Homework Answers
| Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks! |
| Dr. Griffin | ||||||||
| Cost of Drill | 40,000.00 | A | ||||||
| Residual Value | 4,000.00 | B | ||||||
| Depreciable Value | 36,000.00 | C=A-B | ||||||
| Straight Line Method | Straight Line Table | Cost/Opening Book Value | Depreciation Expense | Accumulated depreciation | Net Book Value | |||
| Depreciable Value | 36,000.00 | See C | Year 0 | 40,000.00 | - | - | 40,000.00 | |
| Life | 4.00 | D | Year 1 | 40,000.00 | 9,000.00 | 9,000.00 | 31,000.00 | |
| Annual depreciation | 9,000.00 | E=C/D | Year 2 | 31,000.00 | 9,000.00 | 18,000.00 | 22,000.00 | |
| Year 3 | 22,000.00 | 9,000.00 | 27,000.00 | 13,000.00 | ||||
| Year 4 | 13,000.00 | 9,000.00 | 36,000.00 | 4,000.00 | ||||
| Units of Production Method | ||||||||
| Depreciable Value | 36,000.00 | See C | Table | Cost/Opening Book Value | Depreciation Expense | Accumulated depreciation | Net Book Value | |
| Life (Miles) | 3,600.00 | F | Year 0 | 40,000.00 | - | - | 40,000.00 | |
| Depreciation per Mile | 10.00 | G=C/F | Year 1 | 40,000.00 | 12,000.00 | 12,000.00 | 28,000.00 | |
| H | I=H*G | Year 2 | 28,000.00 | 8,000.00 | 20,000.00 | 20,000.00 | ||
| Miles | Depreciation | Year 3 | 20,000.00 | 10,000.00 | 30,000.00 | 10,000.00 | ||
| Year 1 | 1,200.00 | 12,000.00 | Year 4 | 10,000.00 | 6,000.00 | 36,000.00 | 4,000.00 | |
| Year 2 | 800.00 | 8,000.00 | ||||||
| Year 3 | 1,000.00 | 10,000.00 | ||||||
| Year 4 | 600.00 | 6,000.00 | ||||||
| M | N=M*L | |||||||
| Double Declining Method | Table | Cost/Opening Book Value | Depreciation Expense | Accumulated depreciation | Net Book Value | |||
| Cost of Equipment | 40,000.00 | See A | Year 0 | 40,000.00 | - | - | 40,000.00 | |
| Life | 5.00 | See D | Year 1 | 40,000.00 | 16,000.00 | 16,000.00 | 24,000.00 | |
| Annual depreciation | 8,000.00 | J=A/D | Year 2 | 24,000.00 | 9,600.00 | 25,600.00 | 14,400.00 | |
| Depreciation rate | 20.00% | K=J/A | Year 3 | 14,400.00 | 5,760.00 | 31,360.00 | 8,640.00 | |
| Double Depreciation % | 40.00% | L=K*2 | Year 4 | 8,640.00 | 3,456.00 | 34,816.00 | 5,184.00 | |
| Sproatt Company | ||||||||
| Particulars | Answer A | Note | Particulars | Answer B | Note | Particulars | Answer C | Note |
| Cost of Truck | 20,000.00 | A | Cost of Truck | 20,000.00 | A | Cost of Truck | 20,000.00 | A |
| Accumulated Depreciation | 15,000.00 | B | Accumulated Depreciation | 15,000.00 | B | Accumulated Depreciation | 15,000.00 | B |
| Book Value | 5,000.00 | C=A-B | Book Value | 5,000.00 | C=A-B | Book Value | 5,000.00 | C=A-B |
| Loss of asset | 5,000.00 | See C | Sale Value | 2,000.00 | D | Sale Value | 8,000.00 | F |
| Because Truck is a total wreck and no insurance received too. | Loss on sale | 3,000.00 | E=C-D | Gain on sale | 3,000.00 | G=F-C | ||
| Journal Entry | Journal Entry | Journal Entry | ||||||
| Account | Debit $ | Credit $ | Account | Debit $ | Credit $ | Account | Debit $ | Credit $ |
| Accumulated Depreciation | 15,000.00 | Accumulated Depreciation | 15,000.00 | Accumulated Depreciation | 15,000.00 | |||
| Profit & Loss | 5,000.00 | Cash | 2,000.00 | Cash | 8,000.00 | |||
| Truck | 20,000.00 | Profit & Loss | 3,000.00 | Profit & Loss | 3,000.00 | |||
| Truck | 20,000.00 | Truck | 20,000.00 | |||||
Add Answer to:
ALL YEAR. Chapter 8 Handout Dr. Griffin purchased a dentist's drill at a cost of $40,000....
