QUESTION 11 BEST Company purchased specialized equipment on January 1, 2011, that cost $100,000, has a...
QUESTION 8 BEST Company purchased specialized equipment on January 1, 2011, that cost $100,000, has a residual value of $20,000, and a useful life of five years. The book value of the asset on January 1, 2013 under the double declining balance method is: $36,000 540,000 $16,000 $60,000 None of the above.
पपचाompranous QUESTION 10 BEST Company purchased specialized equipment on January 1, 2011, that cost $100,000, has a residual value of $20,000, and a useful life of five years. The amount of depreciation for 2011 under the straight-line method is: $20,000 $10,000 $16,000 $32,000 None of the above.
QUESTION 9 BEST Company purchased specialized equipment on January 1, 2011, that cost $100,000, has a residual value of $20,000, and a useful life of five years. The amount of depreciation for 2011 (rounded to nearest dollar) under the sum of the years' digits method is: $33,333. $26,667. $36,000. $20,000 None of the above.
QUESTION 7 BEST Company purchased specialized equipment on January 1, 2011, that cost $100,000, has a residual value of $20,000, and a useful life of five years. The amount of depreciation for 2011 under the double declining balance method is: $20,000. $40,000. $30,000. $32,000. None of the above.
A company acquired a new piece of equipment on January 1, 2011 at a cost of $200,000. The equipment is expected to have a useful life of 10 years, a residual value of $20,000 and is depreciated on a straight-line basis. On January 1, 2013, the equipment was appraised and determined to have a fair value of $190,000 and a residual value of $25,000 and a remaining useful life of 10 years. At what amount should the equipment be reported...
1) Kansas Enterprises purchased equipment for $79,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $6,900 at the end of five years. Using the straight-line method, depreciation expense for 2021 would be: 2) Kansas Enterprises purchased equipment for $80,500 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of $6,450 at the end of ten years. Using the straight-line method,...
Questions: Nix Company owns equipment that cost $140,000 when purchased on January 1, 2011. It has been depreciated using the straight-line method based on estimated salvage value of $14,000 and an estimated useful life of 10 years. (3 Marks) Instructions: Prepare Nix Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (a) Sold for $80,000 on January 1, 2014. (b) Sold for $80,000 on...
Depreciation Handout Excel Company purchased a delivery van on January 1, 2012 for $33,000. Management has estimated that equipment will have a useful life of five years or 100,000 hours. At the end of five years, management believes that equipment will be worth $3,000. The actual miles the van was driven is as follows: 2012 2013 2014 2015 2016 22,000 miles 24,000 miles 15,000 miles 20,000 miles 21,000 miles Straight line Depreciation Cost - Residual Value Years (Depreciable Cost) Year...
Straight-Line and Units-of-Production Methods Assume that Sample Company purchased factory equipment on January 1, 2016, for $35,000. The equipment has an estimated life of five years and an estimated residual value of $3,500. Sample's accountant is considering whether to use the straight-line or the units-of-production method to depreciate the asset. Because the company is beginning a new production process, the equipment will be used to produce 10,000 units in 2016, but production subsequent to 2016 will increase by 10,000 units...
On September 1, 2011, a company purchased a weaving machine for $239,800. The machine has an estimated useful life of 8 years and an estimated residual value of $17,800. Additionally, it is estimated that the machine would produce 740,000 bolts of woven fabric over its useful life. The company ended up selling the machine in 2018 after 1 month of use. The following budgeted and actual activity levels were provided to support your work: Year 2011 2012 2013 2014 2015...