Show Adjusting Entries for: Equipment includes two assets. a. Asset #1 was purchased on March 1,...
Show Adjusting Entries for:
Equipment includes two assets.
a. Asset #1 was purchased on March 1, 2017 for a cost of $40,000. This asset has a salvage value of $5,020 and an expected useful life of 5 years. The asset is depreciated using the straight-line method.
b. Asset #2 was purchased on December 1, 2017 for a cost of $65,000. This asset has a salvage value of $2,000 and an expected useful life of 3 years. The asset is depreciated using the straight-line method.
Homework Answers
| Debit | Credit | |
| Depreciation Expense (40000-5020)/5*10/12 | $ 5,830.00 | |
| Accumulated depreciation-Asset 1 | $ 5,830.00 | |
| Debit | Credit | |
| Depreciation Expense (65000-2000)/3*1/12 | $ 1,750.00 | |
| Accumulated depreciation-Asset 2 | $ 1,750.00 |
Add Answer to:
Show Adjusting Entries for:
Equipment includes two assets.
a. Asset #1 was purchased on March 1,...
Adjusting Entries Adjustment data: ? North Co. estimates that uncollectible accounts receivable at year-end is $3,500....
Adjusting Entries Adjustment data: ? North Co. estimates that uncollectible accounts receivable at year-end is $3,500. ? The cost of the building $150,000 is being depreciated using the straight-line method over 30 years. The salvage value is $30,000. ? The car owned this year is being depreciated using double –declining-balance method over ? 5 years by using 20% rate for depreciate the car. The car cost $50,000. ? The equipment purchased on May 1, 2017, is being depreciated using the...
Thomas Enterprises purchased a depreciable asset on October 1. Year 1 at a cost of $100,000....
Thomas Enterprises purchased a depreciable asset on October 1. Year 1 at a cost of $100,000. The asset is expected to have a salvage value of $15,000 at the end of its five-year useful life. If the asset is depreciated on the double-declining balance method, the asset's book value on December 31, Year 3 will be: $18.360 O $21,600 $32,400 $90,000 $27.540 Lomax Enterprises purchased a depreciable asset for $22.500 on March 1, Year 1 The asset will be depreciated...
10. ABC purchased a depreciable asset for $22,000 on March 1, Year 1. The asset will be depreciated using the straight-l...
10. ABC purchased a depreciable asset for $22,000 on March 1, Year 1. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the assets's residual value is $2,000, ABC should recognize depreciation expense in Year 2 in the amount of: A. $19,166.67 B. $5,000.00 C. $5,500.00 D. $20,000.00 E. $4,166.67 (explain your answer please)
Problem # 4 On June 1, 2017, Nyland Company purchased for $2,000,000 snow-making equipment having an...
Problem # 4 On June 1, 2017, Nyland Company purchased for $2,000,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $800,000. Depreciation is taken for the portion of the year (the number of months) the asset is used during that year. Nyland’s fiscal year ends on December 31. Instructions (a) Record the adjusting entries for depreciation for 2017 and 2018 using the straight-line method. (b) Record the adjusting entries for depreciation for...
On January 1, 2013, Powell Company purchased a building and equipment that have the following useful...
On January 1, 2013, Powell Company purchased a building and equipment that have the following useful lives, salvage value, and costs. Building, 25-year estimated useful life, $4,000,000 cost, $400,000 salvage value Equipment, 15-year estimated useful life, $600,000 cost, no salvage value The building has been depreciated under the straight-line method through 2017. In 2018, Powell decided to change the total useful life of the building to 30 years. The equipment is depreciated using the straight-line method, but in 2018, the...
Peavey Enterprises purchased a depreciable asset for $22,000 on April 1, Year 1. The asset will be depreciated using the...
