Homework Answers
| Depreciation when useful life is 6 years =($100,000 - $10,000) / 6 years =$15,000 | |||
| Carrying value of equipment as on 1/1/2019 =$100,000 - ($15,000*4) =$40,000 | |||
| Revised useful life =9 years | |||
| Remaining revised useful life =9 - 4 =5 years | |||
| Revised Depreciation on equipment =($40,000 - $8,000) / 5 years =$6,400 | |||
| Date | Account and explanation | Debit | Credit |
| Dec-31 | Depreciation expenses-Equipment | $6,400 | |
| Accumulated Depreciation-Equipment | $6,400 | ||
| Book value at the end of Dec 31,2019 =$40,000 - $6,400 =$33,600 | |||
Add Answer to:
revision of depreciation
Business Course Return to course 1 My Subscriptions Madison Finnan Finish attempt... Question...
Business Course * Return to course H: My Subscriptions KEXIANG ZHAO(John) eBook B Print Question 3...
Business Course * Return to course H: My Subscriptions KEXIANG ZHAO(John) eBook B Print Question 3 Not complete Marked out of 2.00 P Flag question Determination of Retained Earnings and Net Income The following information appears in the records of Bock Corporation at the end of the year: Accounts Receivable $29,900 Retained Earnings Accounts Payable 14,300 Supplies $9,100 Cash 10,400 Equipment 182,000 Common Stock 143,000 Support a. Calculate the amount of retained earnings at the end of the year. b....
Business Course * Return to course ! My Subscriptions Yosimar Huerta Question 4 Partially correct Mark...
Business Course * Return to course ! My Subscriptions Yosimar Huerta Question 4 Partially correct Mark 18.00 out of 24.00 P Flag question Bonds Payable Journal Entries; Effective Interest Amortization On December 31, 2017, Karen Company issued $400,000 of 10-year, ten percent bonds payable for $454,361, yielding an effective interest rate of eight percent. Interest is payable semiannually on June 30 and December 31. Prepare journal entries to reflect (a) the issuance of the bonds, (b) the semiannual interest payment...
Compute revised depreciation and record entries U. Tilpailut City to Ches) Lulu Depreciation on the building...
Compute revised depreciation and record entries U. Tilpailut City to Ches) Lulu Depreciation on the building in 2022. EO SIILO 2). AP On July 1, 2019, April Company purchased new equipment for $80,000. Its estimated useful life was 7 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Instructions a. Prepare the journal entry to record depreciation on December 31,...
BusinessCourse Return to course My Subscriptions Briana Alejandre Unique Designs, a firm providing art services for...
BusinessCourse Return to course My Subscriptions Briana Alejandre Unique Designs, a firm providing art services for advertisers, began business on June 1. The following accounts in its general ledger are needed to record the transactions for June: Cash Accounts Receivable; Supplies Office Equipment: Accounts Payable: Common Stock Dividends: Service Fees Earned, Rent Expense: Utilities Expense, and Salaries Expense une Emily Holmes invested 58.000 cash to begin the bu s he received common stock for her investmen 2 Parent for june...
Business Course Return to course # My Subscriptions eBook Question 3 Not complete Marked out of...
Business Course Return to course # My Subscriptions eBook Question 3 Not complete Marked out of 2200 P Flag question Recording Goodwill upon Acquisition On January 1, 2020, the balance sheet of Napervile Company (a sole proprietorship) was as follows. Assets Liabilities Accounts receivable inet of allowance) $120.000 Current $76,000 Inventory 180,000 Noncurrent 160,000 $236.000 Plant and equipment niet of depreciation 400,000 Equity Land 60,000 Owners' equity 524,000 Total 5760,000 Total liabilities and owners' equity 5760,000 On January 1, 2020,...
POWS WILL Instructions: Using the sum-of-the-years'-digit and double-declining balance depreciation methods, compute the depreciation expense for...
