Homework Answers
| Annual Depreciation = (Cost Of The Asstes- Salvage Value)/ Life Of The Asset | |||
| = $865000-54500/5 years | |||
| = $162100 per year | |||
| Book Value Machinery May 1 2021 | |||
| Cost Of Mahcinery | $ 8,65,000 | ||
| Less: | |||
| Annual Depreciation for | |||
| 2017 | $ 1,62,100 | ||
| 2018 | $ 1,62,100 | ||
| 2019 | $ 1,62,100 | ||
| 2020 | $ 1,62,100 | ||
| = 54500/12*4 | $ 54,033 | ||
| Total | $ 7,02,433 | ||
| Book Value of Machinery | 162566.6667 | ||
| Cash Flow from sale of machinery | |||
| Book Value of Machinery | $ 1,62,567 | ||
| Add: Gain On sale | $ 18,500 | ||
| Cash flow from sale | $ 1,81,067 | ||
| Correct option = SECOND | |||
Add Answer to:
Current Attempt in Progress Bramble Corp purchased machinery for 5865000 on January 1, 2017. Straight-line depreciation...
Swifty Corporation purchased machinery for $870000 on January 1, 2017. Straight-line depreciation has been recorded bas...
Swifty Corporation purchased machinery for $870000 on January 1, 2017. Straight-line depreciation has been recorded based on a $61000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2021 at a gain of $18500. How much cash did Swifty receive from the sale of the machinery? $126367 $187367 $150367 $248367
Sheridan Company purchased machinery for $850000 on January 1, 2017. Straight-line depreciation has been recorded based...
Sheridan Company purchased machinery for $850000 on January 1, 2017. Straight-line depreciation has been recorded based on a $52000 salvage value and a 5-year useful life machinery was sold on May 1, 2021 at again of $19000. How much cash did Sheridan receive from the sale of the machinery? O $125400 O $229400 O $177400 O $139400
Current Attempt in Progress On September 19, 2017 Swifty Corporation purchased machinery for $480000. Salvage value...
Current Attempt in Progress On September 19, 2017 Swifty Corporation purchased machinery for $480000. Salvage value was estimated to be $25000. The machinery will be depreciated over eight years using the sum of the years.dipits method of depreciation is computed on the basis of the nearest full month. Swifty should record depreciation expense for 2018 on this machinery of View Policies Current Attempt in Progress Crane Company purchased machinery for $1270000 on January 1, 2014 Straight line depreciation has been...
Current Attempt in Progress On January 2, 2015 Bonita Industries acquired equipment to be used in...
Current Attempt in Progress On January 2, 2015 Bonita Industries acquired equipment to be used in its manufacturing operations. The equipment has an estimated useful life of 10 years and an estimated salvage value of $46300. The depreciation applicable to tra equipment was $213500 for 2018.computed under the sum-of-the-years digits method. What was the couisition cost of the ecument Current Attempt in Progress . The machinery old on May 1, 2018 in 2000 Crane Company purchased machinery for $1270000 on...
Sunland Company purchased machinery for $861000 on January 1, 2014. Straight-line depreciation has been recorded based...
Sunland Company purchased machinery for $861000 on January 1, 2014. Straight-line depreciation has been recorded based on a $50100 salvage value and a 5-year useful life. The machinery was sold on May 1, 2018 at a gain of $14100. How much cash did Sunland receive from the sale of the machinery? $144120 $122220 $172320 $222420
View Policies Current Attempt in Progress On September 19, 2017 Swifty Corporation purchased machinery for $480000....
View Policies Current Attempt in Progress On September 19, 2017 Swifty Corporation purchased machinery for $480000. Salvage value was estimated to be $25000. The machinery will be deprecated over eight years using the sum of the years digits method. It depreciation is computed on the basis of the nearest full month, Swifty should record depreciation expense for 2018 on this machinery $97051 $88376 $103333 506187 Current Attempt in Progress Crane Company purchased machinery for $1270000 n uary 1, 2014 Straight...
Question 5 --/1 View Policies Current Attempt in Progress Oriole Corp. purchased machinery for $381,000 on...
Question 5 --/1 View Policies Current Attempt in Progress Oriole Corp. purchased machinery for $381,000 on May 1, 2020. It is estimated that it will have a useful life of 10 years, salvage value of $18,000, production of 290,400 units, and working hours of 25,000. During 2021, Oriole Corp. uses the machinery for 2,650 hours, and the machinery produces 30,600 units. From the information given, compute the depreciation charge for 2021 under each of the following methods. (Round intermediate calculations...
Question 11 View Policies Current Attempt in Progress ma 553400 salvage value and a 5-year useful ide. The machine...
Question 11 View Policies Current Attempt in Progress ma 553400 salvage value and a 5-year useful ide. The machinery was sold on May 1, 2018 at a pinof $17400 Bonita Industries purchased machinery for $894000 on January 1, 2014 Straight line depreciation has been recorded base How much cash did Bonita receive from the sale of the machinery? Question 16 view Policies Current Attempt in Progress daring nation lain d al a n is What is the contefthe Maripold Corp...
Current Attempt in Progress Marigold Corporation purchased machinery on January 1, 2022, at a cost of...
Current Attempt in Progress Marigold Corporation purchased machinery on January 1, 2022, at a cost of $266,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $31,600. The company is considering different depreciation methods that could be used for financial reporting purposes Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate. STRAIGHT-LINE DEPRECIATION Computation End of...
