Correct option is "B"-35040
Total Accumulated depreciation for year 2017 = Depreciation per month* number of months
= 590 *12
= 7080
Book value as on December 31,2017 =Cost - Accumulated depreciaton
= 42120 -7080
= $ 35040
On January 1, 2017, Marigold Corp. purchased equipment for $42120. The company is depreciating the equipment...
On January 1, 2022, Marigold Corp. purchased equipment for
$42120. The company is depreciating the equipment at the rate of
$590 per month. The book value of the equipment at December 31,
2022 is:
$7080.
$42120.
$0.
$35040.
X Your answer is incorrect On January 1, 2016, Blossom Company purchased equipment for $29500. The company is depreciating the equipment at the rate of $1180 per month. At January 31, 2017, the balance in Accumulated Depreciation is: O $14162.gredit $1180 debit. $73160 debit. $15340 credit.
View Policies Current Attempt in Progress On January 1, 2017, Bramble Inc. purchased equipment for $44800. The company is depreciating the equipment at the rate of $790 per month. At January 31, 2018, the balance in Accumulated Depreciation is $9480 $790. $10270 $34530 Save for Later Attempts: 0 of 1 used Submit Answer 103 Giv
Ayman Company purchased equipment on January 1, 2017 for $90,000. It is estimated that the equipment will have a $5,000 salvage value at the end of its 5-year useful life. It is also estimated that the equipment will produce 100,000 units over its 5-year life. Instructions Answer the following independent questions. 1. Compute the amount of depreciation expense for the year ended December 31, 2018, using the straight-line method of depreciation. 2. If 16,000 units of product are produced in...
Cutter Enterprises purchased equipment for $84,000 on January 1, 2016. The equipment is expected to have a five-year life and a residual value of $6,900. Using the sum-of-the-years'-digits method, depreciation for 2017 and book value at December 31, 2017, would be (Do not round depreciation rate per year): Multiple Choice 0 $20,560 and $37,740. $22,400 and $33,600. o o $20,560 and $30,840. $22,400 and $26,700.
Cutter Enterprises purchased equipment for $84,000 on January 1, 2016. The equipment is expected to have a five-year life and a residual value of $6,300. Using the sum-of-the-years-digits method, depreciation for 2017 and book value at December 31, 2017, would be (Do not round depreciation rate per year): Multiple Choice O $22,400 and $27,300. O $20,720 and $37,380. O $20,720 and $31,080. O $22,400 and $33,600.
The following information is available for Marigold Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $25,330 $33,190 Work in process inventory 15,170 19,680 Finished goods inventory 21,530 28,340 Materials purchased $152,300 Direct labor 223,050 Manufacturing overhead 183,600 Sales revenue 902.420 (a) Compute cost of goods manufactured Marigold Company Cost of Goods Manufactured Schedule $
On January 2, 2017, Marigold Corp. began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2018. Expenditures for the construction were as follows: January 2, 2017 September 1, 2017 December 31, 2017 March 31, 2018 September 30, 2018 592000 1812000 1812000 1812000 1201000 Ma gold Corp. borrowed $3280000 on a construction loan at 12% interest on an a y 2 2017. This loan was outstanding during bonds outstanding in...
On June 1, 2017, Marigold Corp. was started with an initial investment in the company of $22,460 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations: Cash $ 4,730 Notes payable $12,260 Accounts receivable 4,330 Accounts payable 830 Service revenue 7,630 Supplies expense 1,070 Supplies 2,330 Maintenance and repairs expense 670 Advertising expense 400 Utilities expense 230 Equipment...
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