Homework Answers
| Date of Purchase | November 1, 2021 | ||||
| Cost of the Asset | $80,000 | ||||
| Life | 5 Years | ||||
| Salavage Value | $10,000 | ||||
| Depreciable Value | Cost of Asset-Salvage Value | ||||
| $80000-$10000 | |||||
| $70,000 | |||||
| Depreciation per year | Depreciable Value/ Life of the Asset | ||||
| $70000/5 | |||||
| 14000 | |||||
| The correct answer is D. $14000 | |||||
Add Answer to:
On November 1, 2021, amber Company places a new depreciation expense for 2007 Cumber Company wes...
On October 1, 2018, Holt Company places a new asset into service. The cost of the...
On October 1, 2018, Holt Company places a new asset into service. The cost of the asset is $120,000 with an estimated 5-year life and $30,000 salvage value at the end of its useful life. What is the depreciation expense for 2019 if Holt Company uses the straight-line method of depreciation? $6,000 $18,000 $4,500 $24,000
On October 1, 2017, Sunland Company places a new asset into service. The cost of the...
On October 1, 2017, Sunland Company places a new asset into service. The cost of the asset is $125500 with an estimated 5-year life and $23500 salvage value at the end of its useful life. What is the depreciation expense for 2017 if Sunland Company uses the straight-line method of depreciation? a. $6275. b. $5100. c. $25100. d. $12550.
Question 10 On October 1, 2022. Manning Company places a new asset into service. The cost...
Question 10 On October 1, 2022. Manning Company places a new asset into service. The cost of the asset is $120000 with an estimated 5-year life and $30000 salvage value at the end of its useful life. What is the depreciation expense for 2022 if Manning Company uses the straight-line method of depreciation? Please show your work.
holt Company places a new asset into service. The cost of the asset is $160,000 with...
holt Company places a new asset into service. The cost of the asset is $160,000 with an estimated 5-year life and $50,000 salvage value at the end of its useful life. What is the depreciation expense for 2017 if Holt Company uses the double declining balance method of depreciation?
holt Company places a new asset into service. The cost of the asset is $160,000 with...
holt Company places a new asset into service. The cost of the asset is $160,000 with an estimated 5-year life and $50,000 salvage value at the end of its useful life. What is the depreciation expense for 2017 if Holt Company uses the double declining balance method of depreciation?
Cullumber Company purchased a new machine on October 1, 2022, at a cost of $66,000. The...
Cullumber Company purchased a new machine on October 1, 2022, at a
cost of $66,000. The company estimated that the machine has a
salvage value of $7,140. The machine is expected to be used for
72,000 working hours during its 6-year life.
Compute the depreciation expense under the straight-line method for
2022 and 2023, assuming a December 31 year-end. (Round
answers to 2 decimal places, e.g. 5,275.25.)
Exercise 9-05 Cullumber Company purchased a new machine on October 1, 2022, at...
107. Porter Company purchased equipment for $450,000 on January 1, 2007, and will use the double-declining-balance...
107. Porter Company purchased equipment for $450,000 on January 1, 2007, and will use the double-declining-balance method of depreciation. It is estimated that the equipment will have a 3-year life and a $20,000 salvage value at the end of its useful life. The amount of depreciation expense recognized in the year 2009 will be a. $50,000. b. $30,000. c. $54,440. d. $34,440. 108. A plant asset was purchased on January 1 for $50,000 with an estimated salvage value of $10,000...
The following are some transactions of Sheridan Company for 2021. Sheridan Company uses straight-line depreciation and...
The following are some transactions of Sheridan Company for
2021. Sheridan Company uses straight-line depreciation and has a
December 31 year end.
Apr. 1
Retired a piece of equipment that was purchased on January 1,
2012, for $48,000. The equipment had an expected useful life of 10
years with no residual value.
July 30
Sold equipment for $1,300 cash. The equipment was purchased on
January 3, 2019, for $14,040 and was depreciated over an expected
useful life of three years...
E9-5, Determine straight-line depreciation for partial period. Hinshaw Company purchased a new machine on October 1, 20...
