Homework Answers
Book value after 5 yrs=20,000
Depreciation in 5th yr=24,000
Add Answer to:
5. (10 pts) Based on the units of production method, determine the depreciation allowance and book...
Question 301 pts When using the allowance method to estimate bad debt, what will an entry...
Question 301 pts When using the allowance method to estimate bad debt, what will an entry to write off an account receivable using the allowance method do? Group of answer choices increase net income decrease net income have no effect on net income increase liabilities Question 311 pts On January 1, our company purchased a truck for $80,000. The estimated useful life of the truck is 4 years. The residual value at the end of 4 years is estimated to...
Fill in the blanks Units of Production a) Prepare a depreciation schedule for the following scenario....
Fill
in the blanks
Units of Production a) Prepare a depreciation schedule for the following scenario. Inputs: Machine Cost Estimated Salvage Value Estimated Useful Life in Hours 50,000 10,000 20,000 Depreciation Annual Depreciation Accumulated Expense Rate Carrying Actual Usage Year Per Hour Depreciation Value # of Hours $10,000 $6,000 $14,000 $10,000 16,000 30,000 50,000 40,000 34,000 20,000 $2.00 5,000 $2.00 3,000 7,000 4,000 2,000 3 $2.00 $2.00 $2.00 b) Prepare a depreciation schedule for the following scenario. b) Prepare a...
use the following information to complete the depreciation schedule below using the units of production method...
use the following information to complete the depreciation
schedule below using the units of production method of
depreciation.
A machine was purchased on Jan. 1, 2017 for a cost of $60,000. It
has a salvage value of $4,000 and is expected to produce 130,000
units during its useful life.
Year 1 - a machine produced 12,000 units.
Year 2 - a machine produced 16,000 units.
Year 3 - a machine produced 11,000 units.
Round you depreciable rate to the nearest...
Abdulaziz Co. purchased a machine in 2013 for 50,000 that has a useful life of 5...
Abdulaziz Co. purchased a machine in 2013 for 50,000 that has a useful life of 5 years with a salvage value of 5,000. Calculate the depreciation expense, accumulated depreciation, book value throughout its useful life using: 1- Straight-line Method. 2- Units of Production Method if the machine produces 100,000 units. Here is a table of units produced each year: First Second Third Fourth Fifth 23,000 25,000 - 30,000 22,000 3- Double Declining Balance Method
8-35 Units-of-Production Depreciation Method The Rockland Transport Company has many trucks that have an estimated useful...
8-35 Units-of-Production Depreciation Method The Rockland Transport Company has many trucks that have an estimated useful life of 200,000 miles. The company computes depreciation on a mileage basis. Suppose Rockland purchases a new truck for $100,000 cash. Its expected residual value is $10,000. Its mileage during year 1 is 60,000 and during year 2 is 90,000. · What is the depreciation expense for each of the 2 years? Compute the gain or loss if Rockland sells the truck for $40,000...
Prepare the depreciation tables for A. Straight Line, B. Double Declining Balance, and C. Units of...
Prepare the depreciation tables for A. Straight Line, B. Double
Declining Balance, and C. Units of Activity.
Next Journalize the purchase of the truck, the first year's
depreciation expense, and the disposal of the
truck. (including explanations)
Here's the data:
Purchased on January 1, 2012 for $13,000. Has an
estimated residual value of $1,000.
Useful life of 5 years or 100,000 miles.
Sold on December 31st, 2013
100 Depr Scheds Barb's Florists Solution with JE thru Disposal and T accounts XX...
Q1- Abdulaziz Co. purchased a machine in 2013 for 50,000 that has a useful life of...
Q1- Abdulaziz Co. purchased a machine in 2013 for 50,000 that has a useful life of 5 years with a salvage value of 5,000. Calculate the depreciation expense, accumulated depreciation, book value throughout its useful life using: 1- Straight-line Method. 2- Units of Production Method if the machine produces 100,000 units. Here is a table of units produced each year: First Second Third Fourth Fifth 23,000 25,000 - 30,000 22,000 3- Double Declining Balance Method (2 Marks).
Problem #3 (a) Using straight-line depreciation, what is the book value after 5 years for an...
Problem #3 (a) Using straight-line depreciation, what is the book value after 5 years for an asset costing $100,000 that has a salvage value of 20,000 after 10 years? What is the depreciation charge in the 9th year? (b) Using decline-balance depreciation with d=15%, what is the book value after 4 years for an asset costing $250,000? What is the depreciation charge in the 5th year? (c) What is the depreciation rate using declining-balance for an asset costing $250,000 and...
The company founder hires us as consultants and asks that we oversee the accounting for new...
The company founder hires us as consultants and asks that we
oversee the accounting for new equipment purchased on January 1.
The founder wants to know the implications of different
depreciation methods and estimates for the company’s financial
statements. Those statements will be used to attract financing from
new investors and creditors. At the end of the equipment’s first
year in operation, we are given the following Tableau
Dashboard.
Estimated Useful Life of Assets Purchase Price & Estimated
Salvage Value...
-10 8-3 depreciation method in conformity Computing Depreciation under Alternative Methods Strong Metals Inc, purchased a...
