Homework Answers
The solution provided by you is totally correct. I have checked it thoroughly.
The only change needed is that the date of depreciation is December 31, 2025.
Please ask if you have any query related to the question. Thank you
Add Answer to:
Please check if it's correct. If not, please explain and re-do
it.
Thanks
Assignment 2 O...
Suppose if the question asks to prepare journal for Depreciation expense for 2028, we need to...
Suppose if the question asks to prepare journal for
Depreciation expense for 2028, we need to triple the number up? is
that correct?
The 2nd image is the journal expense for 2025.
Assignment 2 Equipment was acquired on January 1, 2021, at a cost of $12,000. The equipment was originally estimated to have a salvage value of $1,000 and an estimated life of 10 years. Depreciation has been recorded through to December 31, 2024, using the straight-line method. On January...
Question 5 1.6/2. View Policies Show Attempt History Current Attempt in Progress On July 1, 2019,...
Question 5 1.6/2. View Policies Show Attempt History Current Attempt in Progress On July 1, 2019, Sheridan Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Compute the balance in Accumulated Depreciation- Equipment for this equipment after depreciation expense has been recorded on December 31, 2022. ulated Depreciation-Equipment...
On January 1, 2016, Walid Company purchases equipment for $12,000 with 4 years estimated useful life...
On January 1, 2016, Walid Company purchases equipment for $12,000 with 4 years estimated useful life and no salvage value. On January 1, 2019, Walid Company retires the equipment. The straight-line method of depreciation is applied and financial statements are prepared yearly. The retirement entry is: * On January 1, 2018, Zak Company purchases equipment for $24,000, with an estimated useful life of 4 years and no salvage value. The straight-line depreciation method is applied and financial statements are prepared...
On July 1, 2019, Cullumber Company purchased new equipment for $85,000. Its estimated useful life was 5 years with a $12...
On July 1, 2019, Cullumber Company purchased new equipment for $85,000. Its estimated useful life was 5 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment’s remaining useful life was 10 years, with a revised salvage value of $5,000. Compute the revised annual depreciation on December 31, 2022. Revised annual depreciation $__________________ Show your work
On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 8 years with a $18,000...
On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 8 years with a $18,000 salvage value. On December 31, 2022, the company estimated that the equipment’s remaining useful life was 10 years, with a revised salvage value of $5,000. Compute the balance in Accumulated Depreciation—Equipment for this equipment after depreciation expense has been recorded on December 31, 2022. Accumulated Depreciation—Equipment $___
On July 1, 2019, Wildhorse Co. purchased new equipment for $90,000.
On July 1, 2019, Wildhorse Co. purchased new equipment for $90,000. Its estimated useful life was 8 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. Compute the revised annual depreciation on December 31, 2022. Compute the balance in Accumulated Depreciation Equipment for this equipment after depreciation expense has been recorded on...
problems 1 and 2 please Problem I Shamber Inc. purchased equipment on January 1, 2018, at...
problems 1 and 2 please
Problem I Shamber Inc. purchased equipment on January 1, 2018, at a total cost of $68,000. At the time of purchase, management estimated that the equipment would have a salvage value of $8,000 and an estimated useful life of 6 years. The company recorded depreciation through December 31, 2020, using the straight-line method. On January 1, 2021, the estimated salvage value was revised to $3,000 and the useful life was revised to a total of...
On July 1, 2019, Cullumber Company purchased new equipment for $85,000. Its estimated useful life was...
On July 1, 2019, Cullumber Company purchased new equipment for $85,000. Its estimated useful life was 5 years with a $12,000 salvage value. On January 1, 2022, before making its depreciation entry for 2022, the company estimated the remaining useful life to be 10 years beyond December 31, 2022. The new salvage value is estimated to be $5,000. A.) Prepare the journal entry to record depreciation on December 31, 2019. B.) Prepare the journal entry to record depreciation on December...
how do you cakcukate it oncept Overview Videos Saved Help Save & Exit Submit Required information...
how do you cakcukate it
oncept Overview Videos Saved Help Save & Exit Submit Required information Revised remaining useful life 4 years 1305 1:25 / 2:13 1x CO Knowledge Check 01 A company used straight-line depreciation for equipment that cost $12,000, had a salvage value of $2,000, and a 5- year useful life. At the beginning of year 4 of its useful life, the estimate of the salvage value was reduced to $1,200 and its total useful life was increased...
