Homework Answers
Answer is $5,000
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On a machine that cost $60,000 and has a useful life of 10 years, $10,000 residual...
SportsWorld purchased a machine for $190,000. The machine has a useful life of 8 years and...
SportsWorld purchased a machine for $190,000. The machine has a useful life of 8 years and a residual value of $10,000. SportsWorld estimates that the machine could produce 750,000 units of product over its useful life. In the first year, 95,000 units were produced. In the second year, production increased to 111,000 units. Using the units-of-production method, what is the amount of depreciation that should be recorded for the second year? Multiple Choice $49,440 $22,800 $26,640 $36,000 Factor(s) that might...
27. On January 1, a machine with a useful life of four years and a residual...
27. On January 1, a machine with a useful life of four years and a residual (salvage) value of $5,000 was purchased for $55,000. What is the depreciation expense for year 3 under straight-line depreciation? A) $10,000. B) $5,000. C) $55,000. D) $30,000.
A company purchased a weaving machine for $190,000. The machine has a useful life of 8 years and a residual value of $10,000. It is estimated that the machine could produce 750,000 bolts of woven fabr...
A company purchased a weaving machine for $190,000. The machine has a useful life of 8 years and a residual value of $10,000. It is estimated that the machine could produce 750,000 bolts of woven fabric over its useful life. In the first year, 105,000 bolts were produced. In the second year, production increased to 109,000 units. Using the units-of-production method, what is the amount of depreciation expense that should be recorded for the second year?
machine 1: cost 76,000 salvage value 6,000 useful life 10 years purchased 7/1/16 machine 2: cost...
machine 1:
cost 76,000
salvage value 6,000
useful life 10 years
purchased 7/1/16
machine 2:
cost 80,000
salvage value 10,000
useful life 8 years
purchased 1/1/13
machine 3:
cost 78,000
salvage value 6,000
useful life 6 years = 24,000 hours
purchased 1/1/18
Problem: In recent years, Hrubeck Company purchased three machines. Because of heavy turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods were selected. Information concerning...
A machine that cost $780,000 has an estimated residual value of $60,000 and an estimated useful...
A machine that cost $780,000 has an estimated residual value of $60,000 and an estimated useful life of six years. The company uses straight-line depreciation. Calculate its book value at the end of year 5. (Do not round intermediate calculations.) Value
Cost of machine $100,000 $ 5,000 Residual value Useful life 5 years Estimated units machine will...
Cost of machine $100,000 $ 5,000 Residual value Useful life 5 years Estimated units machine will 100,000 produce Actual production: Year 1 Year 2 70,000 20,500 Use MACRS table Depreciation Expense Method Year 1 Year 2 Straight line Units of production Declining balance MACRS (5-year class)
An asset has a cost of $60,000 with a residual value of $10,000. It has a life of 5 years and was p...
An asset has a cost of $60,000 with a residual value of $10,000. It has a life of 5 years and was purchased on January 1. Its fourth full year of depreciation expense under double-declining - balance will be: (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.) O A. $8,640 OB. $0. O C. $5,184 OD. $2,960. A company purchased a computer system on March 1. Its cost was $45,000, and it...
8. A company purchased a machine for $190.000. The machine has a useful life of 8...
8. A company purchased a machine for $190.000. The machine has a useful life of 8 produce 750,000 units over its useful life. Determine depreciation expense when output is 109,000 units A. $25,200. 8. $26,160 С. $ 26,660. D. $27,613. E. $53,160 years, a residual value of $10,000, and can deprecilation method in which a plant asset's depreciation depreciation rate to the asset's beginning-of-period book value is called A. Book value depreciation B. Declining-balance depreciation. C. Straight-ine depreciation. D. Units-of-production...
A company purchased a weaving machine for $190,000. The machine has a useful life of 8...
A company purchased a weaving machine for $190,000. The machine has a useful life of 8 years and a residual value of $10,000. It is estimated that the machine could produce 750,000 bolts of woven fabric over its useful life. In the first year, 105,000 bolts were produced. In the second year, production increased to 109,000 units. Using the units-of-production method, what is the amount of depreciation expense that should be recorded for the second year? Multiple Choice $25,200. $27,613....
On January 1, 2017, we purchased a truck for $60,000. The truck has a useful life...
On January 1, 2017, we purchased a truck for $60,000. The truck has a useful life of 5 years and a residual value of $5,000. The truck is depreciated using the straight-line method. What is the book value after the adjusting entry for 2018 (Year 2)? a) $38,000 b) $36,000 c)$33,000 d)$32,000 On January 1, 2017, we purchased a truck for $60,000. The truck has a useful life of 5 years and a residual value of $5,000. The truck is...
27. On January 1, a machine with a useful life of four years and a residual (salvage) value of $5,000 was purchased for $55,000. What is the depreciation expense for year 3 under straight-line depreciation? A) $10,000. B) $5,000. C) $55,000. D) $30,000.
machine 1:
cost 76,000
salvage value 6,000
useful life 10 years
purchased 7/1/16
machine 2:
cost 80,000
salvage value 10,000
useful life 8 years
purchased 1/1/13
machine 3:
cost 78,000
salvage value 6,000
useful life 6 years = 24,000 hours
purchased 1/1/18
Problem: In recent years, Hrubeck Company purchased three machines. Because of heavy turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods were selected. Information concerning...
A machine that cost $780,000 has an estimated residual value of $60,000 and an estimated useful life of six years. The company uses straight-line depreciation. Calculate its book value at the end of year 5. (Do not round intermediate calculations.) Value
Cost of machine $100,000 $ 5,000 Residual value Useful life 5 years Estimated units machine will 100,000 produce Actual production: Year 1 Year 2 70,000 20,500 Use MACRS table Depreciation Expense Method Year 1 Year 2 Straight line Units of production Declining balance MACRS (5-year class)
An asset has a cost of $60,000 with a residual value of $10,000. It has a life of 5 years and was purchased on January 1. Its fourth full year of depreciation expense under double-declining - balance will be: (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.) O A. $8,640 OB. $0. O C. $5,184 OD. $2,960. A company purchased a computer system on March 1. Its cost was $45,000, and it...
8. A company purchased a machine for $190.000. The machine has a useful life of 8 produce 750,000 units over its useful life. Determine depreciation expense when output is 109,000 units A. $25,200. 8. $26,160 С. $ 26,660. D. $27,613. E. $53,160 years, a residual value of $10,000, and can deprecilation method in which a plant asset's depreciation depreciation rate to the asset's beginning-of-period book value is called A. Book value depreciation B. Declining-balance depreciation. C. Straight-ine depreciation. D. Units-of-production...
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