On April 30, 2013, McKensie Products purchased machinery for $66,000. The useful life of this machinery...
On April 30, 2013, McKensie Products purchased machinery for $66,000. The useful life of this machinery is estimated at 5 years, with a $16,000 residual value. The company uses the double-declining-balance method. Depreciation expense for the fiscal year ending on December 31, 2014 will be:
- $15,840
- $18,400
- $21,067
- $19,360
Homework Answers
Answer :$19,360
Double Decline Balancing Method
Depreciation Rate for Year = (1/Estimated)*2 = (1/5)*2 = 40%
Cost of the Machinery = $66,000
Deprecition as on December 31st 2013 = $66,000*40%*8/12 = $17,600
Depreciation As on December 31st 2014 =($66,000-$17,600)*40% = $19,360 (Answer)
Add Answer to:
On April 30, 2013,
McKensie Products purchased machinery for $66,000. The useful life
of this machinery...
On April 30, 2009, Tilton Products purchased machinery for $264,000. The useful life of this machinery...
On April 30, 2009, Tilton Products purchased machinery for $264,000. The useful life of this machinery is estimated at 8 years, with an $24,000 residual value. value: 3.00 points Refer to the information above. Assume that in its financial statements, Tilton Products uses straight-line depreciation and the half-year convention. Depreciation expense recognized on this machinery in 2009 and 2010 will be: O $22,500 in 2009 and $33,000 in 2010. $18,000 in 2009 and $36,000 in 2010. $15,000 in 2009 and...
On April 30, 2009. Tilton Products purchased machinery for $55.000 The useful life of this machinery...
On April 30, 2009. Tilton Products purchased machinery for $55.000 The useful life of this machinery is estimated at 8 years, with an $15,000 residual value. value: 3.00 points Refer to the information above. Assume that in its financial statements. Tilton Products uses straight-line depreciation and the half-year convention. Depreciation expense recognized on this machinery in 2009 and 2010 will be: 0 O O O $14.062 in 2009 and $6.875 in 2010. $4.375 in 2009 and $8.750 in 2010. $2.500...
On January 1, 2013, Powell Company purchased a building and machinery that have the following useful...
On January 1, 2013, Powell Company purchased a building and machinery that have the following useful lives, salvage value, and costs. Building, 25-year estimated useful life, $9,000,000 cost, $900,000 salvage value Machinery, 10-year estimated useful life, $1,200,000 cost, no salvage value The building has been depreciated under the straight-line method through 2017. In 2018, the company decided to switch to the double-declining balance method of depreciation for the building. Powell also decided to change the total useful life of the...
Bramble Corporation purchased machinery on January 1.2022. at a cost of $256.000. The estimated useful life...
Bramble Corporation purchased machinery on January 1.2022. at a cost of $256.000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $30,600. The company is considering different depreciation methods that could be used for financial reporting purposes. Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the Straight-line rate. STRAIGHT-LINE DEPRECIATION End of Year Computation Depreciable Cost X Depreciation...
Comprehensive Question 1 On January 1, 2013, Boston Company purchased a heavy duty machine having an invoice price...
Comprehensive Question 1 On January 1, 2013, Boston Company purchased a heavy duty machine having an invoice price of $16,000. The machine is estimated to have a 4-year useful life and a $1.400 residual value. It is estimated to produce 58.400 units over its useful life. 1. Show the journal entry for December 31, 2015 If the company uses the straight-line method 2. Show the journal entry for December 31, 2015, if the company produced 17,000 units in 2015, and...
Required information [The following information applies to the questions displayed below.] On April 30, 2017, Tilton...
Required information [The following information applies to the questions displayed below.] On April 30, 2017, Tilton Products purchased machinery for $55,000. The useful life of this machinery is estimated at 8 years, with an $5,000 residual value. 1A. In the year 2023, Tilton Products sells this machinery for $4,000. At the date of sale, the machinery had been depreciated by Tilton Products to its estimated residual value of $5,000. This sale results in: 1B. Assume that in its financial statements,...
3.Lockard Company purchased machinery on January 1, 2010 for 80,000. The machinery is estimated to have...
3.Lockard Company purchased machinery on January 1, 2010 for 80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 8 years. A) Compute 2010 depreciation expense using the straight-line method. B) Compute 2010 depreciation using method assuming the machinery was purchased on September 1,2010. 4.Use the information for Lockard Company given in 3. A) Compute 2010 depreciation expense using the sum-of the years ‘-digits method. B) Compute 2010 depreciation expense using the sum-of-the-years’-digits...
Sarasota Corporation purchased machinery on January 1, 2022, at a cost of $280,000. The estimated useful...
Sarasota Corporation purchased machinery on January 1, 2022, at a cost of $280,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $33,000. The company is considering different depreciation methods that could be used for financial reporting purposes. Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate. STRAIGHT-LINE DEPRECIATION Computation Years Depreciable Cost x Depreciation Rate...
Unit 2 11-4 Splish Company purchased machinery on January 1, 2017, for $96,800. The machinery is...
Unit 2 11-4
Splish Company purchased machinery on January 1, 2017, for
$96,800. The machinery is estimated to have a salvage value of
$9,680 after a useful life of 8 years.
Compute 2017 depreciation expense using the
double-declining-balance method.
Depreciation expense
$
Compute 2017 depreciation expense using the
double-declining-balance method, assuming the machinery was
purchased on October 1, 2017. (Round answer to 0
decimal places, e.g. 5,125.)
