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Question 1 (8 marks) Functional Manufacturing purchased equipment and a utility vehicle on January 1, 2019....
Question 1 Cobalt Manufacturing purchased equipment and a delivery vehicle on January 1, 2019. The equipment...
Question 1 Cobalt Manufacturing purchased equipment and a delivery vehicle on January 1, 2019. The equipment cost $65,000 and has an estimated useful life of 8 years with a residual value of $9,000 The delivery vehicle cost $150,000 and has an estimated life of 4 years or 200,000 kilometres and a residual value of $14,000. The delivery truck is expected to be driven 35,000 and 40,000 kilometres in 2019 and 2020, respectively. Required 1. Cobalt has decided to depreciate the...
Question One: 30 marks Jefry's Boss purchased a small delivery truck on January 1, 2020. Cost...
Question One: 30 marks Jefry's Boss purchased a small delivery truck on January 1, 2020. Cost $55,000 Expected residual value $4,000 Estimated useful life in years 5 years Estimated useful life in miles 100,000 miles Instructions: Prepare the deprecation schedule using: 1- Straight line method 2- Double Declining method 1- Straight Line (15 marks) Year Depreciable Cost Annual Expense Book Value Accumulated Depreciation 2020 2021 2022 2023 2024 2- Double Declining Method ( 15 marks) Year Depreciable Cost Annual Expense...
Norman Delivery Company purchased a new delivery truck for $72,000 on April 1, 2019. The truck...
Norman Delivery Company purchased a new delivery truck for $72,000 on April 1, 2019. The truck is expected to have a service life of 5 years or 90,000 miles and a residual value of $3,000. The truck was driven 8,000 miles in 2019 and 18,000 miles in 2020. Norman computes depreciation expense to the nearest whole month. Required: Compute depreciation expense for 2019 and 2020 using the following methods: (Round your answers to the nearest dollar.) Straight-line method 2019 $...
Bar Delivery Company purchased a new delivery truck for $65,400 on April 1, 2019. The truck...
Bar Delivery Company purchased a new delivery truck for $65,400 on April 1, 2019. The truck is expected to have a service life of 5 years or 170,400 miles and a residual value of $3,120. The truck was driven 9,500 miles in 2019 and 11,900 miles in 2020. Bar computes depreciation expense to the nearest whole month. Required: Compute depreciation expense for 2019 and 2020 using the following methods: (Round your answers to the nearest dollar.) Straight-line method 2019 $...
P11-1 Depreciation Methods LO 1L2 Winsey Company purchased equipment on January 2, 2019, for $700,000. The...
P11-1 Depreciation Methods LO 1L2 Winsey Company purchased equipment on January 2, 2019, for $700,000. The equipment has the following characteristics: SHOW ME HOW Estimated service life Estimated residual value 20 years, 100,000 hours, 950,000 units of output $50,000 During 2019 and 2020, the company used the machine for 4,500 and 5,500 hours, respectively, and produced 40,000 and 60,000 units, respectively. Required: Compute depreciation expense for 2019 and 2020 under each of the following methods: 1 straight-line method 2. activity...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2019. It made the...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2019. It made the following estimates: Service life 5 years or 10,000 hours Production 180,000 units Residual value $ 18,000 In 2019, Gruman uses the machine for 2,000 hours and produces 45,000 units. In 2020, Gruman uses the machine for 1,400 hours and produces 34,000 units. If required, round your final answers to the nearest dollar. Required: Compute the depreciation for 2019 and 2020 under each of the...
Malone Delivery Company purchased a new delivery truck for $54,000 on April 1, 2019. The truck...
Malone Delivery Company purchased a new delivery truck for $54,000 on April 1, 2019. The truck is expected to have a service life of 10 years or 150,000 miles and a residual value of $3,000. The truck was driven 10,000 miles in 2019 and 20,000 miles in 2020. Malone computes depreciation expense to the nearest whole month. Required: Compute depreciation expense for 2019 and 2020 using the following methods: (Round your answers to the nearest dollar.) Straight-line method 2019 $...
Straight-Line and Units-of-Production Methods Assume that Sample Company purchased factory equipment on January 1, 2016, for...
