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Question 3 (15 marks) Busy Bee Enterprises, a manufacturing company, had the following assets recorded in...
To company Lullull lll UCILI W D ulu use? E9-5 On April 22, 2016, Sandstone Enterprises...
To company Lullull lll UCILI W D ulu use? E9-5 On April 22, 2016, Sandstone Enterprises purchased equipment for $129,20 0, Sandstone Enterprises purchased equipment for $129,200. The company expects to use the equipment for 12,000 working hours during its four-year life and that it will have a residual value of $14,000. Sandstone has a December 31 year end and pro-rates depreciation to the nearest month. The actual machine usage was: 1,900 hours in 2016: 2,800 hours in 2017; 3,700...
On January 2, 2018, Tucker Enterprises, Inc., paid $204,500 for equipment used in manufacturing automotive supplies....
On January 2, 2018, Tucker Enterprises, Inc., paid $204,500 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $900 for transportation charges, $800 for insurance for the equipment while in transit, $11,600 sales tax, and $2,200 for a special platform on which to place the equipment in the plant. Management of Tucker Enterprises, Inc., estimates that the equipment will remain in service for five years and have a residual value of $20,000....
On January 2, 2018, Tucker Enterprises, Inc., paid $204,500 for equipment used in manufacturing automotive supplies....
On January 2, 2018, Tucker Enterprises, Inc., paid $204,500 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $900 for transportation charges, $800 for insurance for the equipment while in transit, $11,600 sales tax, and $2,200 for a special platform on which to place the equipment in the plant. Management of Tucker Enterprises, Inc., estimates that the equipment will remain in service for five years and have a residual value of $20,000....
Question 1 (8 marks) Functional Manufacturing purchased equipment and a utility vehicle on January 1, 2019....
Question 1 (8 marks) Functional Manufacturing purchased equipment and a utility vehicle on January 1, 2019. The equipment cost $90,000 and has an estimated useful life of 8 years with a residual value of $15,000. The delivery vehicle cost $180,000 and has an estimated life of 5 years or 250,000 kilometres and a residual value of $17,000. The delivery truck is expected to be driven 25,000 and 35,000 kilometres in 2019 and 2020, respectively. . Required Functional has decided to...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $800,000. The residual...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $800,000. The residual value of the equipment was estimated to be $50,000 at the end of a five year life. The equipment was sold on March 31, 2021, for $170,000. Howarth uses the straight- line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service Required: 1. Prepare the journal entry to record...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $160,000. The residual...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $160,000. The residual value of the equipment was estimated to be $10,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $43,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to record the sale....
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $800,000. The residual...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $800,000. The residual value of the equipment was estimated to be $50,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $170,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to record the sale....
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $95,000. The residual value of the equi...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $95,000. The residual value of the equipment was estimated to be $5,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $21,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to record the sale....
Office equipment Accumulated depreciation Office equipment Computer equipment Accumulated depreciation-Computer equipment Total revenue Total assets For...
Office equipment Accumulated depreciation Office equipment Computer equipment Accumulated depreciation-Computer equipment Total revenue Total assets For Three Months Ended December 31, 2019 $ 7,600 380 16,000 1,eee 31,484 82,860 For Three Months Ended March 31, 2020 $ 7.600 768 16,eee 2, eee 45, 9ee 121,368 Required: 1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2020. Compute amounts for the year ended December 31, 2020, for Depreciation expense-Office equipment and for Depreciation expense-Computer equipment...
PART C [2 marks] Shania Twain Ltd had purchased equipment on 1 January 2020 at a...
PART C [2 marks] Shania Twain Ltd had purchased equipment on 1 January 2020 at a cost of $200,000. The equipment had a useful life of 6 years and an estimated residual of $35,000. The company decided to use the reducing balance method of depreciation at 30% per annum. Calculate the depreciation and prepare the necessary journal entry for the year ended 31 December 2021
To company Lullull lll UCILI W D ulu use? E9-5 On April 22, 2016, Sandstone Enterprises purchased equipment for $129,20 0, Sandstone Enterprises purchased equipment for $129,200. The company expects to use the equipment for 12,000 working hours during its four-year life and that it will have a residual value of $14,000. Sandstone has a December 31 year end and pro-rates depreciation to the nearest month. The actual machine usage was: 1,900 hours in 2016: 2,800 hours in 2017; 3,700...
On January 2, 2018, Tucker Enterprises, Inc., paid $204,500 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $900 for transportation charges, $800 for insurance for the equipment while in transit, $11,600 sales tax, and $2,200 for a special platform on which to place the equipment in the plant. Management of Tucker Enterprises, Inc., estimates that the equipment will remain in service for five years and have a residual value of $20,000....
On January 2, 2018, Tucker Enterprises, Inc., paid $204,500 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $900 for transportation charges, $800 for insurance for the equipment while in transit, $11,600 sales tax, and $2,200 for a special platform on which to place the equipment in the plant. Management of Tucker Enterprises, Inc., estimates that the equipment will remain in service for five years and have a residual value of $20,000....
Question 1 (8 marks) Functional Manufacturing purchased equipment and a utility vehicle on January 1, 2019. The equipment cost $90,000 and has an estimated useful life of 8 years with a residual value of $15,000. The delivery vehicle cost $180,000 and has an estimated life of 5 years or 250,000 kilometres and a residual value of $17,000. The delivery truck is expected to be driven 25,000 and 35,000 kilometres in 2019 and 2020, respectively. . Required Functional has decided to...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $800,000. The residual value of the equipment was estimated to be $50,000 at the end of a five year life. The equipment was sold on March 31, 2021, for $170,000. Howarth uses the straight- line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service Required: 1. Prepare the journal entry to record...
Office equipment Accumulated depreciation Office equipment Computer equipment Accumulated depreciation-Computer equipment Total revenue Total assets For Three Months Ended December 31, 2019 $ 7,600 380 16,000 1,eee 31,484 82,860 For Three Months Ended March 31, 2020 $ 7.600 768 16,eee 2, eee 45, 9ee 121,368 Required: 1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2020. Compute amounts for the year ended December 31, 2020, for Depreciation expense-Office equipment and for Depreciation expense-Computer equipment...
PART C [2 marks] Shania Twain Ltd had purchased equipment on 1 January 2020 at a cost of $200,000. The equipment had a useful life of 6 years and an estimated residual of $35,000. The company decided to use the reducing balance method of depreciation at 30% per annum. Calculate the depreciation and prepare the necessary journal entry for the year ended 31 December 2021
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