Depreciation expense
$
Novak Company purchased machinery on January 1, 2017, for $97,600. The machinery is estimated to have a salvage value of...
Novak Company purchased machinery on
January 1, 2017, for $97,600. The machinery is estimated to have a
salvage value of $9,760 after a useful life of 8 years. Compute
2017 depreciation expense using the double-declining-balance
method. Depreciation expense $ LINK TO TEXT Compute 2017
depreciation expense using the double-declining-balance method,
assuming the machinery was purchased on October 1, 2017. (Round
answer to 0 decimal places, e.g. 5,125.) Depreciation expense $
Click if you would like to Show Work for this...
On April 30, 2009, Tilton Products purchased machinery for $264,000. The useful life of this machinery is estimated at 8 years, with an $24,000 residual value. value: 3.00 points Refer to the information above. Assume that in its financial statements, Tilton Products uses straight-line depreciation and the half-year convention. Depreciation expense recognized on this machinery in 2009 and 2010 will be: O $22,500 in 2009 and $33,000 in 2010. $18,000 in 2009 and $36,000 in 2010. $15,000 in 2009 and...
On April 30, 2009. Tilton Products purchased machinery for $55.000 The useful life of this machinery is estimated at 8 years, with an $15,000 residual value. value: 3.00 points Refer to the information above. Assume that in its financial statements. Tilton Products uses straight-line depreciation and the half-year convention. Depreciation expense recognized on this machinery in 2009 and 2010 will be: 0 O O O $14.062 in 2009 and $6.875 in 2010. $4.375 in 2009 and $8.750 in 2010. $2.500...
On January 1, 2013, Powell Company purchased a building and machinery that have the following useful lives, salvage value, and costs. Building, 25-year estimated useful life, $9,000,000 cost, $900,000 salvage value Machinery, 10-year estimated useful life, $1,200,000 cost, no salvage value The building has been depreciated under the straight-line method through 2017. In 2018, the company decided to switch to the double-declining balance method of depreciation for the building. Powell also decided to change the total useful life of the...
Bramble Corporation purchased machinery on January 1.2022. at a cost of $256.000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $30,600. The company is considering different depreciation methods that could be used for financial reporting purposes. Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the Straight-line rate. STRAIGHT-LINE DEPRECIATION End of Year Computation Depreciable Cost X Depreciation...
Comprehensive Question 1 On January 1, 2013, Boston Company purchased a heavy duty machine having an invoice price of $16,000. The machine is estimated to have a 4-year useful life and a $1.400 residual value. It is estimated to produce 58.400 units over its useful life. 1. Show the journal entry for December 31, 2015 If the company uses the straight-line method 2. Show the journal entry for December 31, 2015, if the company produced 17,000 units in 2015, and...
Sarasota Corporation purchased machinery on January 1, 2022, at a cost of $280,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $33,000. The company is considering different depreciation methods that could be used for financial reporting purposes. Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate. STRAIGHT-LINE DEPRECIATION Computation Years Depreciable Cost x Depreciation Rate...
Unit 2 11-4
Splish Company purchased machinery on January 1, 2017, for
$96,800. The machinery is estimated to have a salvage value of
$9,680 after a useful life of 8 years.
Compute 2017 depreciation expense using the
double-declining-balance method.
Depreciation expense
$
Compute 2017 depreciation expense using the
double-declining-balance method, assuming the machinery was
purchased on October 1, 2017. (Round answer to 0
decimal places, e.g. 5,125.)
Depreciation expense
$
Novak Company purchased machinery on
January 1, 2017, for $97,600. The machinery is estimated to have a
salvage value of $9,760 after a useful life of 8 years. Compute
2017 depreciation expense using the double-declining-balance
method. Depreciation expense $ LINK TO TEXT Compute 2017
depreciation expense using the double-declining-balance method,
assuming the machinery was purchased on October 1, 2017. (Round
answer to 0 decimal places, e.g. 5,125.) Depreciation expense $
Click if you would like to Show Work for this...
Most questions answered within 3 hours.
-
The best known theory of motivation is probably
McGregor Theories X and Y
TRUE OR FALSE
asked 4 minutes ago -
To the nearest hundredths, what is the pH at the end of an
enzyme-catalyzed reaction if...
asked 2 minutes ago -
2Cr2O3 + 3Si -> 4Cr + 3SiO2
The reaction is begun with 191g Si and 114...
asked 11 minutes ago -
Listed below are several fictional stars with their luminosities
and distances from Earth given. Rank the...
asked 9 minutes ago -
A couple have the following genotypes (for the ABO, Rh-factor
and Colour vision (XCB:normal vision,
Xcb:...
asked 17 minutes ago -
Variable Costing Income Statement for a Service Company The
actual and planned data for Underwater University...
asked 24 minutes ago -
Which of the following is NOT TRUE about collusion? It refers to
collective attempts to reduce...
asked 25 minutes ago -
Implement the following problem as a self-contained python
module.
Write a program that continually prompts the...
asked 29 minutes ago -
For each of the following complexes, give an energy level
diagram of the split d orbitals,...
asked 53 minutes ago -
Assume that the radioactive elements in the crust are uniformly
distributed (i.e. H=constant). The surface heat...
asked 55 minutes ago -
the
sole proprietorship that began business May 1 2018 incurred $9000
of start up expenses if...
asked 55 minutes ago -
Hult Games buys electronic components for manufacturing from two
suppliers, Milan Components and Dundee Parts. If...
asked 40 minutes ago