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Take me to the text On June 1, 2019, Tu-Action Consulting purchased new computers for $11760....
Take me to the text On December 1, 2019, Rite-Path Consulting purchased new computers for $15,980....
Take me to the text On December 1, 2019, Rite-Path Consulting purchased new computers for $15,980. The computers are expected to last 3 years and will have an estimated residual value of $500. Rite-Path Consulting has a December 31 year end. Required Prepare the table below showing the yearly depreciation, accumulated depreciation, and net book value of the equipment. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number Year Original...
On January 4, 2019, Columbus Company purchased new equipment for $693,000 that had a useful life...
On January 4, 2019, Columbus Company purchased new equipment for
$693,000 that had a useful life of four years and a salvage value
of $53,000.
Required:
Prepare a schedule showing the annual depreciation and end-of-year
accumulated depreciation for the first three years of the asset’s
life under the straight-line method, the sum-of-the-years’-digits
method, and the double-declining-balance method.
Analyze:
If the double-declining balance method is used to compute
depreciation, what would be the book value of the asset at the end...
Please do A,B,C, Analysis, AP-13a and AP-14a AP-12AL034567 Zig Zag Robotics has the following adjustments to...
Please do A,B,C, Analysis, AP-13a and AP-14a
AP-12AL034567 Zig Zag Robotics has the following adjustments to make at the end of September 2018, the end of its fiscal year. Sep 30 Unearned revenue of $850 has now been earned Sep 30 A count of the office supplies shows that 5430 worth of supplies still remains on hand Sep 30 Salaries accrued but not yet pald amount to $2430 Sep 30 Monthly depreciation on equipment was $600 The chart of accounts...
On July 2, 2019, Vicuna Inc. purchased equipment for $720,000. This equipment has an estimated useful...
On July 2, 2019, Vicuna Inc. purchased equipment for $720,000. This equipment has an estimated useful life of six years and an estimated residual value of $30,000. Depreciation is taken for the portion of the year the asset is used. The asset is a Class 8 asset with a maximum CCA rate of 20%. Vicuna has a December year end. Instructions a) Complete the schedule below by determining the depreciation expense/CCA and year-end book values/UCC for 2019 and 2020 using...
On July 1, 2020, Yorkton Company purchased for $640,000 equipment having an estimated useful life of...
On July 1, 2020, Yorkton Company purchased for $640,000 equipment having an estimated useful life of eight years with an estimated residual value of $30,000. Depreciation is calculated to the nearest month. The company has a December 31 year-end. Required: Complete the following schedules: (Amount to be deducted should be indicated by a minus sign.) 2020 2021 2022 1. Double-declining-balance method: Equipment Less: Accumulated depreciation Year-end book value Depreciation expense for the year 2. Straight-line method: Equipment Less: Accumulated depreciation...
Q2. (25 marks) Calculate depreciation and CCA On July 2, 2019, Vicuna Inc. purchased equipment for...
Q2. (25 marks) Calculate depreciation and CCA On July 2, 2019, Vicuna Inc. purchased equipment for $720,000. This equipment has an estimated useful life of six years and an estimated residual value of $30,000. Depreciation is taken for the portion of the year the asset is used. The asset is a Class 8 asset with a maximum CCA rate of 20%. Vicuna has a December year end. Instructions a) Complete the schedule below by determining the depreciation expense/CCA and year-end...
On July 1, 2020, Yorkton Company purchased for $438,000 equipment having an estimated useful life of...
On July 1, 2020, Yorkton Company purchased for $438,000 equipment having an estimated useful life of five years with an estimated residual value of $22,000. Depreciation is calculated to the nearest month. The company has a December 31 year-end. Required: Complete the following schedules: (Amount to be deducted should be indicated by a minus sign.) 2020 2021 2022 1. Double-declining balance method: Equipment Less: Accumulated depreciation Year-end book value Depreciation expense for the year $ 0 $ 0 $ 0...
Part 3 (4 points) Haworth Manufacturing Company purchased a lathe on June 30, 2018, at a...
Part 3 (4 points) Haworth Manufacturing Company purchased a lathe on June 30, 2018, at a cost of $80,000. The residual value of the lathe was estimated to be $5,000 at the end of a five-year life. The lathe was sold on March 31, 2022, for $17,000. Haworth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. a> Calculate the amount of...