Peavey Enterprises purchased a depreciable asset for $22,000 on April 1, Year 1. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the asset's salvage value is $2,000, Peavey Enterprises should recognize depreciation expense in Year 2 in the amount of:A) $10,000B) $5,000C) $5,500D) $20,000E) $9,250
(5 points) Peavey Enterprises purchased a depreciable asset for $22,000 on April 1. Year 1. The...
(5 points) Peavey Enterprises purchased a depreciable asset for $22,000 on April 1. Year 1. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the assets salvage value is $2,000, Peavey Enterprises should recognize depreciation expense in Year 2 in the amount of: A) $10,000 B) $5,000 C) $5,500 D) $20,000 E) $9,250
1. Equipment was purchased at the beginning of Year 1 for $680,000. At the time of...
1. Equipment was purchased at the beginning of Year 1 for $680,000. At the time of its purchase, the equipment was estimated to have a useful life of 6 years and a salvage value of $80,000. The equipment was depreciated using the straight-line method through Year 3. At the beginning of year 4, the estimated life was revised to a total life of 8 years and the expected salvage value was changed to $50,000. Prepare the journal entry to record...
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...
Peavey Enterprises purchased a depreciable asset for $32,000 on April 1, Year 1. The asset will...
Peavey Enterprises purchased a depreciable asset for $32,000 on April 1, Year 1. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the asset's salvage value is $4,000, what will be the amount of accumulated depreciation on this asset on December 31, Year 3? Multiple Choice $19,250 $5,833 $5,833 $7,000 $23,333
Thomas Enterprises purchased a depreciable asset on October 1. Year 1 at a cost of $100,000. The asset is expected to have a salvage value of $15,000 at the end of its five-year useful life. If the asset is depreciated on the double-declining balance method, the asset's book value on December 31, Year 3 will be: $18.360 O $21,600 $32,400 $90,000 $27.540 Lomax Enterprises purchased a depreciable asset for $22.500 on March 1, Year 1 The asset will be depreciated...
(5 points) Peavey Enterprises purchased a depreciable asset for $22,000 on April 1. Year 1. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the assets salvage value is $2,000, Peavey Enterprises should recognize depreciation expense in Year 2 in the amount of: A) $10,000 B) $5,000 C) $5,500 D) $20,000 E) $9,250
1. Equipment was purchased at the beginning of Year 1 for $680,000. At the time of its purchase, the equipment was estimated to have a useful life of 6 years and a salvage value of $80,000. The equipment was depreciated using the straight-line method through Year 3. At the beginning of year 4, the estimated life was revised to a total life of 8 years and the expected salvage value was changed to $50,000. Prepare the journal entry to record...
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...
Most questions answered within 3 hours.
-
You plan to save $5,700 per year for the next 10 years. After
the last deposit,...
asked 22 minutes ago -
On January 1, 2019, ABC Corp. borrowed $81,000 by signing an
installment loan. The loan will be...
asked 26 minutes ago -
Enzyme X exhibits maximum activity at pH = 5.25. X shows a sharp
decrease in its...
asked 41 minutes ago -
Postulate a reason for why so many aliphatic amino acids are
essential.
asked 40 minutes ago -
Three samples were taken of 4 different dog food bags and their
weights were recorded:
Sample/Observation...
asked 43 minutes ago -
The Beatles had 27 number one hits; a radio station asks
listeners to send in a...
asked 41 minutes ago -
Help with Java Program Please
Create a simple graph class. The graph class should have the...
asked 42 minutes ago -
Which of the following statements is true regarding the nature
of culture?
A.We are born with...
asked 1 hour ago -
(a) 2
NO2(g) à 2
NO(g) +
O2(g)
The rate law for this reaction
is 2nd...
asked 1 hour ago -
Write the overall reaction for the RedOx
reaction (below) when it occurs in an acidic environment....
asked 1 hour ago -
Two forces are acting on an object. Force 1 on the object is 6.0
N and...
asked 1 hour ago -
You are planning for retirement. You plan to work for 20 years.
Starting a year from...
asked 1 hour ago