Homework Answers
Answer
- Working
|
A |
Cost |
$ 85,000.00 |
|
B |
Residual Value |
$ 22,000.00 |
|
C=A - B |
Depreciable base |
$ 63,000.00 |
|
D |
Life [in years] |
5 |
|
E=C/D |
Annual SLM depreciation |
$ 12,600.00 |
- No. of months = 1 Oct 2022 to 31 Dec 2022 = 3 months
- 3 month depreciation expense = $ 12600 x 3/12
= $ 3,150 - Correct Answer = Option #1: $ 3,150
Add Answer to:
0/1 Question 8 View Policies Show Attempt History Current Attempt in Progress X Your answer is...
Send to Gradetak Question 3 View Policies Show Attempt History Current Attempt in Progress x Your answer is incorre...
Send to Gradetak Question 3 View Policies Show Attempt History Current Attempt in Progress x Your answer is incorrect Sand Chemicals Company acquires a delivery truck at a cost of $35.400 on January 1, 2022. The truck is expected to have a salvage value of $3.900 at the end of its 4-year useful Compute annual depreciation for the first and second years using the straight-line method. First Year Second Year Annual depreciation under straight-line method $ 21240 5 10620 eTextbook...
Question 5 1.6/2. View Policies Show Attempt History Current Attempt in Progress On July 1, 2019,...
Question 5 1.6/2. View Policies Show Attempt History Current Attempt in Progress On July 1, 2019, Sheridan Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Compute the balance in Accumulated Depreciation- Equipment for this equipment after depreciation expense has been recorded on December 31, 2022. ulated Depreciation-Equipment...
Question 7 View Policies Show Attempt History Current Attempt in Progress – Your answer is partially...
Question 7 View Policies Show Attempt History Current Attempt in Progress – Your answer is partially correct. The following information is available for Carla Vista Co. Accounts receivable $2,300 Cash Accounts payable 4.400 Supplies Interest payable 520 Unearned service revenue Salaries and wages expense 5.100 Service revenue Notes payable 32.500 Salaries and wages payable Common stock 55,700 Depreciation expense Inventory 2.880 Equipment (net) $6,230 3,770 900 42,700 890 780 108,500 Using the information above, prepare a balance sheet as of...
0/1 Question 5 View Policies Show Attempt History Current Attempt in Progress * Your answer is...
0/1 Question 5 View Policies Show Attempt History Current Attempt in Progress * Your answer is incorrect. most Deere and Bros. is a broker that brings new issues of small firms to the public market. Its Vista, Inc., had the following characteristics: Number of shares: 1,400,000 Proceeds to Carla Vista: $13,900,000 Price to public: $19 per share The legal fees were $ 155,000, printing costs were $57,500, and all the other expenses were $71,000. What is the profit or loss...
Question 8 0.67/1 View Policies Show Attempt History Current Attempt in Progress Machinery purchased for $72,600...
Question 8 0.67/1 View Policies Show Attempt History Current Attempt in Progress Machinery purchased for $72,600 by Kingbird Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,840 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,445 at the end of that time. Assume...
0.25/1 Question 1 View Policies Show Attempt History Current Attempt in Progress Victor Minell, the new...
0.25/1 Question 1 View Policies Show Attempt History Current Attempt in Progress Victor Minell, the new controller of Pharoah Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Useful Life (in years) Salvage Value Old Proposed Old Type of Date Asset Acquired Cost Building Jan 1, 2014 $800,500 Warehouse Jan 1, 2017 117,000 Accumulated Depreciation, Jan. 1,2022 $147,300 22,440 Proposed $35,800 $64,000 40 25 4,800 4,560...
0.5/ Question 2 View Policies Show Attempt History Current Attempt in Progress Kingbird Company purchased a...
0.5/ Question 2 View Policies Show Attempt History Current Attempt in Progress Kingbird Company purchased a new plant asset on April 1, 2020, at a cost of $774,000. It was estimated to have a service life of 20 years and a salvage value of $68,400. Kingbird' accounting period is the calendar year Compute the depreciation for this asset for 2020 and 2021 using the double-declining balance method. (Round answers to O decimal places, e.g. 45,892) Depreciation for 2020 $ Depreciation...
Question 3 View Policies Show Attempt History Current Attempt in Progress Carla Vista Lakes Park is...
Question 3 View Policies Show Attempt History Current Attempt in Progress Carla Vista Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2022. Service revenue (from camping fees) $170,000 Dividends Sales revenue (from general store) Accounts payable $12,600 70,000 156,600 7,700 56,000 7,000 30,000 Notes payable 15,400 Expenses during 2022 11,900 Supplies 159,600 Common stock Retained earnings (1/1/2022) Cash Equipment Your answer is incorrect. Determine...
0/1 Jeek- Question 6 View Policies Show Attempt History Current Attempt In Progress X Your answer...
0/1 Jeek- Question 6 View Policies Show Attempt History Current Attempt In Progress X Your answer is incorrect. ort Carla Vista, Inc., is considering investing in a new production line for eye drops. Other than investing in the equipment, the company needs to increase its cash and cash equivalents by $10,000, increase the level of inventory by $41,000, increase accounts receivable by $25,000, and increase accounts payable by $5,000 at the beginning of the project. Carla Vista will recover these...
View Policies Show Attempt History Current Attempt in Progress * Your answer is incorrect. Using these...
View Policies Show Attempt History Current Attempt in Progress * Your answer is incorrect. Using these data from the comparative balance sheet of Carla Vista Co., perform horizontal analysis. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to O decimal places, e.g. 12%.) Increase or (Decrease) Amount Percentage Dec. 31, 2022 Dec. 31, 2021 Accounts receivable $ 417,600 $360,000 $ 12.95 % Inventory $732,000 $ 610,000 $ 21.94...
