On January 1, 2011 Murphy Co. purchased a truck that cost $36,000. The truck had an...
On January 1, 2011 Murphy Co. purchased a truck that cost $36,000. The truck had an expected useful life of 10 years and a $4,000 salvage value. The amount of depreciation expense recognized in 2012 assuming that Murphy uses the double declining-balance method is:
Homework Answers
Depreciation rate = 200/Useful life = 200/10 = 20%
Depreciation for 2011 = 36,000 * 20% = 7,200
Depreciation for 2012 = (36,000-7,200)*20%
= 5760
Comment if you face any issues
Add Answer to:
On January 1, 2011
Murphy Co. purchased a truck that cost $36,000. The truck had an...
newconnect.mheducatlon.00m Ps-ial Ouie -inal Qulz 3 Saved Help Save & Exit. Subm- On January 1, 2014,...
newconnect.mheducatlon.00m Ps-ial Ouie -inal Qulz 3 Saved Help Save & Exit. Subm- On January 1, 2014, Rowley Company purchased a truck that cost $34,000. The truck had an expected useful life of 5 years and a $4,000 salvage value. The amount of depreciation expense recognized in 2014 assuming that Rowley uses the double declining balance method is: Multiple Choice :43 $6,000 $12,000 $13.600 $6,800 Next 10 of 10 <Prev
On January 1, Year 1. Friedman Company purchased a truck that cost $29,000. The truck had...
On January 1, Year 1. Friedman Company purchased a truck that cost $29,000. The truck had an expected useful life of 8 years and an 57000 salvage value. Friedman uses the double declining balance method What is the book value of the truck at the end of Year 1? (Do not round Intermediate calculations.) Multiple Choice Ο Ο S14750 Ο 521750 Ο Ο >2500 Ο Ο 50.500 ΑΝΑΝ
Desert, Co. purchased a truck for $50,000 on January 1, 2015. The truck had an estimated...
Desert, Co. purchased a truck for $50,000 on January 1, 2015. The truck had an estimated salvage value of $10,000 and an estimated useful life of 10 years. Desert uses the straight-line depreciation method. On January 1, 2018, Desert revised the estimated salvage value to $5,000, but did not change the useful life. The accountant recorded depreciation expense using the old salvage value when calculating the $500,000 ICO. 1. Is an adjustment needed to Desert's Income for Continuing Operations for...
5. On January 1, 2013, Franz Company purchased a truck that cost $22,000. The truck had...
5. On January 1, 2013, Franz Company purchased a truck that cost $22,000. The truck had an expected useful life of 5 years and a $4,000 salvage value. The amount of pense recognized in 2007 assuming that Franz uses the double declining balance method is: a. $4,320. b. $5,280. c. $7,200. d. $8,800. Evergreen Company accepted credit card receivables in exchange for $50,000 of services provided to customers. The credit card company charges a 3% service charge. This transaction would...
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
Carla Vista Chemicals Company acquires a delivery truck at a cost of $37,000 on January 1,...
Carla Vista Chemicals Company acquires a delivery truck at a cost of $37,000 on January 1, 2022. The truck is expected to have a salvage value of $2,000 at the end of its 5-year useful life. Assuming the declining-balance depreciation rate is double the straight-line rate, compute annual depreciation for the first and second years under the declining-balance method. First Year Second Year Annual depreciation under declining-balance method $Enter a dollar amount $Enter a dollar amount
Sandhill Chemicals Company acquires a delivery truck at a cost of $40,000 on January 1, 2022....
Sandhill Chemicals Company acquires a delivery truck at a cost of $40,000 on January 1, 2022. The truck is expected to have a salvage value of $3,400 at the end of its 5-year useful life. Assuming the declining-balance depreciation rate is double the straight-line rate, compute annual depreciation for the first and second years under the declining-balance method. First Year Second Year Annual depreciation under declining-balance method $Enter a dollar amount $Enter a dollar amount eTextbook and Media
On 1/1/2011, ABC Company purchased a piece of equipment costing $65,000. The equipment is expected to...
On 1/1/2011, ABC Company purchased a piece of equipment costing $65,000. The equipment is expected to have a useful life equal to 5 years and a salvage value equal to $5,000. Calculate the first two years’ depreciation expense using the following methods respectively. 1) the straight-line method 2011: 2012: 2) the double-declining method and 2011: 2012: 3) the sum-of-years’-digits’ method. 2011: 2012:
1. Moreno Company purchased equipment for $450,000 on January 1, 2010, and will use the double-declining-balance...
1. Moreno Company purchased equipment for $450,000 on January 1, 2010, 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 2012 will be 2. Rooney Company incurred $280,000 of research and development cost in its laboratory to develop a patent granted on January 1, 2011. On July 31, 2011,...