On January 1, 2021, the Allegheny Corporation purchased equipment for $116,000. The estimated service life of...
On January 1, 2021, the Allegheny Corporation purchased equipment for $116,000. The estimated service life of the equipment is 10 years and the estimated residual value is $6,000. The equipment is expected to produce 260,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Straight Line Method Straight-Line Depreciation Choose Numerator: / Choose Denominator: = Annual Depreciation Expense / = Depreciation Expense / = Depreciation Expense 2021 2022 Double-declining balance. Depreciation for...
Please help me out :) Problem 9-4A a-b (Part Level Submission) Carla Vista Ca. purchased equipment...
Please help me out :)
Problem 9-4A a-b (Part Level Submission) Carla Vista Ca. purchased equipment on March 27, 2018, at a cost of $224,000. Management is contemplating the marits of using the diminishing balance or units of production method of depreciation instead of the straight-line method, which it currently uses for other equipment. The new equipment has an estimated residual value of $8,000 and an estimated useful life of either four years or 80,000 units. Demand for the products...
Take me to the text On December 1, 2019, Rite-Path Consulting purchased new computers for $15,980. The computers are expected to last 3 years and will have an estimated residual value of $500. Rite-Path Consulting has a December 31 year end. Required Prepare the table below showing the yearly depreciation, accumulated depreciation, and net book value of the equipment. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number Year Original...
On January 4, 2019, Columbus Company purchased new equipment for
$693,000 that had a useful life of four years and a salvage value
of $53,000.
Required:
Prepare a schedule showing the annual depreciation and end-of-year
accumulated depreciation for the first three years of the asset’s
life under the straight-line method, the sum-of-the-years’-digits
method, and the double-declining-balance method.
Analyze:
If the double-declining balance method is used to compute
depreciation, what would be the book value of the asset at the end...
Please do A,B,C, Analysis, AP-13a and AP-14a
AP-12AL034567 Zig Zag Robotics has the following adjustments to make at the end of September 2018, the end of its fiscal year. Sep 30 Unearned revenue of $850 has now been earned Sep 30 A count of the office supplies shows that 5430 worth of supplies still remains on hand Sep 30 Salaries accrued but not yet pald amount to $2430 Sep 30 Monthly depreciation on equipment was $600 The chart of accounts...
On July 1, 2020, Yorkton Company purchased for $640,000 equipment having an estimated useful life of eight years with an estimated residual value of $30,000. Depreciation is calculated to the nearest month. The company has a December 31 year-end. Required: Complete the following schedules: (Amount to be deducted should be indicated by a minus sign.) 2020 2021 2022 1. Double-declining-balance method: Equipment Less: Accumulated depreciation Year-end book value Depreciation expense for the year 2. Straight-line method: Equipment Less: Accumulated depreciation...
Q2. (25 marks) Calculate depreciation and CCA On July 2, 2019, Vicuna Inc. purchased equipment for $720,000. This equipment has an estimated useful life of six years and an estimated residual value of $30,000. Depreciation is taken for the portion of the year the asset is used. The asset is a Class 8 asset with a maximum CCA rate of 20%. Vicuna has a December year end. Instructions a) Complete the schedule below by determining the depreciation expense/CCA and year-end...
On July 1, 2020, Yorkton Company purchased for $438,000 equipment having an estimated useful life of five years with an estimated residual value of $22,000. Depreciation is calculated to the nearest month. The company has a December 31 year-end. Required: Complete the following schedules: (Amount to be deducted should be indicated by a minus sign.) 2020 2021 2022 1. Double-declining balance method: Equipment Less: Accumulated depreciation Year-end book value Depreciation expense for the year $ 0 $ 0 $ 0...
Please help me out :)
Problem 9-4A a-b (Part Level Submission) Carla Vista Ca. purchased equipment on March 27, 2018, at a cost of $224,000. Management is contemplating the marits of using the diminishing balance or units of production method of depreciation instead of the straight-line method, which it currently uses for other equipment. The new equipment has an estimated residual value of $8,000 and an estimated useful life of either four years or 80,000 units. Demand for the products...
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