POWS WILL Instructions: Using the sum-of-the-years'-digit and double-declining balance depreciation methods, compute the depreciation expense for years 2018 and 2019, and the book value of the machine at the end of 2019 for each of the following two independent cases. Please show your work briefly and have your final answers summarized in the tables, Round the final answers in the tables to the nearest dollar when needed. a. Ginger Co. acquired a machine on Jan. 1, 2018, at a cost...
Instructions: Using the sum-of-the-years-digit and double-declining balance depreciation methods, compute the depreciation expense for years 2018...
Instructions: Using the sum-of-the-years-digit and double-declining balance depreciation methods, compute the depreciation expense for years 2018 and 2019, and the book value of the machine at the end of 2019 for each of the following two independent cases. Please show your work briefly and have your final answers summarized in the tables Round the final answers in the tables to the nearest dollar when needed. a. Ginger Co. acquired a machine on Jan. 1. 2018, at a cost of $56,000....
Question 5 0.8/2 View Policies Show Attempt History Current Attempt in Progress On July 1, 2019,...
Question 5 0.8/2 View Policies Show Attempt History Current Attempt in Progress On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. ✓ Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented...
Business Course # My Subscriptions - Statement of Cash Flows (Direct Method) Dair Company's income statement...
Business Course # My Subscriptions - Statement of Cash Flows (Direct Method) Dair Company's income statement and comparative balance sheets follow. DAIR COMPANY Income Statement For Year Ended December 31, 2011 Sales $ 700.000 Cost of goods sold Wages and other operating expenses 95,000 Depreciation expense 22,000 Amortization expense Interest expense Income tax expense 34,000 Loss on bond retirement 5,000 609,000 Net income 591,000 $ 440,000 7.000 6.000 Support eest expense DAIR COMPANY Balance Sheets Dec. 31, 2011 Dec. 31,...
Business Course Return to course ! My Subscriptions rashed jaroor Question 1 Partially correct Mark 1.00...
Business Course Return to course ! My Subscriptions rashed jaroor Question 1 Partially correct Mark 1.00 out of 2.00 P Flag question Edit question Special Order Total cost data follow for Glendale Manufacturing Company, which has a normal capacity per period of 8,000 units of product that sell for $60 each. For the foreseeable future, regular sales volume should continue to equal normal capacity. Direct material $100,000 Direct labor 61,600 Variable manufacturing overhead 46,000 Fixed manufacturing overhead (Note 1) 38,400...
Business Course * Return to course H: My Subscriptions KEXIANG ZHAO(John) eBook B Print Question 3 Not complete Marked out of 2.00 P Flag question Determination of Retained Earnings and Net Income The following information appears in the records of Bock Corporation at the end of the year: Accounts Receivable $29,900 Retained Earnings Accounts Payable 14,300 Supplies $9,100 Cash 10,400 Equipment 182,000 Common Stock 143,000 Support a. Calculate the amount of retained earnings at the end of the year. b....
Business Course * Return to course ! My Subscriptions Yosimar Huerta Question 4 Partially correct Mark 18.00 out of 24.00 P Flag question Bonds Payable Journal Entries; Effective Interest Amortization On December 31, 2017, Karen Company issued $400,000 of 10-year, ten percent bonds payable for $454,361, yielding an effective interest rate of eight percent. Interest is payable semiannually on June 30 and December 31. Prepare journal entries to reflect (a) the issuance of the bonds, (b) the semiannual interest payment...
Compute revised depreciation and record entries U. Tilpailut City to Ches) Lulu Depreciation on the building in 2022. EO SIILO 2). AP On July 1, 2019, April Company purchased new equipment for $80,000. Its estimated useful life was 7 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Instructions a. Prepare the journal entry to record depreciation on December 31,...
BusinessCourse Return to course My Subscriptions Briana Alejandre Unique Designs, a firm providing art services for advertisers, began business on June 1. The following accounts in its general ledger are needed to record the transactions for June: Cash Accounts Receivable; Supplies Office Equipment: Accounts Payable: Common Stock Dividends: Service Fees Earned, Rent Expense: Utilities Expense, and Salaries Expense une Emily Holmes invested 58.000 cash to begin the bu s he received common stock for her investmen 2 Parent for june...
