Dec |
31 |
Depreciation Expense |
165,000 |
|
Accumulated Depreciation |
165,000 |
|||
2)Starting at the beginning of 2019 the remaining estimated life of equipment is
Equipment 350,000 - Accumulated depreciation 165,000 - residual value 20,000
=185,000 - 20,000
=165,000 That is 1 year as per the 2018 depreciation from the starting of 2019
3)
Major Expenditures on equipment is capital expenditure and it would increase the Life of the equipment
Equipment |
42,000 |
|||
Accounts Payable/Cash |
42,000 |
|||
This is regular maintenance so it is Expense
Repair and maintenance expense |
5000 |
|||
Accounts payable /Cash |
5000 |
|||
the journal entry to write down inventory under the lower of cost or net realizable value...
Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2016, an asset account for the company showed the following balances: Equipment............................................. $35,000 Accumulated depreciation through 2015......... 132,000 During 2016, the following expenditures were incurred for the equipment: Routine maintenance and repairs on the equipment................................... $ 5,000 Major overhaul of the equipment that improved efficiency on January 1, 2016... 42,000 The...
Required information (The following information applies to the questions displayed below.) Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2019, an asset account for the company showed the following balances: Equipment Accumulated depreciation through 2018 $ 410,000 151,200 During 2019, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 1, 2019, that improved...
Required information (The following information applies to the questions displayed below.] Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2019, an asset account for the company showed the following balances: Equipment Accumulated depreciation through 2018 $ 420,000 231,600 During 2019, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 1, 2019, that improved...
Required information [The following information applies to the questions displayed below.) Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2019, an asset account for the company showed the following balances: Equipment Accumulated depreciation through 2018 $ 420,000 231,600 During 2019, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 1, 2019, that improved...
wiater company operates a small manufacturing facility. on january 1 2018, an asset account for the company showed the following balances: Equipment 344,000 accumulated depreciation (beginning of year) 212,000 during the fiest week of jan 2018 the following expenditures were incurred repairs and maintenence: routine repairs/maintenece 3550 major overhaul for improved effeciency 41,000 The equipment is being depreciated on a straight line basis over an estimatef life of 15 years with a 26000 estimated residual value. the annual accounting period...
Wiater Company operates a small manufacturing facility. On January 1, 2018, an asset account for the company showed the following balances: Equipment Accumulated Depreciation (beginning of the year) $200,000 62,000 During the first week of January 2018, the following expenditures were incurred for repairs and maintenance: Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency $ 2,450 27,000 The equipment is being depreciated on a straight-line basis over an estimated life of 15 years...
E8-8 (Static) Determining Financial Statement Effects of Depreciation and Repairs (Straight-Line Depreciation) LO8-2, 8-3 Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of 2020, an asset account for the company showed the following balances: $ Manufacturing equipment Accumulated depreciation through 2019 120,000 57,600 During 2020, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 2, 2020, that improved efficiency Routine maintenance and repairs on...
Required Parts 1-3 Please! Wiater Company operates a small manufacturing facility. On January 1, 2018, an asset account for the company showed the following balances: Equipment Accumulated Depreciation (beginning of the year) $250,000 172250 During the first week of January 2018, the following expenditures were incurred for repairs and maintenance: 750 Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency 33,000 The equipment is being depreciated on a straight-line basis over an estimated life...
Write down the journal entry for the given business transaction and identify how it would impact the business: 6. A plant asset is acquired by a business on January 1, 2016, for $100,000. The asset's estimated residual value is $10,000 and its estimated life is 5 years. Management chooses to use straight-line depreciation. On January 1, 2018, management revises the total useful life to 8 years and the residual value to $5,000. Required: a) Compute the balance in Accumulated Depreciation...
Check my work Equipment Accumulated Depreciation (beginning of the year) $324,000 149,000 During the first week of January 2018, the following expenditures were incurred for repairs and maintenance: Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency $ 3,450 40,000 The equipment is being depreciated on a straight-line basis over an estimated life of 20 years with a $26,000 estimated residual value. The annual accounting period ends on December 31. Required: Indicate the effects...