Send to Gradetak Question 3 View Policies Show Attempt History Current Attempt in Progress x Your answer is incorrect Sand Chemicals Company acquires a delivery truck at a cost of $35.400 on January 1, 2022. The truck is expected to have a salvage value of $3.900 at the end of its 4-year useful Compute annual depreciation for the first and second years using the straight-line method. First Year Second Year Annual depreciation under straight-line method $ 21240 5 10620 eTextbook...
Question 5 1.6/2. View Policies Show Attempt History Current Attempt in Progress On July 1, 2019, Sheridan Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Compute the balance in Accumulated Depreciation- Equipment for this equipment after depreciation expense has been recorded on December 31, 2022. ulated Depreciation-Equipment...
Question 7 View Policies Show Attempt History Current Attempt in Progress – Your answer is partially correct. The following information is available for Carla Vista Co. Accounts receivable $2,300 Cash Accounts payable 4.400 Supplies Interest payable 520 Unearned service revenue Salaries and wages expense 5.100 Service revenue Notes payable 32.500 Salaries and wages payable Common stock 55,700 Depreciation expense Inventory 2.880 Equipment (net) $6,230 3,770 900 42,700 890 780 108,500 Using the information above, prepare a balance sheet as of...
0/1 Question 5 View Policies Show Attempt History Current Attempt in Progress * Your answer is incorrect. most Deere and Bros. is a broker that brings new issues of small firms to the public market. Its Vista, Inc., had the following characteristics: Number of shares: 1,400,000 Proceeds to Carla Vista: $13,900,000 Price to public: $19 per share The legal fees were $ 155,000, printing costs were $57,500, and all the other expenses were $71,000. What is the profit or loss...
Question 8 0.67/1 View Policies Show Attempt History Current Attempt in Progress Machinery purchased for $72,600 by Kingbird Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,840 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,445 at the end of that time. Assume...
0.25/1 Question 1 View Policies Show Attempt History Current Attempt in Progress Victor Minell, the new controller of Pharoah Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Useful Life (in years) Salvage Value Old Proposed Old Type of Date Asset Acquired Cost Building Jan 1, 2014 $800,500 Warehouse Jan 1, 2017 117,000 Accumulated Depreciation, Jan. 1,2022 $147,300 22,440 Proposed $35,800 $64,000 40 25 4,800 4,560...
0.5/ Question 2 View Policies Show Attempt History Current Attempt in Progress Kingbird Company purchased a new plant asset on April 1, 2020, at a cost of $774,000. It was estimated to have a service life of 20 years and a salvage value of $68,400. Kingbird' accounting period is the calendar year Compute the depreciation for this asset for 2020 and 2021 using the double-declining balance method. (Round answers to O decimal places, e.g. 45,892) Depreciation for 2020 $ Depreciation...
Question 3 View Policies Show Attempt History Current Attempt in Progress Carla Vista Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2022. Service revenue (from camping fees) $170,000 Dividends Sales revenue (from general store) Accounts payable $12,600 70,000 156,600 7,700 56,000 7,000 30,000 Notes payable 15,400 Expenses during 2022 11,900 Supplies 159,600 Common stock Retained earnings (1/1/2022) Cash Equipment Your answer is incorrect. Determine...
0/1 Jeek- Question 6 View Policies Show Attempt History Current Attempt In Progress X Your answer is incorrect. ort Carla Vista, Inc., is considering investing in a new production line for eye drops. Other than investing in the equipment, the company needs to increase its cash and cash equivalents by $10,000, increase the level of inventory by $41,000, increase accounts receivable by $25,000, and increase accounts payable by $5,000 at the beginning of the project. Carla Vista will recover these...
View Policies Show Attempt History Current Attempt in Progress * Your answer is incorrect. Using these data from the comparative balance sheet of Carla Vista Co., perform horizontal analysis. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to O decimal places, e.g. 12%.) Increase or (Decrease) Amount Percentage Dec. 31, 2022 Dec. 31, 2021 Accounts receivable $ 417,600 $360,000 $ 12.95 % Inventory $732,000 $ 610,000 $ 21.94...
Most questions answered within 3 hours.
-
Cranium, Inc., purchases term papers from an overseas supplier
under a continuous review system. The average...
asked 46 minutes ago -
1- What is the freezing point of pure water (in degrees
Celsius)?
2-
he molar mass...
asked 1 hour ago -
Determine the direction of the force that will act on the charge
in each of the...
asked 1 hour ago -
You purchase your daily coffee at the Chemist’s Coffeehouse and
have a choice of two cups:...
asked 4 hours ago -
Which of the following pairs of chemicals could be used to make
a buffer solution?
A.)...
asked 4 hours ago -
Problem 16-51 Sales
Activity Variance (LO 16-3)Odessa, Inc., reports the following
information concerning operations for the...
asked 4 hours ago -
Pictured on the right are thee point charges Q1 = 18.4 μC, Q2 =
-30.6 μC,...
asked 4 hours ago -
A graduate student is conducting research in psychology and
needs to obtain the IQ scores of...
asked 5 hours ago -
R2.84: There are 2 defective products in a production lot of 10.
An inspector randomly selected...
asked 6 hours ago -
Consider the following equilibrium system: COCl2(g) CO(g) +
Cl2(g) A 10.00 L evacuated flask is filled...
asked 7 hours ago -
1) What are the two distinct steps that one needs to perform
when developing a data...
asked 7 hours ago -
2) Write a C++ program that uses a class called “Degree” to
obtain the trigonometric
values...
asked 8 hours ago