Question 6 --/1 View Policies Current Attempt in Progress Bonita Corp. purchased machinery for $330,000 on...
Question 6 --/1 View Policies Current Attempt in Progress Bonita Corp. purchased machinery for $330,000 on May 1, 2020. It is estimated that it will have a useful life of 10 years, salvage value of $16,500, production of 250,800 units, and working hours of 25,000. During 2021, Bonita Corp. uses the machinery for 2,650 hours, and the machinery produces 27,800 units. From the information given, compute the depreciation charge for 2021 under each of the following methods. (Round intermediate calculations...
Swifty Corporation purchased machinery for $870000 on January 1, 2017. Straight-line depreciation has been recorded based on a $61000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2021 at a gain of $18500. How much cash did Swifty receive from the sale of the machinery? $126367 $187367 $150367 $248367
Sheridan Company purchased machinery for $850000 on January 1, 2017. Straight-line depreciation has been recorded based on a $52000 salvage value and a 5-year useful life machinery was sold on May 1, 2021 at again of $19000. How much cash did Sheridan receive from the sale of the machinery? O $125400 O $229400 O $177400 O $139400
Current Attempt in Progress On September 19, 2017 Swifty Corporation purchased machinery for $480000. Salvage value was estimated to be $25000. The machinery will be depreciated over eight years using the sum of the years.dipits method of depreciation is computed on the basis of the nearest full month. Swifty should record depreciation expense for 2018 on this machinery of View Policies Current Attempt in Progress Crane Company purchased machinery for $1270000 on January 1, 2014 Straight line depreciation has been...
Current Attempt in Progress On January 2, 2015 Bonita Industries acquired equipment to be used in its manufacturing operations. The equipment has an estimated useful life of 10 years and an estimated salvage value of $46300. The depreciation applicable to tra equipment was $213500 for 2018.computed under the sum-of-the-years digits method. What was the couisition cost of the ecument Current Attempt in Progress . The machinery old on May 1, 2018 in 2000 Crane Company purchased machinery for $1270000 on...
View Policies Current Attempt in Progress On September 19, 2017 Swifty Corporation purchased machinery for $480000. Salvage value was estimated to be $25000. The machinery will be deprecated over eight years using the sum of the years digits method. It depreciation is computed on the basis of the nearest full month, Swifty should record depreciation expense for 2018 on this machinery $97051 $88376 $103333 506187 Current Attempt in Progress Crane Company purchased machinery for $1270000 n uary 1, 2014 Straight...
Question 5 --/1 View Policies Current Attempt in Progress Oriole Corp. purchased machinery for $381,000 on May 1, 2020. It is estimated that it will have a useful life of 10 years, salvage value of $18,000, production of 290,400 units, and working hours of 25,000. During 2021, Oriole Corp. uses the machinery for 2,650 hours, and the machinery produces 30,600 units. From the information given, compute the depreciation charge for 2021 under each of the following methods. (Round intermediate calculations...
Question 11 View Policies Current Attempt in Progress ma 553400 salvage value and a 5-year useful ide. The machinery was sold on May 1, 2018 at a pinof $17400 Bonita Industries purchased machinery for $894000 on January 1, 2014 Straight line depreciation has been recorded base How much cash did Bonita receive from the sale of the machinery? Question 16 view Policies Current Attempt in Progress daring nation lain d al a n is What is the contefthe Maripold Corp...
Current Attempt in Progress Marigold Corporation purchased machinery on January 1, 2022, at a cost of $266,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $31,600. The company is considering different depreciation methods that could be used for financial reporting purposes Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate. STRAIGHT-LINE DEPRECIATION Computation End of...
Question 6 --/1 View Policies Current Attempt in Progress Bonita Corp. purchased machinery for $330,000 on May 1, 2020. It is estimated that it will have a useful life of 10 years, salvage value of $16,500, production of 250,800 units, and working hours of 25,000. During 2021, Bonita Corp. uses the machinery for 2,650 hours, and the machinery produces 27,800 units. From the information given, compute the depreciation charge for 2021 under each of the following methods. (Round intermediate calculations...
Most questions answered within 3 hours.
-
A uniform magnetic field is perpendicular to the plane of a wire
loop. If the loop...
asked 2 minutes ago -
Preparation of Benzoic Acid using a Grignard Reagent URGENT
1. During your Grignard formation, a small...
asked 3 minutes ago -
At the peak of your career, your were earning $120,000 and
holding a top level position....
asked 5 minutes ago -
. A permanent magnet is dropped south-end-down through a horizontal
circular coil with a radius of...
asked 7 minutes ago -
Bernie's Beverages purchased some fixed assets classified as
5-year property for MACRS. The assets cost $28,000....
asked 21 minutes ago -
How many ATPs are produced from the catabolism of a 10-C
molecule of fatty acid under...
asked 26 minutes ago -
Before practicing a routine on the rings, a 64.8 kg gymnast
hangs motionless, with one hand...
asked 27 minutes ago -
If the K b of a weak base is 6.3 × 10 − 6 , what...
asked 34 minutes ago -
Which of the following is the minimum amount of moles of NaOH
that must be added...
asked 37 minutes ago -
Stories about organizational ________ provide important clues
about cultural values and norms.
a. myths
b. heroes...
asked 39 minutes ago -
Explain the criteria used in selecting a target market
BUS220 Retail Management, thank you!
asked 41 minutes ago -
Convert/Calculate the following:
Determine the identity of an elemental gas if 4.55 L weighing
35.4g, under...
asked 44 minutes ago