What is the depreciation for the following years, please include the excel formulas. Thank You
Homework Answers
SLM DEPRECIATION =(COST- SALVAGE VALUE ) / USEFUL LIFE
SALVAGE = $ 0
IN SLM DEPRECIATION , IT REMAINS SAME FOR EACH YEAR
DEPRECIATION ON FURNITURE AND FIXTURE = 15000 / 15
= 1000
DEPRECIATION ON COMPUTER AND OTHER OFFICE EQUIPMENT = 10000 / 5
= 2000
TOTAL DEPRECIATION = 1000+ 2000 = 3000
$ 3000 REMAINS SAME FOR EACH IN SLM METHOD
YEAR 1 = 3000
YEAR 2 = 3000
YEAR 3 = 3000
YEAR 4 = 3000
YEAR 5 = 3000
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What is the depreciation for the following years, please
include the excel formulas. Thank You
The...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! On March 31, 2021,...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
On March 31, 2021, Susquehanna Insurance purchased an office building for $12,300,000. Based on their relative falr values, one-third of the purchase price was allocated to the land and two-thirds to the building. Furniture and fixtures were purchased separately from office equipment on the same date for $1,210,000 and $710,000, respectively. The company uses the straight-line method to depreciate its buildings and the double-declining-balance method to depreciate all...
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what is the Accumulated Depreciation for the Newly acquired asset (Lobby Furniture) if its not given...
what is the Accumulated Depreciation for the Newly acquired asset
(Lobby Furniture) if its not given to me like the other fixed
assets in the chart? Or do I leave this blank in my excel
worksheet?
with associated data as of 12/31/2015, were acquired prior to the current year. $700 Fixed Asset Date of Cost Salvage Useful Life Accumulated Acquisition Value (years) Depreciation Machinery 1/1/2007 $8,200 $6,750 Garage 1/1/2009 $11,000 $200 $8,400 Equipment Computers 1/1/2013 $4,000 $0 $2,400 Furniture Resellers...
QUESTION 31 Mary Goodman had always wanted to open an advertising firm. Finally, at the beginning...
QUESTION 31 Mary Goodman had always wanted to open an advertising firm. Finally, at the beginning of 2019, she decided to leave the firm of Light, Dry and Cool and open her own firm. In 2019, Mary invested her life savings of $300,000 cash in the firm in exchange for 5,000 shares of stock. Several of Mary's close associates lent the firm an additional $100,000 and took a notes payable in exchange. The firm used cash to purchase a small...
Currently studying for an exam. I need this organized, please. Will definitely upvote. Thank you for...
Currently studying for an exam. I need this
organized, please. Will definitely upvote. Thank
you for your time and help. It seems like it is a lot of work but
it is easier than it looks.
Chapter 04 Group work - STU Problem 1 Page 1 The following 2020 information related to P. Bride Company. $ $ 4,900 3,960 60,570 17,230 $ Administrative expense Officers' salaries Depreciation of office furniture and equipment Cost of goods sold Rent revenue Selling expense...
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The Boston Trading Company, whose accounting year ends on December 31, had the following normal balances...
The Boston Trading Company, whose accounting year ends on
December 31, had the following normal balances in its general
ledger at December 31.
Cash
$19,500
Accounts Receivable
84,900
Inventory
109,500
Prepaid Insurance
9,000
Office Supplies
6,300
Furniture & Fixtures
31,500
Accumulated Depreciation - Furn. & Fixtures
7,500
Delivery Equipment
126,000
Accumulated Depreciation - Delivery Equipment
18,000
Accounts Payable
61,500
Long-term Notes Payable
45,000
Common Stock
112,500
Retained Earnings
77,100
Sales Revenue
945,000
Cost of Goods Sold
606,000
Utilities Expense
7,200...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
On March 31, 2021, Susquehanna Insurance purchased an office building for $12,300,000. Based on their relative falr values, one-third of the purchase price was allocated to the land and two-thirds to the building. Furniture and fixtures were purchased separately from office equipment on the same date for $1,210,000 and $710,000, respectively. The company uses the straight-line method to depreciate its buildings and the double-declining-balance method to depreciate all...