Business Course Return to course # My Subscriptions eBook Question 3 Not complete Marked out of 2200 P Flag question Recording Goodwill upon Acquisition On January 1, 2020, the balance sheet of Napervile Company (a sole proprietorship) was as follows. Assets Liabilities Accounts receivable inet of allowance) $120.000 Current $76,000 Inventory 180,000 Noncurrent 160,000 $236.000 Plant and equipment niet of depreciation 400,000 Equity Land 60,000 Owners' equity 524,000 Total 5760,000 Total liabilities and owners' equity 5760,000 On January 1, 2020,...
POWS WILL Instructions: Using the sum-of-the-years'-digit and double-declining balance depreciation methods, compute the depreciation expense for years 2018 and 2019, and the book value of the machine at the end of 2019 for each of the following two independent cases. Please show your work briefly and have your final answers summarized in the tables, Round the final answers in the tables to the nearest dollar when needed. a. Ginger Co. acquired a machine on Jan. 1, 2018, at a cost...
Instructions: Using the sum-of-the-years-digit and double-declining balance depreciation methods, compute the depreciation expense for years 2018 and 2019, and the book value of the machine at the end of 2019 for each of the following two independent cases. Please show your work briefly and have your final answers summarized in the tables Round the final answers in the tables to the nearest dollar when needed. a. Ginger Co. acquired a machine on Jan. 1. 2018, at a cost of $56,000....
Question 5 0.8/2 View Policies Show Attempt History Current Attempt in Progress On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. ✓ Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented...
Business Course # My Subscriptions - Statement of Cash Flows (Direct Method) Dair Company's income statement and comparative balance sheets follow. DAIR COMPANY Income Statement For Year Ended December 31, 2011 Sales $ 700.000 Cost of goods sold Wages and other operating expenses 95,000 Depreciation expense 22,000 Amortization expense Interest expense Income tax expense 34,000 Loss on bond retirement 5,000 609,000 Net income 591,000 $ 440,000 7.000 6.000 Support eest expense DAIR COMPANY Balance Sheets Dec. 31, 2011 Dec. 31,...
Business Course Return to course ! My Subscriptions rashed jaroor Question 1 Partially correct Mark 1.00 out of 2.00 P Flag question Edit question Special Order Total cost data follow for Glendale Manufacturing Company, which has a normal capacity per period of 8,000 units of product that sell for $60 each. For the foreseeable future, regular sales volume should continue to equal normal capacity. Direct material $100,000 Direct labor 61,600 Variable manufacturing overhead 46,000 Fixed manufacturing overhead (Note 1) 38,400...
Most questions answered within 3 hours.
-
When finding confidence interval for mu , if population standard
deviation (sigma) is known, we use...
asked 23 minutes ago -
Convert your enthalpy of reaction (kJ/mol) to heat of explosion
(kJ/kg) using the molar mass of...
asked 9 minutes ago -
At what annual rate would the following have to be
invested?
$8,929, to grow to $55,581,...
asked 8 minutes ago -
If the codon were 5 bases long instead of three, how many codons
would exist in...
asked 14 minutes ago -
Mittuch Corp. is evaluating a project with the following cash
flows. The company uses a discount...
asked 22 minutes ago -
An income elasticity coefficient of −1.8 means the product is a
normal good.
true or false
asked 14 minutes ago -
PLEASE ANSWER ASAP ASIAN AMERICAN HISTORY
Considering the number of migrants and the time period in...
asked 22 minutes ago -
1. If a good has a price elasticity of demand equal to
0, ________.
a) the...
asked 25 minutes ago -
1. Research through the literature give other ways of converting
methyl benzenes to benzoic acids, draw...
asked 27 minutes ago -
a) A car has a fuel economy of 25 miles per gallon. Calculate
this value in...
asked 37 minutes ago -
Q1- say a letter in a word is missing, can you find the missing
letter? For...
asked 45 minutes ago -
What is the temperature of 100.0 grams of chlorine gas in a
55.0-L container at 800....
asked 59 minutes ago