 31. (Round rate per hour...
11-6
Coronado Company purchased equipment for $248,240 on October 1,
2017. It is estimated that the equipment will have a useful life of
8 years and a salvage value of $13,920. Estimated production is
40,400 units and estimated working hours are 20,000. During 2017,
Coronado uses the equipment for 530 hours and the equipment
produces 1,100 units.
Compute depreciation expense under each of the following methods.
Coronado is on a calendar-year basis ending December 31.
(Round rate per hour and...
On January 1, 2014, Carla Company purchased a building and equipment that have the following useful lives, salvage values, and costs. Building, 40-year estimated useful life, $52,400 salvage value, $859,200 cost Equipment, 12-year estimated useful life, $9,200 salvage value, $108,200 cost The building has been depreciated under the double-declining-balance method through 2017. In 2018, the company decided to switch to the straight-line method of depreciation. Carla also decided to change the total useful life of the equipment to 9 years,...
On January 1, 2014, Swifty Company purchased a building and equipment that have the following useful lives, salvage values, and costs. Building, 40-year estimated useful life, $48,400 salvage value, $750,400 cost Equipment, 12-year estimated useful life, $10,000 salvage value, $97,300 cost The building has been depreciated under the double-declining-balance method through 2017. In 2018, the company decided to switch to the straight-line method of depreciation. Swifty also decided to change the total useful life of the equipment to 9 years,...
Exercise 22-12 On January 1, 2014, Larkspur Company purchased a building and equipment that have the following useful lives, salvage values, and costs. Building, 40-year estimated useful life, $46,800 salvage value, $762,400 cost Equipment, 12-year estimated useful life, $10,000 salvage value, $101,800 cost The building has been depreciated under the double-declining-balance method through 2017. In 2018, the company decided to switch to the straight-line method of depreciation. Larkspur also decided to change the total useful life of the equipment to...
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