Homework Answers
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18. Option B Petty cash |
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19. Option B Units of production method |
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20. Option C Double declining method |
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21. Depreciation for second year = 90,000/3 years = 30,000 Option C |
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QUESTION 18 The debit portion of the journal entry to relenish the petty cash fur O...
At the end of an asset's useful life, the balance in Accumulated Depreciation will: O A....
At the end of an asset's useful life, the balance in Accumulated Depreciation will: O A. be a greater amount under straight-line depreciation than under double-declining - balance depreciation O B. be greater under units-of-production depreciation than under straight-line depreciation O c. be the same amount under all the depreciation methods OD. be a lesser amount under double-declining - balance depreciation than under units-of-production depreciation Depreciation computed under double-declining - balance will decrease each year because: O A. the book...
Question Completion Status: QUESTION 20 If I don't know the salvage value of an asset I...
Question Completion Status: QUESTION 20 If I don't know the salvage value of an asset I can stll compute first year depreciation using which depreciation method? Specific Identification O Units of production (output) O double decining balance O straight line QUESTION 21 On June 1, Michael Company purchased equipment at a cost of $120,000 that has a depreciable cost of $90,000 and an estimated useful life of 3 years or 30,000 hours Using straight-line depreciation, calculate depreciation expense for the...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2019. It made the...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2019. It made the following estimates: Service life 5 years or 10,000 hours Production 180,000 units Residual value $ 18,000 In 2019, Gruman uses the machine for 2,000 hours and produces 45,000 units. In 2020, Gruman uses the machine for 1,400 hours and produces 34,000 units. If required, round your final answers to the nearest dollar. Required: Compute the depreciation for 2019 and 2020 under each of the...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2016. It made the...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2016. It made the following estimates: Service Life 5 years or 10,000 hours Production 180,000 units Residual value $18,000 In 2016, Gruman uses the machine for 1,700 hours and produces 45,000 units. In 2017, Gruman uses the machine for 1,400 hours and produces 30,000 units. If required, round your final answers to the nearest dollar. Required: 1. Compute the depreciation for 2016 and 2017 under each of the...
Question 17 (2 points) Which depreciation method has the largest depreciation amount the first year: O...
Question 17 (2 points) Which depreciation method has the largest depreciation amount the first year: O Straight Line O Sum of Years Digits O Double Declining Balance O Declining Balance
Question 9 Carla Company purchased machinery for $161,700 on January 1, 2017. It is estimated that...
Question 9 Carla Company purchased machinery for $161,700 on January 1, 2017. It is estimated that the machinery will have a useful life of 20 years, salvage value of $14,700, production of 80,400 units, and working hours of 46,200. During 2017, the company uses the machinery for 21,714 hours, and the machinery produces 25,728 units. Compute depreciation under the straight-line, units-of-output, working hours, sum-of-the-years’-digits, and double-declining-balance methods. (Round intermediate calculations to 5 decimal places, e.g. 1.56487 and final answers to...
Depreciation Methods Gruman Company purchased a machine for $220,000 on January 2, 2016. It made the...
Depreciation Methods Gruman Company purchased a machine for $220,000 on January 2, 2016. It made the following estimates: Service life 5 years or 10,000 hours Production 200,000 units Residual value $20,000 In 2016, Gruman uses the machine for 1,800 hours and produces 44,000 units. In 2017, Gruman uses the machine for 1,500 hours and produces 35,000 units. If required, round your final answers to the nearest dollar. Required: 1. Compute the depreciation for 2016 and 2017 under each of the...
Joss Stone Inc. purchased a large generator for its power plant for $3,500,000. Its useful life...
Joss Stone Inc. purchased a large generator for its power plant for $3,500,000. Its useful life is estimated to be 20 years and its estimated hours of service will be 10,000,000 hours. The generator will be installed within the power plant for an additional cost $500,000. Training costs to get the generator up and running will $1,500,000. Company executives are debating which depreciation method to adopt and want from you a proposed five-year depreciation expense schedule using three depreciation methods:...
Practice Question On January 2, 2018, Far Co. purchased a machine for $525,000. The company expects...
Practice Question On January 2, 2018, Far Co. purchased a machine for $525,000. The company expects the machine to last for 10 years or 50,000 hours of operation, with an estimated residual value of $15,000. During 2018 the machine was operated for 3,000 hours, while in 2019 it was operated for 2,600 hours. Calculate the depreciation expense for the machine for 2018 and 2019 using the following depreciation methods: a. Straight-line b. Units-of-production c. Double-declining-balance a. Straight-Line Method b. Units-Of-Production...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2016. It made the...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2016. It made the following estimates: Service life 5 years or 10,000 hours Production 180,000 units Residual value $ 18,000 In 2016, Gruman uses the machine for 1,700 hours and produces 45,000 units. In 2017, Gruman uses the machine for 1,400 hours and produces 32,000 units. If required, round your final answers to the nearest dollar. Required: 1. Compute the depreciation for 2016 and 2017 under each of...
At the end of an asset's useful life, the balance in Accumulated Depreciation will: O A. be a greater amount under straight-line depreciation than under double-declining - balance depreciation O B. be greater under units-of-production depreciation than under straight-line depreciation O c. be the same amount under all the depreciation methods OD. be a lesser amount under double-declining - balance depreciation than under units-of-production depreciation Depreciation computed under double-declining - balance will decrease each year because: O A. the book...
Question Completion Status: QUESTION 20 If I don't know the salvage value of an asset I can stll compute first year depreciation using which depreciation method? Specific Identification O Units of production (output) O double decining balance O straight line QUESTION 21 On June 1, Michael Company purchased equipment at a cost of $120,000 that has a depreciable cost of $90,000 and an estimated useful life of 3 years or 30,000 hours Using straight-line depreciation, calculate depreciation expense for the...
Question 17 (2 points) Which depreciation method has the largest depreciation amount the first year: O Straight Line O Sum of Years Digits O Double Declining Balance O Declining Balance
Depreciation Methods Gruman Company purchased a machine for $220,000 on January 2, 2016. It made the following estimates: Service life 5 years or 10,000 hours Production 200,000 units Residual value $20,000 In 2016, Gruman uses the machine for 1,800 hours and produces 44,000 units. In 2017, Gruman uses the machine for 1,500 hours and produces 35,000 units. If required, round your final answers to the nearest dollar. Required: 1. Compute the depreciation for 2016 and 2017 under each of the...
Practice Question On January 2, 2018, Far Co. purchased a machine for $525,000. The company expects the machine to last for 10 years or 50,000 hours of operation, with an estimated residual value of $15,000. During 2018 the machine was operated for 3,000 hours, while in 2019 it was operated for 2,600 hours. Calculate the depreciation expense for the machine for 2018 and 2019 using the following depreciation methods: a. Straight-line b. Units-of-production c. Double-declining-balance a. Straight-Line Method b. Units-Of-Production...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2016. It made the following estimates: Service life 5 years or 10,000 hours Production 180,000 units Residual value $ 18,000 In 2016, Gruman uses the machine for 1,700 hours and produces 45,000 units. In 2017, Gruman uses the machine for 1,400 hours and produces 32,000 units. If required, round your final answers to the nearest dollar. Required: 1. Compute the depreciation for 2016 and 2017 under each of...
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