Current Attempt in Progress Pronghorn Corp reported net income of $58,000. Depreciation expense for the year was $126,000. The company calculates depreciation expense using the straight-line method, with a useful life of 10 years. Top management would like to switch to a 15-year useful life because depreciation expense would be reduced to $81,000. The CEO says, “Increasing the useful life would increase net income and net cash provided by operating activities.” Provide a comparative analysis showing net income and net...
Oregon Distributors, whose accounting year ends on December 31, had the following normal balances in its ledger accounts at December 31. Cash $36.000 Accounts Receivable 101,200 Inventory 90,200 Prepaid Insurance 7920 Office Supplies 5,280 Furniture & Fixtures 30,800 Accumulated Depreciation - Furn. & Fixtures 11,880 Delivery Equipment 77,000 Accumulated Depreciation - Delivery Equipment 26,840 Accounts Payable 76,340 Long-term Notes Payable 33.000 Common Stock 110,000 Retained Earnings 46,200 Sales Revenue 1.269,400 Cost of Goods Sold 903,320 Utilities Expense 9,460 Sales Salaries...
what is the Accumulated Depreciation for the Newly acquired asset
(Lobby Furniture) if its not given to me like the other fixed
assets in the chart? Or do I leave this blank in my excel
worksheet?
with associated data as of 12/31/2015, were acquired prior to the current year. $700 Fixed Asset Date of Cost Salvage Useful Life Accumulated Acquisition Value (years) Depreciation Machinery 1/1/2007 $8,200 $6,750 Garage 1/1/2009 $11,000 $200 $8,400 Equipment Computers 1/1/2013 $4,000 $0 $2,400 Furniture Resellers...
QUESTION 31 Mary Goodman had always wanted to open an advertising firm. Finally, at the beginning of 2019, she decided to leave the firm of Light, Dry and Cool and open her own firm. In 2019, Mary invested her life savings of $300,000 cash in the firm in exchange for 5,000 shares of stock. Several of Mary's close associates lent the firm an additional $100,000 and took a notes payable in exchange. The firm used cash to purchase a small...
Currently studying for an exam. I need this
organized, please. Will definitely upvote. Thank
you for your time and help. It seems like it is a lot of work but
it is easier than it looks.
Chapter 04 Group work - STU Problem 1 Page 1 The following 2020 information related to P. Bride Company. $ $ 4,900 3,960 60,570 17,230 $ Administrative expense Officers' salaries Depreciation of office furniture and equipment Cost of goods sold Rent revenue Selling expense...
Required information [The following information applies to the questions displayed below.) INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1, 2020. During the fiscal year ended December 31, 2020, the following transactions occurred. 1. A business donated rent-free office space to the organization that would normally rent for $36,300 a year. 2. A fund drive raised $191,500 in cash and $113,000 in pledges that will be paid within one year. A state government grant of...
Cold Cllmate Unadjusted Trial Balance December 31 Debit Account Credit Cash $95,000 Accounts Receivable 171,000 129,950 Inventory Store Supplies Office Supplies Accum Depreciation -Store Fixtures 2,600 2,050 1,300 Accum Depreciation- Office Furniture Accounts Payable Retained Earnings 4,230 83,000 297,670 Sales 943,755 Sales Discounts 9,500 Sales Returns and Allowances 18,500 Cost of Goods Sold 527,215 Rent Expense- Office Rent Expense - Selling Sales Salary Expense 22,900 6,000 191,000 146,000 Office Salary Expense Delivery Expense Depreciation Expense- Store Fixtures Depreciation Expense- Office...
The Boston Trading Company, whose accounting year ends on
December 31, had the following normal balances in its general
ledger at December 31.
Cash
$19,500
Accounts Receivable
84,900
Inventory
109,500
Prepaid Insurance
9,000
Office Supplies
6,300
Furniture & Fixtures
31,500
Accumulated Depreciation - Furn. & Fixtures
7,500
Delivery Equipment
126,000
Accumulated Depreciation - Delivery Equipment
18,000
Accounts Payable
61,500
Long-term Notes Payable
45,000
Common Stock
112,500
Retained Earnings
77,100
Sales Revenue
945,000
Cost of Goods Sold
606,000
Utilities Expense
7,200...
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