Handout Assignment Chapter 9
The Northwood Clinic purchased a new surgical laser for $ 75,000 on January 1st. The estimated
residual value is $ 7,500. The laser has a useful life of four years and the clinic expects to use it 10,000
hours. It was used 1,600 hours in year 1; 2,100 hours in year 2; 3,400 hours in year 3; 2,900 hours in year
4. Instructions a) Calculate the annual depreciation for each of the four years under each of the following methods: i) straight-line ii) units-of-production b)...
Comparing three depreciation methods Dexter Industries purchased packaging equipment on January 8 for $135,000. The equipment...
Comparing three depreciation methods Dexter Industries purchased packaging equipment on January 8 for $135,000. The equipment was expected to have a useful life of three years, or 27,000 operating hours, and a residual value of $5,400. The equipment was used for 10,800 hours during Year 1, 8,100 hours in Year 2, and 8,100 hours in Year 3. Required: 1. Determine the amount of depreciation expense for the three years ending December 31, by (a) the straight-line method, (b) the units-of-activity...
Chapter 08 - Reporting and Interpreting Property, Plant, and Equipment; Intangible, and Natural Resources HANDOUT 8-1...
Chapter 08 - Reporting and Interpreting Property, Plant, and Equipment; Intangible, and Natural Resources HANDOUT 8-1 DEPRECIATION METHODS AND GAINYOR LOSS) ON SALE Joel Harvey Florists ordered a truck at an invoice price of $11,000 On the date of delivery, January 2, Year 1, the company paid $1,000 on the truck, with the balance on credit at 10 percent interest due in six months. On January 3, Year 1, the company paid $500 for freight on the truck. On January...
Double-Dedining-Balance Deprediation A small delivery truck was purchased on January 1 at a cost of $25,300....
Double-Dedining-Balance Deprediation A small delivery truck was purchased on January 1 at a cost of $25,300. It has an estimated useful Iife of four years and an estimated salvage value of $5,050 prepare a depreciation schedule showing the depreclation expense, accumulated deprediatien, and book value for each year under the double-dedining-balance method. If an amount box does nst require an entry, leave it blank. Small Delivery Truck Depreciation Schedule On January Book Valkue Accumulated Depreciation End of Yea, Book Value...
A small delivery truck was purchased on January 1 at a cost of $25,000. It has...
A small delivery truck was purchased on January 1 at a cost of $25,000. It has an estimated useful life of four years and an estimated salvage value of $5,000. Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the sum of years digit method. Accum. depr. end of Yr. 2:$14,000
Chip Company owns one delivery truck, which it purchased on October 1, 2015, at a cost...
Chip Company owns one delivery truck, which it purchased on October 1, 2015, at a cost of $76,800. The estimated life of the truck at that time was four years. On June 30, 2018, the close of the fiscal year, the accumulated depreciation account had a balance of $52,800. On July 1, 2018, the company traded this vehicle for a new one having a cash price of $85,200. Cash of $67,200 was also exchanged for the new truck. The old...