Ayayai Corporation purchased Problem 9-09A machinery on January 1, 2022, at a cost of $252,000. The...
Ayayai Corporation purchased Problem 9-09A machinery on January 1, 2022, at a cost of $252,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $30,200. The company is considering different depreciation methods that could be used for financial reporting purposes. Here are selected 2022 transactions of Ayayai Corporation. Retired a piece of machinery that was Jan. 1 purchased on January 1, 2012. The machine cost $61,000 and...
Suppose if the question asks to prepare journal for
Depreciation expense for 2028, we need to triple the number up? is
that correct?
The 2nd image is the journal expense for 2025.
Assignment 2 Equipment was acquired on January 1, 2021, at a cost of $12,000. The equipment was originally estimated to have a salvage value of $1,000 and an estimated life of 10 years. Depreciation has been recorded through to December 31, 2024, using the straight-line method. On January...
Question 5 1.6/2. View Policies Show Attempt History Current Attempt in Progress On July 1, 2019, Sheridan Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Compute the balance in Accumulated Depreciation- Equipment for this equipment after depreciation expense has been recorded on December 31, 2022. ulated Depreciation-Equipment...
On January 1, 2016, Walid Company purchases equipment for $12,000 with 4 years estimated useful life and no salvage value. On January 1, 2019, Walid Company retires the equipment. The straight-line method of depreciation is applied and financial statements are prepared yearly. The retirement entry is: * On January 1, 2018, Zak Company purchases equipment for $24,000, with an estimated useful life of 4 years and no salvage value. The straight-line depreciation method is applied and financial statements are prepared...
problems 1 and 2 please
Problem I Shamber Inc. purchased equipment on January 1, 2018, at a total cost of $68,000. At the time of purchase, management estimated that the equipment would have a salvage value of $8,000 and an estimated useful life of 6 years. The company recorded depreciation through December 31, 2020, using the straight-line method. On January 1, 2021, the estimated salvage value was revised to $3,000 and the useful life was revised to a total of...
how do you cakcukate it
oncept Overview Videos Saved Help Save & Exit Submit Required information Revised remaining useful life 4 years 1305 1:25 / 2:13 1x CO Knowledge Check 01 A company used straight-line depreciation for equipment that cost $12,000, had a salvage value of $2,000, and a 5- year useful life. At the beginning of year 4 of its useful life, the estimate of the salvage value was reduced to $1,200 and its total useful life was increased...
Ayayai Corporation purchased Problem 9-09A machinery on January 1, 2022, at a cost of $252,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $30,200. The company is considering different depreciation methods that could be used for financial reporting purposes. Here are selected 2022 transactions of Ayayai Corporation. Retired a piece of machinery that was Jan. 1 purchased on January 1, 2012. The machine cost $61,000 and...
Most questions answered within 3 hours.
-
Please Help ASAP.
1Consider the below code which iterates over a linked
list of n nodes...
asked 9 minutes ago -
Determine the air to fuel ratio of:
Canadian natural gas, with 93.9% methane, 4.2% ethane, 0.3%...
asked 10 minutes ago -
A manufacturer of power tools claims that the average amount of
time required to assemble their...
asked 12 minutes ago -
"electron-withdrawing substituents on carbon encourage back
donation", then on the next page he says that "greater...
asked 23 minutes ago -
On December 31, 2016, the shareholders’ equity section of the
balance sheet of R & L...
asked 32 minutes ago -
16.7
At t=0s a small "upward" (positive y) pulse centered at x = 5.0
m is...
asked 45 minutes ago -
Twitter Users and News: A poll conducted in 2013 found that 52%
of U.S. adult Twitter...
asked 1 hour ago -
How
would I know whether a given amino acid has an ionizable group or
not? please...
asked 1 hour ago -
True or false?
True False The function of the enzyme acyl CoA
synthetase is the ATP-dependent coupling...
asked 1 hour ago -
Nadia Corporation adjusts its debt so that its interest coverage
(EBIT/Interest) remains constant at 3. Nadia’s...
asked 1 hour ago -
In a clinical trial, 20 out of 600 patients taking a
prescription drug complained of flulike...
asked 1 hour ago -
7. How many types of nuclear processes can produce energy? 8.
How many types of radioactive...
asked 1 hour ago