Homework Answers
| Depreciation per year as per SLM =($16,000-$3,000) / 20 Years =$650 | ||
| Depreciation for Year 1(For 4 months) =$650*4/12 =$217 | ||
| The Journal entry will be: | ||
| Debit to Depreciation expenses and Credit to Accumulated Depreciation with $217 | ||
| So Option C is the answer | ||
Add Answer to:
A machine with a cost of $16,000, a salvage value of $3,000 and expected life of...
A machine costing $49,000 has a life of 8 years. The salvage value is $10,000. It...
A machine costing $49,000 has a life of 8 years. The salvage value is $10,000. It was purchased on February 1. The depreciation expense for the calendar year is: (Do not round any intermediary calculations. Round your final answer to the nearest dollar.) O A. $4,469 O B. $510. OC. $5,615. OD. $406.
A machine costing $212,800 with a four-year life and an estimated $16,000 salvage value is installed...
A machine costing $212,800 with a four-year life and an estimated $16,000 salvage value is installed in Luther Company's factory on January 1. The factory manager estimates the machine will produce 492,000 units of product during its life. It actually produces the following units: 122,000 in 1st year, 124,300 in 2nd year, 119,700 in 3rd year, 136,000 in 4th year. The total number of units produced by the end of year 4 exceeds the original estimate—this difference was not predicted....
On September 1, a company purchased equipment for $25,000. The equipment's estimated salvage value is $2,500....
On September 1, a company purchased equipment for $25,000. The equipment's estimated salvage value is $2,500. The machine will be depreciated using straight-line depreciation and a five year life. If the company prepares annual financial statements on December 31, the appropriate adjusting journal entry to make on December 31 of the first year would be a O $1,500 debit to Depreciation Expense and a $1,500 credit to Accumulated Depreciation. $4,500 debit to Depreciation Expense and a $4,500 credit to Accumulated...
Ironworks Industries paid $190,000 for a machine with a $7.000 salvage value and an estimated life...
Ironworks Industries paid $190,000 for a machine with a $7.000 salvage value and an estimated life of 200,000 hours Ironworks reports on a calendar year basis and used the machine for 1.800 hours during the first year it owned the asset. Which of the following statements accurately compare the first year depreciation expense if the asset had been purchased on January 1 of the current year versus a March 1 acquisition date. (Round any intermediary calculations to the nearest cent...
A machine costing $207,200 with a four-year life and an estimated $16,000 salvage value is installed...
A machine costing $207,200 with a four-year life and an estimated $16,000 salvage value is installed in Luther Company's factory on January 1. The factory manager estimates the machine willl produce 478,000 units of product during its life. It actually produces the following units: 122,100 in Year 1, 124,000 in Year 2, 119,800 in Year 3, 122,100 in Year 4. The total number of units produced by the end of Year 4 exceeds the original estimate-this difference was not predicted....
A machine costing $213,200 with a four-year life and an estimated $16,000 salvage value is Installed In Luther Com...
A machine costing $213,200 with a four-year life and an estimated $16,000 salvage value is Installed In Luther Company's factory on January 1. The factory manager estimates the machine will produce 493,000 units of product during its life. It actually produces the following units: 122,000 In Year 1, 124,300 In Year 2, 121,100 In Year 3, 135,600 In Year 4. The total number of units produced by the end of Year 4 exceeds the original estimate-this difference was not predicted....
A machine costing $209,600 with a four-year life and an estimated $16,000 salvage value is installed...
A machine costing $209,600 with a four-year life and an estimated $16,000 salvage value is installed in Luther Company’s factory on January 1. The factory manager estimates the machine will produce 484,000 units of product during its life. It actually produces the following units: 122,400 in 1st year, 122,400 in 2nd year, 121,000 in 3rd year, 128,200 in 4th year. The total number of units produced by the end of year 4 exceeds the original estimate—this difference was not predicted....
A machine costing $209,600 with a four-year life and an estimated $16,000 salvage value is installed...
A machine costing $209,600 with a four-year life and an estimated $16,000 salvage value is installed in Luther Company’s factory on January 1. The factory manager estimates the machine will produce 484,000 units of product during its life. It actually produces the following units: 122,400 in 1st year, 122,400 in 2nd year, 121,000 in 3rd year, 128,200 in 4th year. The total number of units produced by the end of year 4 exceeds the original estimate—this difference was not predicted....
A machine costing $210.400 with a four-year life and an estimated $16,000 salvage value is installed in Luther Company'...
A machine costing $210.400 with a four-year life and an estimated $16,000 salvage value is installed in Luther Company's factory on January 1. The factory manager estimates the machine will produce 486,000 units of product during its life. It actually produces the following units: 121,700 in Year 1, 122,600 in Year 2, 120,600 in Year 3, 131,100 in Year 4. The total number of units produced by the end of Year 4 exceeds the original estimate-this difference was not predicted.(The...
