Homework Answers
| No | Account titles and explanation | Debit | Credit |
| 1 | No entry | $0 | |
| No entry | $0 | ||
Change in depreciation method is considered as a change in accounting estimate and it should by treated as an prospective effect.
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Question 8 0.67/1 View Policies Show Attempt History Current Attempt in Progress Machinery purchased for $72,600...
Machinery purchased for $72,600 by Kingbird Co. in 2016 was originally estimated to have a life...
Machinery purchased for $72,600 by Kingbird Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,840 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,445 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
0.1 Question 4 View Policies Show Attempt History Current Attempt in Progress Machinery purchased for $70,200...
0.1 Question 4 View Policies Show Attempt History Current Attempt in Progress Machinery purchased for $70,200 by Sheffield Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,680 at the er of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with salvage value of $5,265 at the end of that time. Assume straight-line...
Question 4 /1 View Policies Current Attempt in Progress Machinery purchased for $70,200 by Sheffield Co....
Question 4 /1 View Policies Current Attempt in Progress Machinery purchased for $70,200 by Sheffield Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,680 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,265 at the end of that time. Assume straight-line depreciation (a)...
need answer to part c iew Policies how Attempt History Current Attempt in Progress Machinery purchased...
need answer to part c
iew Policies how Attempt History Current Attempt in Progress Machinery purchased for $48,600 by Sheffield Corp. on January 1, 2015. was originally estimated to have an 8-year useful life with a residual value of $3.000. Depreciation has been entered for five years on this basis. In 2020, it is determined that the total estimated useful life (including 2020) should have been 10 years. with a residual value of $3.500 at the end of that time....
thanks for any help w Policies Trent Attempt in Progress Machinery purchased for $62,400 by Marigold...
thanks for any help
w Policies Trent Attempt in Progress Machinery purchased for $62,400 by Marigold Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,160 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $4,680 at the end of that time. Assume straight-line depreciation...
Machinery purchased for $69,600 by Tamarisk Co. in 2016 was originally estimated to have a life...
Machinery purchased for $69,600 by Tamarisk Co. in 2016 was
originally estimated to have a life of 8 years with a salvage value
of $4,640 at the end of that time. Depreciation has been entered
for 5 years on this basis. In 2021, it is determined that the total
estimated life should be 10 years with a salvage value of $5,220 at
the end of that time. Assume straight-line depreciation.
Prepare the entry to correct the prior years' depreciation, if...
need answer to part d Current Attempt in Progress Machinery purchased for $48.600 by Sheffield Corp. on...
need answer to part d
Current Attempt in Progress Machinery purchased for $48.600 by Sheffield Corp. on January 1, 2015, was originally estimated to have an 8-year useful life with a residual value of $3.000. Depreciation has been entered for five years on this basis. In 2020, it is determined that the total estimated useful life (including 2020) should have been 10 years with a residual value of $3.500 at the end of that time. Assume straight-line depreciation and that...
could you please help me this one? Question 2 Machinery purchased for $69,600 by Grouper Co....
could you please help me this one?
Question 2 Machinery purchased for $69,600 by Grouper Co. in 2013 was originally estimated to have a life of 8 years with a salvage value of $4,640 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2018, it is determined that the total estimated life should be 10 years with a salvage value of $5,220 at the end of that time. Assume straight-line depreciation. Your...
Question 5 0.8/2 View Policies Show Attempt History Current Attempt in Progress On July 1, 2019,...
Question 5 0.8/2 View Policies Show Attempt History Current Attempt in Progress On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 5 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. ✓ Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented...
0.6 Question 4 View Policies Show Attempt History Current Attempt in Progress . Your answer is...
0.6 Question 4 View Policies Show Attempt History Current Attempt in Progress . Your answer is partially correct. Kingbird Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $966,100. At December 31, 2020, the raw materials to be purchased have a market value of $921,000. In 2021, Kingbird paid $966,100 to obtain the raw materials which were worth $921,000. Prepare the entry to record the purchase. (Credit account...
Machinery purchased for $72,600 by Kingbird Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,840 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,445 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
0.1 Question 4 View Policies Show Attempt History Current Attempt in Progress Machinery purchased for $70,200 by Sheffield Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,680 at the er of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with salvage value of $5,265 at the end of that time. Assume straight-line...
Question 4 /1 View Policies Current Attempt in Progress Machinery purchased for $70,200 by Sheffield Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,680 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,265 at the end of that time. Assume straight-line depreciation (a)...
need answer to part c
iew Policies how Attempt History Current Attempt in Progress Machinery purchased for $48,600 by Sheffield Corp. on January 1, 2015. was originally estimated to have an 8-year useful life with a residual value of $3.000. Depreciation has been entered for five years on this basis. In 2020, it is determined that the total estimated useful life (including 2020) should have been 10 years. with a residual value of $3.500 at the end of that time....
thanks for any help
w Policies Trent Attempt in Progress Machinery purchased for $62,400 by Marigold Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,160 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $4,680 at the end of that time. Assume straight-line depreciation...
Machinery purchased for $69,600 by Tamarisk Co. in 2016 was
originally estimated to have a life of 8 years with a salvage value
of $4,640 at the end of that time. Depreciation has been entered
for 5 years on this basis. In 2021, it is determined that the total
estimated life should be 10 years with a salvage value of $5,220 at
the end of that time. Assume straight-line depreciation.
Prepare the entry to correct the prior years' depreciation, if...
need answer to part d
Current Attempt in Progress Machinery purchased for $48.600 by Sheffield Corp. on January 1, 2015, was originally estimated to have an 8-year useful life with a residual value of $3.000. Depreciation has been entered for five years on this basis. In 2020, it is determined that the total estimated useful life (including 2020) should have been 10 years with a residual value of $3.500 at the end of that time. Assume straight-line depreciation and that...
could you please help me this one?
Question 2 Machinery purchased for $69,600 by Grouper Co. in 2013 was originally estimated to have a life of 8 years with a salvage value of $4,640 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2018, it is determined that the total estimated life should be 10 years with a salvage value of $5,220 at the end of that time. Assume straight-line depreciation. Your...
Question 5 0.8/2 View Policies Show Attempt History Current Attempt in Progress On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 5 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. ✓ Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented...
0.6 Question 4 View Policies Show Attempt History Current Attempt in Progress . Your answer is partially correct. Kingbird Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $966,100. At December 31, 2020, the raw materials to be purchased have a market value of $921,000. In 2021, Kingbird paid $966,100 to obtain the raw materials which were worth $921,000. Prepare the entry to record the purchase. (Credit account...
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