On January 2, 2016, Flake Company purchased a truck for $140,000 cash. That truck has an estimated useful life of seven years and an estimated salvage value of $12,000. The straight-line method of depreciation is being used. Required: A. Prepare a sch
On January 2, 2016, Flake Company purchased a truck for $140,000 cash. That truck has an estimated useful life of seven years and an estimated salvage value of $12,000. The straight-line method of depreciation is being used.Required: A. Prepare a schedule showing the calculation of the book value of the truck on December 31, 2019. B. Assume the truck is to be disposed of on May 1, 2020. Prepare the journal entry to record the depreciation for the four months ended April 30, 2020. C. Assuming...
1.a New lithographic equipment, acquired at a cost of $843,200 on March 1 at the beginning...
1.a New lithographic equipment, acquired at a cost of $843,200 on March 1 at the beginning of a fiscal year, has an estimated useful life of five years and an estimated residual value of $94,860. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. On the basis of the data presented to the manager, the double-declining-balance method was selected. In the first week of the fifth year, on March 4, the...
Depreciation by Two Methods A Kubota tractor acquired on January 8 at a cost of $207,000...
Depreciation by Two Methods A Kubota tractor acquired on January 8 at a cost of $207,000 has an estimated useful life of ten years. Assuming that it will have no residual value. a. Determine the depreciation for each of the first two years by the straight-line method. First Year Second Year b. Determine the depreciation for each of the first two years by the double-declining-balance method. Do not round the double-declining balance rate. If required, round your final answer to...
Double Declining Balance Depreciation A small delivery truck was purchased on January 1 at a cost...
Double Declining Balance Depreciation A small delivery truck was purchased on January 1 at a cost of $25,000. It has an estimated useful life of four years and an estimated salvage value of $5,000. Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the Double Declining balance method Accum. depr. end of Yr. 2:$18,750
Comparing three depreciation methods Dexter Industries purchased packaging equipment on January 8 for $135,000. The equipment was expected to have a useful life of three years, or 27,000 operating hours, and a residual value of $5,400. The equipment was used for 10,800 hours during Year 1, 8,100 hours in Year 2, and 8,100 hours in Year 3. Required: 1. Determine the amount of depreciation expense for the three years ending December 31, by (a) the straight-line method, (b) the units-of-activity...
Chapter 08 - Reporting and Interpreting Property, Plant, and Equipment; Intangible, and Natural Resources HANDOUT 8-1 DEPRECIATION METHODS AND GAINYOR LOSS) ON SALE Joel Harvey Florists ordered a truck at an invoice price of $11,000 On the date of delivery, January 2, Year 1, the company paid $1,000 on the truck, with the balance on credit at 10 percent interest due in six months. On January 3, Year 1, the company paid $500 for freight on the truck. On January...
Double-Dedining-Balance Deprediation A small delivery truck was purchased on January 1 at a cost of $25,300. It has an estimated useful Iife of four years and an estimated salvage value of $5,050 prepare a depreciation schedule showing the depreclation expense, accumulated deprediatien, and book value for each year under the double-dedining-balance method. If an amount box does nst require an entry, leave it blank. Small Delivery Truck Depreciation Schedule On January Book Valkue Accumulated Depreciation End of Yea, Book Value...
Depreciation by Two Methods A Kubota tractor acquired on January 8 at a cost of $207,000 has an estimated useful life of ten years. Assuming that it will have no residual value. a. Determine the depreciation for each of the first two years by the straight-line method. First Year Second Year b. Determine the depreciation for each of the first two years by the double-declining-balance method. Do not round the double-declining balance rate. If required, round your final answer to...
Most questions answered within 3 hours.
-
find the critical value associated with a right sided hypothesis of
the mean using a sample...
asked 1 hour ago -
Which of the following statements is true with respect to a
simple linear regression model?
a....
asked 2 hours ago -
The energy required to remove an electron from a surface of a
solid element is called...
asked 3 hours ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 4 hours ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 5 hours ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 6 hours ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 6 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 8 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 8 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 9 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 10 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 10 hours ago