Straight-Line and Units-of-Production Methods Assume that Sample Company purchased factory equipment on January 1, 2016, for $35,000. The equipment has an estimated life of five years and an estimated residual value of $3,500. Sample's accountant is considering whether to use the straight-line or the units-of-production method to depreciate the asset. Because the company is beginning a new production process, the equipment will be used to produce 10,000 units in 2016, but production subsequent to 2016 will increase by 10,000 units...
just need DETAILED help with part c. check figures are above the question. really really stuck....
just need DETAILED help with part c. check figures are above
the question. really really stuck.
UITnet MyCampus Library ISC A DOBE CONNECT L. My Home Microsoft Word. Individual Core it on its first trip. It is estimated that the truck has a five year useful life and a residual value of $9,000. Land's End uses the straight line method to depreciate all of its vehicles. Prepare the entry to record the purchase of truck, insurance, and gas, and record...
Exercise 7-50 (Algorithmie) Depreciation Methods Quick-as-Lightning, a delivery service, purchased a new delivery truck for $40,000...
Exercise 7-50 (Algorithmie) Depreciation Methods Quick-as-Lightning, a delivery service, purchased a new delivery truck for $40,000 on January 1, 2019. The truck is expected to have miles and an expected residual value of $3,000. The truck was driven 15,000 miles in 2019 and 12,300 miles in 2020 us e of ten years or 150,000 Required: 1. Compute depreciation experse for 2019 and 2020 using the a. Straight-line method Depreciation expense: 3,700 per year b. Double-declining balance method Depreciation Expense $...
Question 1 Cobalt Manufacturing purchased equipment and a delivery vehicle on January 1, 2019. The equipment cost $65,000 and has an estimated useful life of 8 years with a residual value of $9,000 The delivery vehicle cost $150,000 and has an estimated life of 4 years or 200,000 kilometres and a residual value of $14,000. The delivery truck is expected to be driven 35,000 and 40,000 kilometres in 2019 and 2020, respectively. Required 1. Cobalt has decided to depreciate the...
Question One: 30 marks Jefry's Boss purchased a small delivery truck on January 1, 2020. Cost $55,000 Expected residual value $4,000 Estimated useful life in years 5 years Estimated useful life in miles 100,000 miles Instructions: Prepare the deprecation schedule using: 1- Straight line method 2- Double Declining method 1- Straight Line (15 marks) Year Depreciable Cost Annual Expense Book Value Accumulated Depreciation 2020 2021 2022 2023 2024 2- Double Declining Method ( 15 marks) Year Depreciable Cost Annual Expense...
P11-1 Depreciation Methods LO 1L2 Winsey Company purchased equipment on January 2, 2019, for $700,000. The equipment has the following characteristics: SHOW ME HOW Estimated service life Estimated residual value 20 years, 100,000 hours, 950,000 units of output $50,000 During 2019 and 2020, the company used the machine for 4,500 and 5,500 hours, respectively, and produced 40,000 and 60,000 units, respectively. Required: Compute depreciation expense for 2019 and 2020 under each of the following methods: 1 straight-line method 2. activity...
Straight-Line and Units-of-Production Methods Assume that Sample Company purchased factory equipment on January 1, 2016, for $35,000. The equipment has an estimated life of five years and an estimated residual value of $3,500. Sample's accountant is considering whether to use the straight-line or the units-of-production method to depreciate the asset. Because the company is beginning a new production process, the equipment will be used to produce 10,000 units in 2016, but production subsequent to 2016 will increase by 10,000 units...
just need DETAILED help with part c. check figures are above
the question. really really stuck.
UITnet MyCampus Library ISC A DOBE CONNECT L. My Home Microsoft Word. Individual Core it on its first trip. It is estimated that the truck has a five year useful life and a residual value of $9,000. Land's End uses the straight line method to depreciate all of its vehicles. Prepare the entry to record the purchase of truck, insurance, and gas, and record...
Exercise 7-50 (Algorithmie) Depreciation Methods Quick-as-Lightning, a delivery service, purchased a new delivery truck for $40,000 on January 1, 2019. The truck is expected to have miles and an expected residual value of $3,000. The truck was driven 15,000 miles in 2019 and 12,300 miles in 2020 us e of ten years or 150,000 Required: 1. Compute depreciation experse for 2019 and 2020 using the a. Straight-line method Depreciation expense: 3,700 per year b. Double-declining balance method Depreciation Expense $...
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