A machine costing $209,600 with a four-year life and an estimated $16,000 salvage value is installed in Luther Company’s...
A machine costing $209,600 with a four-year life and an estimated $16,000 salvage value is installed in Luther Company’s factory on January 1. The factory manager estimates the machine will produce 484,000 units of product during its life. It actually produces the following units: 122,400 in 1st year, 122,400 in 2nd year, 121,000 in 3rd year, 128,200 in 4th year. The total number of units produced by the end of year 4 exceeds the original estimate—this difference was not predicted....
A machine costing $49,000 has a life of 8 years. The salvage value is $10,000. It was purchased on February 1. The depreciation expense for the calendar year is: (Do not round any intermediary calculations. Round your final answer to the nearest dollar.) O A. $4,469 O B. $510. OC. $5,615. OD. $406.
A machine costing $212,800 with a four-year life and an estimated $16,000 salvage value is installed in Luther Company's factory on January 1. The factory manager estimates the machine will produce 492,000 units of product during its life. It actually produces the following units: 122,000 in 1st year, 124,300 in 2nd year, 119,700 in 3rd year, 136,000 in 4th year. The total number of units produced by the end of year 4 exceeds the original estimate—this difference was not predicted....
On September 1, a company purchased equipment for $25,000. The equipment's estimated salvage value is $2,500. The machine will be depreciated using straight-line depreciation and a five year life. If the company prepares annual financial statements on December 31, the appropriate adjusting journal entry to make on December 31 of the first year would be a O $1,500 debit to Depreciation Expense and a $1,500 credit to Accumulated Depreciation. $4,500 debit to Depreciation Expense and a $4,500 credit to Accumulated...
Ironworks Industries paid $190,000 for a machine with a $7.000 salvage value and an estimated life of 200,000 hours Ironworks reports on a calendar year basis and used the machine for 1.800 hours during the first year it owned the asset. Which of the following statements accurately compare the first year depreciation expense if the asset had been purchased on January 1 of the current year versus a March 1 acquisition date. (Round any intermediary calculations to the nearest cent...
A machine costing $207,200 with a four-year life and an estimated $16,000 salvage value is installed in Luther Company's factory on January 1. The factory manager estimates the machine willl produce 478,000 units of product during its life. It actually produces the following units: 122,100 in Year 1, 124,000 in Year 2, 119,800 in Year 3, 122,100 in Year 4. The total number of units produced by the end of Year 4 exceeds the original estimate-this difference was not predicted....
A machine costing $213,200 with a four-year life and an estimated $16,000 salvage value is Installed In Luther Company's factory on January 1. The factory manager estimates the machine will produce 493,000 units of product during its life. It actually produces the following units: 122,000 In Year 1, 124,300 In Year 2, 121,100 In Year 3, 135,600 In Year 4. The total number of units produced by the end of Year 4 exceeds the original estimate-this difference was not predicted....
A machine costing $210.400 with a four-year life and an estimated $16,000 salvage value is installed in Luther Company's factory on January 1. The factory manager estimates the machine will produce 486,000 units of product during its life. It actually produces the following units: 121,700 in Year 1, 122,600 in Year 2, 120,600 in Year 3, 131,100 in Year 4. The total number of units produced by the end of Year 4 exceeds the original estimate-this difference was not predicted.(The...
Most questions answered within 3 hours.
-
Garcia Company issues 20.00%, 15-year bonds with a par value of
$470,000 and semiannual interest payments....
asked 4 minutes ago -
The price of 1 lb of potatoes is $1.75. If all the potatoes sold
today at...
asked 6 minutes ago -
In C++ Programming, Try using loops only.
This lab demonstrates the use of the While Loop...
asked 52 minutes ago -
Effect of DCMU and sodium azide on Chlamydomonas? We did an
experiment where we had Chlamydomonas...
asked 1 hour ago -
1a) According to the ideal gas law, _______________.
a. a gas has infinite volume at absolute...
asked 3 hours ago -
Oakdale Fashions, Inc. had $245,000 in 2018 taxable income.
Using the tax schedule in Table 2.3...
asked 3 hours ago -
The marketing class at CSUS had an average score of 150. An
educational analyst determined that...
asked 4 hours ago -
Justin Case has purchased a $250 000 home by putting 20 % down
and taking out...
asked 4 hours ago -
1. In a labor market, marginal cost for a firm is
____________.
a. recruiting cost
b....
asked 5 hours ago -
On January 1, 2019, ABC Company issued $60,000,000 of 20-year,
10.5% bonds when the market rate...
asked 5 hours ago -
39.4% of US homes continue to use a landline in addition to cell
phone service. 3...
asked 6 hours ago -
Starting with benzene, synthesize 1-phenyl-1-butyne.
Show intermediates and reagents.
asked 7 hours ago