Homework Answers
Answer: $15,340 credit
Explanation
Accumulated depreciation at January 31,2017 = $1,180 x 13 months
= $15,340
Therefore, Accumulated depreciation will increase by $15,340 at January 31,2017. Hence it should be credited.
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X Your answer is incorrect On January 1, 2016, Blossom Company purchased equipment for $29500. The...
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On January 1, 2017, Marigold Corp. purchased equipment for $42120. The company is depreciating the equipment...
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Question 1 At January 1, 2017, Blossom Company reported the fallowing property, plant, and equipment accounts: Accumulated depreciation-buildings $60.950,000 Accumulated depreciation-equipment 52,850,000 Buildings 97,300,000 Equipment 150,200,000 Land 24,000,000 The company uses straight-li ne depreciation for buildings and equipment, s estimated to havea year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment 10-vear useful life and no salvace value During 2017, the following selected...
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QUESTION 11 Remaz Corp. purchased equipment at a cost of $220,000 in January, 2016. As of...
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At January 1, 2022, Blossom Company reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings...
At January 1, 2022, Blossom Company reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$60,400,000
Accumulated depreciation—equipment
53,500,000
Buildings
97,600,000
Equipment
150,000,000
Land
21,850,000
The company uses straight-line depreciation for buildings and
equipment, its year-end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no salvage value; the equipment is estimated to
have a 10-year useful life and no salvage value.
During 2022, the following selected transactions...
Cutter Enterprises purchased equipment for $84,000 on January 1, 2016. The equipment is expected to have...
Cutter Enterprises purchased equipment for $84,000 on January 1, 2016. The equipment is expected to have a five-year life and a residual value of $6,900. Using the sum-of-the-years'-digits method, depreciation for 2017 and book value at December 31, 2017, would be (Do not round depreciation rate per year): Multiple Choice 0 $20,560 and $37,740. $22,400 and $33,600. o o $20,560 and $30,840. $22,400 and $26,700.
On January 1, 2022, Marigold Corp. purchased equipment for $42120. The company is depreciating the equipment...
On January 1, 2022, Marigold Corp. purchased equipment for
$42120. The company is depreciating the equipment at the rate of
$590 per month. The book value of the equipment at December 31,
2022 is:
$7080.
$42120.
$0.
$35040.
At January 1, 2022, Blossom Company reported the following property, plant, and equipment accounts
At January 1, 2022, Blossom Company reported the following property, plant, and equipment accounts:Accumulated depreciation—buildings$60,400,000Accumulated depreciation—equipment53,500,000Buildings97,600,000Equipment150,000,000Land21,850,000The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value.During 2022, the following selected transactions occurred:Apr. 1Purchased land for $4.40 million. Paid $1.100 million cash and issued a 3-year, 6% note payable for...
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On January 1, 2017, Marigold Corp. purchased equipment for $42120. The company is depreciating the equipment at the rate of $590 per month. The book value of the equipment at December 31, 2017 is: O $7080 O $35040 $0. O $42120
Question 1 At January 1, 2017, Blossom Company reported the fallowing property, plant, and equipment accounts: Accumulated depreciation-buildings $60.950,000 Accumulated depreciation-equipment 52,850,000 Buildings 97,300,000 Equipment 150,200,000 Land 24,000,000 The company uses straight-li ne depreciation for buildings and equipment, s estimated to havea year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment 10-vear useful life and no salvace value During 2017, the following selected...
Brief Exercise 22-5 Blossom Company purchased a computer system for $78,800 on January 1, 2016. It was depreciated based on a 8-year life and an $16,800 salvage value. On January 1, 2018, Blossom revised these estimates to a total useful life of 4 years and a salvage value of $10,200. Blossom uses straight-line depreciation. Prepare Blossom's entry to record 2018 depreciation expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
Cutter Enterprises purchased equipment for $84,000 on January 1, 2016. The equipment is expected to have a five-year life and a residual value of $6,300. Using the sum-of-the-years-digits method, depreciation for 2017 and book value at December 31, 2017, would be (Do not round depreciation rate per year): Multiple Choice O $22,400 and $27,300. O $20,720 and $37,380. O $20,720 and $31,080. O $22,400 and $33,600.
QUESTION 11 Remaz Corp. purchased equipment at a cost of $220,000 in January, 2016. As of January 1, 2017, depreciation of S160,000 had been recorded on this asset. Depreciation expense for 2017 is $50,000. After the adjustments are recorded and posted at December 31, 2017, what are the balances for Equipment and Accumulated Depreciation? Equipment Accumulated Depreciation $220,000 $210,000 Oa $220,000 SO Ob. $120,000 $210,000 O $160,000 Od $ 50,000
At January 1, 2022, Blossom Company reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$60,400,000
Accumulated depreciation—equipment
53,500,000
Buildings
97,600,000
Equipment
150,000,000
Land
21,850,000
The company uses straight-line depreciation for buildings and
equipment, its year-end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no salvage value; the equipment is estimated to
have a 10-year useful life and no salvage value.
During 2022, the following selected transactions...
Cutter Enterprises purchased equipment for $84,000 on January 1, 2016. The equipment is expected to have a five-year life and a residual value of $6,900. Using the sum-of-the-years'-digits method, depreciation for 2017 and book value at December 31, 2017, would be (Do not round depreciation rate per year): Multiple Choice 0 $20,560 and $37,740. $22,400 and $33,600. o o $20,560 and $30,840. $22,400 and $26,700.
On January 1, 2022, Marigold Corp. purchased equipment for
$42120. The company is depreciating the equipment at the rate of
$590 per month. The book value of the equipment at December 31,
2022 is:
$7080.
$42120.
$0.
$35040.
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