Homework Answers
Machine is put on the books for January 1, 2015 = Amount payable on December 31, 2017 x Present value factor at 5% for 3 years
= $200,000*0.8638
= $172,760
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Incorrect Question 6 0/2.5 pts On January 1, 2015, Acorn Corporation bought a new machine. Acorn...
Incorrect Question 6 0/1.25 pts Which of the following does not correctly describe the following adjusting...
Incorrect Question 6 0/1.25 pts Which of the following does not correctly describe the following adjusting journal entry? Debit Wages expense; credit wages payable Total assets do not change. The transaction is an example of an accrual. • Stockholders' equity decreases. Net income is not affected. Incorrect Question 6 0/2.5 pts On January 1, 2015, Acorn Corporation bought a new machine. Acorn signed a note agreeing to pay $200,000 on December 31, 2017. The market interest rate for this note...
On January 1, 2015, Swift Corporation, a small manufacturer of machine tools, acquired new indust...
On January 1, 2015, Swift Corporation, a small manufacturer of
machine tools, acquired new industrial equipment for $1,320,000.
The new equipment had a useful life of five years and the residual
value was estimated to be $60,000. Swift estimates that the new
equipment can produce 14,500 machine tools in its first year. It
estimates that production will decline by 1,000 units per year over
the equipment’s remaining useful life.
The following depreciation methods may be used: (1) straight-line,
(2) double-declining-balance,...
On January 2, 2015, Athol Company bought a machine for use in operations. The machine has...
On January 2, 2015, Athol Company bought a machine for use in operations. The machine has an estimated useful life of eight years and an estimated residual value of $1,000. The company provided the following information: a. Invoice price of the machine, $58,560. b. Freight paid by the vendor per sales agreement, $840. c. Installation costs, $1,760 cash. d. Cost of cleaning up the supplies, boxes, and other garbage that remained after the installation of the machine, $110 cash. e....
On January 2, 2015, Athol Company bought a machine for use in operations. The machine has...
On January 2, 2015, Athol Company bought a machine for use in operations. The machine has an estimated useful life of eight years and an estimated residual value of $800. The company provided the following information: a. Invoice price of the machine, $55,400. b. Freight paid by the vendor per sales agreement, $830. c. Installation costs, $1,730 cash. d. Cost of cleaning up the supplies, boxes, and other garbage that remained after the installation of the machine, $100 cash. e....
The following refers to a purchase of a machine by a company on January 1, 2015....
The following refers to a purchase of a machine by a company on January 1, 2015. Contract Price: $80,000 Interest Rate: 6% Contract Price Due On: December 31, 2017 Interest Compounded: semi-annually The entry to record the purchase of the machine would include a: A. debit to machine for $80,000 B. credit to note payable for $66,960 C. debit to interest expense for 12,800 D. debit to discount for $13,040 E. debit to machine for $122,135 Determine interest expense to be recorded on December 31, 2015....
On January 1, 2015, a machine was purchased for $100,800. The machine has an estimated salvage...
On January 1, 2015, a machine was purchased for $100,800. The machine has an estimated salvage value of $6,720 and an estimated useful life of 5 years. The machine can operate for 112,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2015, 22,400 hrs; 2016, 28,000 hrs; 2017, 16,800 hr Your answer is partially correct. Try again. Compute the annual depreciation charges over the machine's life assuming...
On January 1, 2015, a machine was purchased for $99,900. The machine has an estimated salvage...
On January 1, 2015, a machine was purchased for $99,900. The machine has an estimated salvage value of $6,660 and an estimated useful life of 5 years. The machine can operate for 111,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2015, 22,200 hrs; 2016, 27,750 hrs; 2017, 16,650 hrs; 2018, 33,300 hrs; and 2019, 11,100 hrs. Part 1 Your answer is correct. Compute the annual depreciation...
#1. A corporation was started on January 3, 2015 with an initial sale of common stock...
#1. A corporation was started on January 3, 2015 with an initial sale of common stock of $160,000. At December 31, 2015, the company had $600,000 in assets and $350,000 in liabilities. During 2015 the corporation paid $40,000 of dividends. What was the company’s net income for 2015? #2. On May 31, Zent Co. borrows $80,000 from a local bank. A note is signed with principal and 6% interest to be paid on May 31 the following year. Select the...
2 pts Question 23 On January 1, 2018, the Transition Company purchased a machine for $150,000....
2 pts Question 23 On January 1, 2018, the Transition Company purchased a machine for $150,000. The machine had an estimated useful life of ten years! estimated salvage value of $12.000. The machine had $27.600 accumulated depreciation at December 31, 2019. In 2020, the company determined that due to technological changes, the machine will have six years estimated life remaining at January 1, 2020 and will not have a salvage value at the end of its estimated useful life. The...
Paar Corporation bought 100 percent of Kimmel, Inc., on January 1, 2015. On that date, Paar’s...
Paar Corporation bought 100 percent of Kimmel, Inc., on January 1, 2015. On that date, Paar’s equipment (10-year life) has a book value of $425,000 but a fair value of $607,000. Kimmel has equipment (10-year life) with a book value of $209,000 but a fair value of $376,000. Paar uses the equity method to record its investment in Kimmel. On December 31, 2017, Paar has equipment with a book value of $297,500 but a fair value of $512,700. Kimmel has...
Incorrect Question 6 0/1.25 pts Which of the following does not correctly describe the following adjusting journal entry? Debit Wages expense; credit wages payable Total assets do not change. The transaction is an example of an accrual. • Stockholders' equity decreases. Net income is not affected. Incorrect Question 6 0/2.5 pts On January 1, 2015, Acorn Corporation bought a new machine. Acorn signed a note agreeing to pay $200,000 on December 31, 2017. The market interest rate for this note...
On January 1, 2015, Swift Corporation, a small manufacturer of
machine tools, acquired new industrial equipment for $1,320,000.
The new equipment had a useful life of five years and the residual
value was estimated to be $60,000. Swift estimates that the new
equipment can produce 14,500 machine tools in its first year. It
estimates that production will decline by 1,000 units per year over
the equipment’s remaining useful life.
The following depreciation methods may be used: (1) straight-line,
(2) double-declining-balance,...
On January 1, 2015, a machine was purchased for $100,800. The machine has an estimated salvage value of $6,720 and an estimated useful life of 5 years. The machine can operate for 112,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2015, 22,400 hrs; 2016, 28,000 hrs; 2017, 16,800 hr Your answer is partially correct. Try again. Compute the annual depreciation charges over the machine's life assuming...
2 pts Question 23 On January 1, 2018, the Transition Company purchased a machine for $150,000. The machine had an estimated useful life of ten years! estimated salvage value of $12.000. The machine had $27.600 accumulated depreciation at December 31, 2019. In 2020, the company determined that due to technological changes, the machine will have six years estimated life remaining at January 1, 2020 and will not have a salvage value at the end of its estimated useful life. The...
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