Questions: Nix Company owns equipment that cost $140,000 when purchased on January 1, 2011. It has...
Questions: Nix Company owns equipment that cost $140,000 when purchased on January 1, 2011. It has been depreciated using the straight-line method based on estimated salvage value of $14,000 and an estimated useful life of 10 years. (3 Marks) Instructions: Prepare Nix Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (a) Sold for $80,000 on January 1, 2014. (b) Sold for $80,000 on...
newconnect.mheducatlon.00m Ps-ial Ouie -inal Qulz 3 Saved Help Save & Exit. Subm- On January 1, 2014, Rowley Company purchased a truck that cost $34,000. The truck had an expected useful life of 5 years and a $4,000 salvage value. The amount of depreciation expense recognized in 2014 assuming that Rowley uses the double declining balance method is: Multiple Choice :43 $6,000 $12,000 $13.600 $6,800 Next 10 of 10 <Prev
On January 1, Year 1. Friedman Company purchased a truck that cost $29,000. The truck had an expected useful life of 8 years and an 57000 salvage value. Friedman uses the double declining balance method What is the book value of the truck at the end of Year 1? (Do not round Intermediate calculations.) Multiple Choice Ο Ο S14750 Ο 521750 Ο Ο >2500 Ο Ο 50.500 ΑΝΑΝ
Desert, Co. purchased a truck for $50,000 on January 1, 2015. The truck had an estimated salvage value of $10,000 and an estimated useful life of 10 years. Desert uses the straight-line depreciation method. On January 1, 2018, Desert revised the estimated salvage value to $5,000, but did not change the useful life. The accountant recorded depreciation expense using the old salvage value when calculating the $500,000 ICO. 1. Is an adjustment needed to Desert's Income for Continuing Operations for...
5. On January 1, 2013, Franz Company purchased a truck that cost $22,000. The truck had an expected useful life of 5 years and a $4,000 salvage value. The amount of pense recognized in 2007 assuming that Franz uses the double declining balance method is: a. $4,320. b. $5,280. c. $7,200. d. $8,800. Evergreen Company accepted credit card receivables in exchange for $50,000 of services provided to customers. The credit card company charges a 3% service charge. This transaction would...
1. Moreno Company purchased equipment for $450,000 on January 1, 2010, 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 2012 will be 2. Rooney Company incurred $280,000 of research and development cost in its laboratory to develop a patent granted on January 1, 2011. On July 31, 2011,...
Questions: Nix Company owns equipment that cost $140,000 when purchased on January 1, 2011. It has been depreciated using the straight-line method based on estimated salvage value of $14,000 and an estimated useful life of 10 years. (3 Marks) Instructions: Prepare Nix Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (a) Sold for $80,000 on January 1, 2014. (b) Sold for $80,000 on...
Most questions answered within 3 hours.
-
1) Comment of this statement: “A compiler transforms high-level
language statements directly into object codes”.
asked 11 seconds ago -
Calculate the molality, mole-fraction and percent mass of 28.9M
HF at 25 degrees Celcius of the...
asked 9 minutes ago -
A developmental psychologist believes that children raised in
bilingual families will have higher verbal fluency at...
asked 15 minutes ago -
A fast food meal has 5660 kJ of energy. A person uses energy at
a rate...
asked 27 minutes ago -
The pKb for a generic amine(R-NH2)) in
aqueous solution is 6.30. What is its pKa?
asked 29 minutes ago -
The following reactions have the indicated equilibrium constants
at a particular temperature: N2(g) + O2(g) ⇌...
asked 31 minutes ago -
Please Help ASAP.
1Consider the below code which iterates over a linked
list of n nodes...
asked 47 minutes ago -
Determine the air to fuel ratio of:
Canadian natural gas, with 93.9% methane, 4.2% ethane, 0.3%...
asked 48 minutes ago -
A manufacturer of power tools claims that the average amount of
time required to assemble their...
asked 50 minutes ago -
"electron-withdrawing substituents on carbon encourage back
donation", then on the next page he says that "greater...
asked 1 hour ago -
On December 31, 2016, the shareholders’ equity section of the
balance sheet of R & L...
asked 1 hour ago -
16.7
At t=0s a small "upward" (positive y) pulse centered at x = 5.0
m is...
asked 1 hour ago