E9-5, Determine straight-line depreciation for partial period. Hinshaw Company purchased a new machine on October 1, 2017, at a cost of company estimated that the machine has a salvage value of $8,000 to be used for 70,000 working hours during its $90,000 The 1, at a cost of The machine is expected -year life. Instructions: Compute the depreciation expense under the straight-line method for 2017 and 2018, assuming a December 31 year-end. Amount | - Amount Straight-line method: Formula Number...
Sunland Company purchased a new machine on October 1, 2022, at a cost of $80,360. The...
Sunland Company purchased a new machine on October 1, 2022, at a cost of $80,360. The company estimated that the machine has a salvage value of $7,010. The machine is expected to be used for 70,800 working hours during its 7-year life. Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 2 decimal places, e.g. 5,275.25.) 2022 2023 The depreciation expense under the straight-line method
On October 1, 2018, Holt Company places a new asset into service. The cost of the asset is $120,000 with an estimated 5-year life and $30,000 salvage value at the end of its useful life. What is the depreciation expense for 2019 if Holt Company uses the straight-line method of depreciation? $6,000 $18,000 $4,500 $24,000
Question 10 On October 1, 2022. Manning Company places a new asset into service. The cost of the asset is $120000 with an estimated 5-year life and $30000 salvage value at the end of its useful life. What is the depreciation expense for 2022 if Manning Company uses the straight-line method of depreciation? Please show your work.
Cullumber Company purchased a new machine on October 1, 2022, at a
cost of $66,000. The company estimated that the machine has a
salvage value of $7,140. The machine is expected to be used for
72,000 working hours during its 6-year life.
Compute the depreciation expense under the straight-line method for
2022 and 2023, assuming a December 31 year-end. (Round
answers to 2 decimal places, e.g. 5,275.25.)
Exercise 9-05 Cullumber Company purchased a new machine on October 1, 2022, at...
E9-5, Determine straight-line depreciation for partial period. Hinshaw Company purchased a new machine on October 1, 2017, at a cost of company estimated that the machine has a salvage value of $8,000 to be used for 70,000 working hours during its $90,000 The 1, at a cost of The machine is expected -year life. Instructions: Compute the depreciation expense under the straight-line method for 2017 and 2018, assuming a December 31 year-end. Amount | - Amount Straight-line method: Formula Number...
Sunland Company purchased a new machine on October 1, 2022, at a cost of $80,360. The company estimated that the machine has a salvage value of $7,010. The machine is expected to be used for 70,800 working hours during its 7-year life. Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 2 decimal places, e.g. 5,275.25.) 2022 2023 The depreciation expense under the straight-line method
Most questions answered within 3 hours.
-
Homework: Create a Class.... from scratch
Design , implement and test a class that can be...
asked 6 minutes ago -
A project has a service life of five years with the initial
investment outlay of $200,000....
asked 2 minutes ago -
Employee develop involves longer term training and opportunities
that while not immediately needed on a current...
asked 2 minutes ago -
Why is the reticulum the affected compartment of the
stomach?
Group of answer choices
It has...
asked 4 minutes ago -
(Print distinct numbers) C++
Write a program that reads in 10 numbers and displays distinct
numbers...
asked 4 minutes ago -
A 3.0275 g sample of KHP (a primary standard, 1:1 acid:base,
FM=204.23 g/mol) is titrated with...
asked 10 minutes ago -
1. You need to make an aqueous solution of
0.165 M barium acetate for an
experiment...
asked 10 minutes ago -
Let X be a discrete random variable with the following PMF.
Px(k) =
1/4 for k...
asked 14 minutes ago -
ONLY use the information provided here on the
firm's Mission Statement. Written assessment must include
(1)...
asked 23 minutes ago -
2 Aliases
2a: Create an alias, numberfiles, which prints the number of
files in the current...
asked 31 minutes ago -
Hi so I'm currently using MIT App Inventor to create a app and I
wanted to...
asked 27 minutes ago -
Create a truth table for a 4-bit input where the output will be
a 1, if...
asked 29 minutes ago