-10 8-3 depreciation method in conformity Computing Depreciation under Alternative Methods Strong Metals Inc, purchased a new stamping machine at the beginning of the year at a cost of Sos The estimated residual value was $50,000. Assume that the estimated useful life was five years estimated productive life of the machine was 300,000 units. Actual annual production was as follow Year Units 70,000 67,000 50,000 73,000 40,000 Required: 1. Complete a separate depreciation schedule for each of the alternative methods....
Fill
in the blanks
Units of Production a) Prepare a depreciation schedule for the following scenario. Inputs: Machine Cost Estimated Salvage Value Estimated Useful Life in Hours 50,000 10,000 20,000 Depreciation Annual Depreciation Accumulated Expense Rate Carrying Actual Usage Year Per Hour Depreciation Value # of Hours $10,000 $6,000 $14,000 $10,000 16,000 30,000 50,000 40,000 34,000 20,000 $2.00 5,000 $2.00 3,000 7,000 4,000 2,000 3 $2.00 $2.00 $2.00 b) Prepare a depreciation schedule for the following scenario. b) Prepare a...
use the following information to complete the depreciation
schedule below using the units of production method of
depreciation.
A machine was purchased on Jan. 1, 2017 for a cost of $60,000. It
has a salvage value of $4,000 and is expected to produce 130,000
units during its useful life.
Year 1 - a machine produced 12,000 units.
Year 2 - a machine produced 16,000 units.
Year 3 - a machine produced 11,000 units.
Round you depreciable rate to the nearest...
8-35 Units-of-Production Depreciation Method The Rockland Transport Company has many trucks that have an estimated useful life of 200,000 miles. The company computes depreciation on a mileage basis. Suppose Rockland purchases a new truck for $100,000 cash. Its expected residual value is $10,000. Its mileage during year 1 is 60,000 and during year 2 is 90,000. · What is the depreciation expense for each of the 2 years? Compute the gain or loss if Rockland sells the truck for $40,000...
Prepare the depreciation tables for A. Straight Line, B. Double
Declining Balance, and C. Units of Activity.
Next Journalize the purchase of the truck, the first year's
depreciation expense, and the disposal of the
truck. (including explanations)
Here's the data:
Purchased on January 1, 2012 for $13,000. Has an
estimated residual value of $1,000.
Useful life of 5 years or 100,000 miles.
Sold on December 31st, 2013
100 Depr Scheds Barb's Florists Solution with JE thru Disposal and T accounts XX...
Problem #3 (a) Using straight-line depreciation, what is the book value after 5 years for an asset costing $100,000 that has a salvage value of 20,000 after 10 years? What is the depreciation charge in the 9th year? (b) Using decline-balance depreciation with d=15%, what is the book value after 4 years for an asset costing $250,000? What is the depreciation charge in the 5th year? (c) What is the depreciation rate using declining-balance for an asset costing $250,000 and...
The company founder hires us as consultants and asks that we
oversee the accounting for new equipment purchased on January 1.
The founder wants to know the implications of different
depreciation methods and estimates for the company’s financial
statements. Those statements will be used to attract financing from
new investors and creditors. At the end of the equipment’s first
year in operation, we are given the following Tableau
Dashboard.
Estimated Useful Life of Assets Purchase Price & Estimated
Salvage Value...
-10 8-3 depreciation method in conformity Computing Depreciation under Alternative Methods Strong Metals Inc, purchased a new stamping machine at the beginning of the year at a cost of Sos The estimated residual value was $50,000. Assume that the estimated useful life was five years estimated productive life of the machine was 300,000 units. Actual annual production was as follow Year Units 70,000 67,000 50,000 73,000 40,000 Required: 1. Complete a separate depreciation schedule for each of the alternative methods....
Most questions answered within 3 hours.
-
The definition of a partition
function involved a sum over all states, and knowledge of the...
asked 54 minutes ago -
Which of the following events would be considered Systematic?
(Choose all that apply.)
A. The Federal...
asked 1 hour ago -
Questions of this part analyze the students’ understanding in
analyzing the given scenario and practical skills...
asked 1 hour ago -
#C++
Write a function, named sortByCourseNumber, that takes a
reference to a vector of string (like...
asked 1 hour ago -
A
cylunder of titanium (length = 5.00cm, diameter = 1.20 cm) has a
mass of 25.5...
asked 2 hours ago -
1) Answer Each question with 1-2 Sentences:
a) How can we use the continuity and change...
asked 3 hours ago -
5. What is the decimal equivalent of the largest binary
integer that can be obtained with...
asked 2 hours ago -
Why is the magnitude of the Type Ia supernova always the same
(-19.6)?
asked 2 hours ago -
5. You are a quality control engineer and you are
asked to analyze the lifetime (in hours)...
asked 3 hours ago -
How many ways can 2 people be chosen and arranged in a straight
line if there...
asked 4 hours ago -
(Problem 1d). Leandro has 16 hours per day that he can allocate
to work or leisure....
asked 5 hours ago -
Morganton Company
makes one product and it provided the following information to help
prepare the master...
asked 5 hours ago