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e 135-5) An asset's useful life is based on the: A) asset's depreciable cost B) useful...
Accounting Fall 2019 Group Exercise 5 Changing an asset's useful life and residual value Senodal Industries...
Accounting Fall 2019 Group Exercise 5 Changing an asset's useful life and residual value Senodal Industries uses straight-line depreciation on all of its depreciable assets. The company records annual depreciation expense at the end of each calendar year. On January 11, 2014, the company purchased a machine costing $90,000. The machine's useful life was estimated to be 12 years with an estimated residual value of $18,000. Depreciation for partial years is recorded to the nearest full month. In 2018, after...
When a company disposes of a depreciable asset, depreciation is calculated based on the last year...
When a company disposes of a depreciable asset, depreciation is calculated based on the last year date of disposal. Question options: a) True b) False Question 2 If a company truck that cost $12,000, with a book value of $10,000 is sold for $4,000, the sale would result in a: Question options: a) Loss of $2,000. b) Gain of $4,000. c) Gain of $2,000. d) No loss or gain. Question 3 Accounting gains and losses on the disposal of depreciable...
An asset was purchased for $30,000 on January 1, 2019. The asset's estimated useful life was...
An asset was purchased for $30,000 on January 1, 2019. The asset's estimated useful life was five years, and its residual value was $4,000. The straight – line method of depreciation was used. Calculate the gain or loss if the asset is sold for $21,000 on December 31, 2019, the last day of the accounting period. A. $3,800 loss B. $1,900 gain C. $3,800 gain D. no gain or no loss Gulfcoast Company purchased a van on January 1, 2019,...
At the end of an asset's useful life, the balance in Accumulated Depreciation will: A. be...
At the end of an asset's useful life, the balance in Accumulated Depreciation will: A. be a greater amount under straight - line depreciation than under double declining -balance depreciation B. be greater under units - of - production depreciation than under straight - line depreciation C. be the same amount under all the depreciation methods D. be a lesser amount under double -declining -balance depreciation than under units of - production depreciation Depreciation computed under double - declining balance...
28) When originally purchased, a vehicle costing $26.460 had an estimated useful life of 8 years...
28) When originally purchased, a vehicle costing $26.460 had an estimated useful life of 8 years and an estimated salvage value of $3500. After 4 years of straight-line depreciation, the asset's total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value. The depreciation expense in year 5 equals: A) S3038.00. B) $11,480.00. C) $5908.00. D) $5740.00 E) $2870.00. 29) Lima Enterprises purchased a depreciable asset for $29.000 on...
Factors considered in determining an intangible asset's useful life include all of the following except A....
Factors considered in determining an intangible asset's useful life include all of the following except A. the amortization method used. B. any provisions for renewal or extension of the asset's legal life. C. the expected use of the asset. D. any legal or contractual provisions that may limit the useful life.
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...
Calcultator Units-of-activity Depreciation A truck acquired at a cost of $375,000 has an estimated residual value of $21,600, has an estimated useful life of 38,000 miles, and was driven 2,700...
Calcultator Units-of-activity Depreciation A truck acquired at a cost of $375,000 has an estimated residual value of $21,600, has an estimated useful life of 38,000 miles, and was driven 2,700 miles during the year. Determine the following. If required, round your answer for the depreclation rate to two decimal places (a) The depreciable cost (b) The depreciation rate per mile degpreciation for the year (c) The units-of-activity depreciation for the year invoker- Show Me HowCalculator Stralight-Line Depreciation A building acquired...
How do I use the double-declining-balance method, a time-based method, to calculate the depreciation expense for...
How do I use the double-declining-balance method, a time-based
method, to calculate the depreciation expense for Asset A in year
2017?
Depreciation Methods Vorst Corporation's schedule of depreciable assets at December 31, 2016, was as follows: Asset Cost Accumulated Acquisition Residual Depreciation Date Value $ 64,000 2015 $20,000 36,000 2014 10,000 A $100,000 B 55,000 с 70,000 33,600 2014 14,000 $225,000 $133,600 $44,000 Vorst takes a full year's depreciation expense in the year of an asset's acquisition and no depreciation...
When originally purchased, a vehicle had an estimated useful life of 8 years. The vehicle cost $43,000 and its e...
When originally purchased, a vehicle had an estimated useful life of 8 years. The vehicle cost $43,000 and its estimated residual value is $3,000. After 3 years of straight-line depreciation, the asset's total estimated useful life was revised from 8 years to 4 years and there was no change in the estimated residual value. The Depreciation Expense in year 4 is Multiple Choice 3) $10,000 $25.000 5972 Multiple Choice o $10,000 o $25,000 o $9725 o $6.525
Accounting Fall 2019 Group Exercise 5 Changing an asset's useful life and residual value Senodal Industries uses straight-line depreciation on all of its depreciable assets. The company records annual depreciation expense at the end of each calendar year. On January 11, 2014, the company purchased a machine costing $90,000. The machine's useful life was estimated to be 12 years with an estimated residual value of $18,000. Depreciation for partial years is recorded to the nearest full month. In 2018, after...
An asset was purchased for $30,000 on January 1, 2019. The asset's estimated useful life was five years, and its residual value was $4,000. The straight – line method of depreciation was used. Calculate the gain or loss if the asset is sold for $21,000 on December 31, 2019, the last day of the accounting period. A. $3,800 loss B. $1,900 gain C. $3,800 gain D. no gain or no loss Gulfcoast Company purchased a van on January 1, 2019,...
At the end of an asset's useful life, the balance in Accumulated Depreciation will: A. be a greater amount under straight - line depreciation than under double declining -balance depreciation B. be greater under units - of - production depreciation than under straight - line depreciation C. be the same amount under all the depreciation methods D. be a lesser amount under double -declining -balance depreciation than under units of - production depreciation Depreciation computed under double - declining balance...
28) When originally purchased, a vehicle costing $26.460 had an estimated useful life of 8 years and an estimated salvage value of $3500. After 4 years of straight-line depreciation, the asset's total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value. The depreciation expense in year 5 equals: A) S3038.00. B) $11,480.00. C) $5908.00. D) $5740.00 E) $2870.00. 29) Lima Enterprises purchased a depreciable asset for $29.000 on...
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...
Calcultator Units-of-activity Depreciation A truck acquired at a cost of $375,000 has an estimated residual value of $21,600, has an estimated useful life of 38,000 miles, and was driven 2,700 miles during the year. Determine the following. If required, round your answer for the depreclation rate to two decimal places (a) The depreciable cost (b) The depreciation rate per mile degpreciation for the year (c) The units-of-activity depreciation for the year invoker- Show Me HowCalculator Stralight-Line Depreciation A building acquired...
How do I use the double-declining-balance method, a time-based
method, to calculate the depreciation expense for Asset A in year
2017?
Depreciation Methods Vorst Corporation's schedule of depreciable assets at December 31, 2016, was as follows: Asset Cost Accumulated Acquisition Residual Depreciation Date Value $ 64,000 2015 $20,000 36,000 2014 10,000 A $100,000 B 55,000 с 70,000 33,600 2014 14,000 $225,000 $133,600 $44,000 Vorst takes a full year's depreciation expense in the year of an asset's acquisition and no depreciation...
When originally purchased, a vehicle had an estimated useful life of 8 years. The vehicle cost $43,000 and its estimated residual value is $3,000. After 3 years of straight-line depreciation, the asset's total estimated useful life was revised from 8 years to 4 years and there was no change in the estimated residual value. The Depreciation Expense in year 4 is Multiple Choice 3) $10,000 $25.000 5972 Multiple Choice o $10,000 o $25,000 o $9725 o $6.525
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