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Question 2 Joel Florists acquired a truck on January 1, 2005. The company paid $11,000 for the tr...
Chapter 08 - Reporting and Interpreting Property, Plant, and Equipment; Intangible, and Natural Resources HANDOUT 8-1...
Chapter 08 - Reporting and Interpreting Property, Plant, and Equipment; Intangible, and Natural Resources HANDOUT 8-1 DEPRECIATION METHODS AND GAINYOR LOSS) ON SALE Joel Harvey Florists ordered a truck at an invoice price of $11,000 On the date of delivery, January 2, Year 1, the company paid $1,000 on the truck, with the balance on credit at 10 percent interest due in six months. On January 3, Year 1, the company paid $500 for freight on the truck. On January...
Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $19,000 for the truck. The...
Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $19,000 for the truck. The truck is expected to have a $3,000 residual value and a 4-year life. Cambridge has a December 31 fiscal year end. Using the straight-line method, how much is the 2019 depreciation expense? (Enter only whole dollar values.)
Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $24,000 for the truck. The...
Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $24,000 for the truck. The truck is expected to have a $4,000 residual value and a 7-year life. Cambridge has a December 31 fiscal year end. Using the straight-line method, how much is the 2019 depreciation expense?
Question 2 Grouper Company purchased a delivery truck for R$34,700 on January 1, 2017. The truck...
Question 2
Grouper Company purchased a delivery truck for R$34,700 on
January 1, 2017. The truck has an expected residual value of
R$5,300, and is expected to be driven 100,600 miles over its
estimated useful life of 9 years. Actual miles driven were 15,000
in 2017 and 12,200 in 2018.
Calculate depreciable cost per unit. (Round answers
to 2 decimal places, e.g. 0.50.)
Depreciable cost per unit
R$
per mile
Compute depreciation expense for 2017 and 2018 using the
straight-line...
Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $23,000 for the truck. The...
Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $23,000 for the truck. The truck is expected to have a $3,500 residual value and a 5-year life. Cambridge has a December 31 fiscal year end. Using the double-declining balance method, how much is the 2019 depreciation expense? (Enter only whole dollar values.) Hint: what is the year 2 depreciation amount?
Dailey purchased a truck on January 1, 2015 for $9,000. The company expects the truck to...
Dailey purchased a truck on January 1, 2015 for $9,000. The company expects the truck to have a useful life of four years with an estimated residual value of $600. Dailey expects to drive the truck 31,000 miles during 2015, 22,000 miles during 2016, 14,000 miles in 2017, and 3,000 miles in 2018, for total expected miles of 70,000. Complete the following using the double-declining-balance method of depreciation. (Complete all answer boxes. Enter a "0" if there are any zero...
Handout 8: Accounting for Plant assets Exercise 1: On March 1, 2008, Penner Company acquired real...
Handout 8: Accounting for Plant assets Exercise 1: On March 1, 2008, Penner Company acquired real estate on which it planned to construct a small office building. The company paid $80,000 in cash. An old warehouse on the property was razed at a cost of $8,600; the salvaged materials were sold for $1,700. Additional expenditures before construction began included $1,100 attorney's fee for work concerning the land purchase, $5,000 real estate broker's fee, $7,800 architect's fee. Land price 8,600 Instruction:...
Coyote Manufacturing bought a delivery truck for $50,000 on July 1, 2017. The registration fee for...
Coyote Manufacturing bought a delivery truck for $50,000 on July 1, 2017. The registration fee for the truck was $4,000. Coyote also spent $2,000 to paint its logo on the truck. Coyote estimated that the useful life would be four years or 200,000 miles and the residual value at the end of the useful life be $3,000. The mileage to be added to this truck during its useful life are 2017 2018 2019 2020 2021 30,000 ...
Bridgeport Company purchased a delivery truck for $27,000 on January 1, 2020. The truck has an...
Bridgeport Company purchased a delivery truck for $27,000 on
January 1, 2020. The truck has an expected salvage value of $1,500,
and is expected to be driven 102,000 miles over its estimated
useful life of 10 years. Actual miles driven were 12,800 in 2020
and 14,300 in 2021.
Compute depreciation expense for 2020 and 2021 using (1) the
straight-line method, (2) the units-of-activity method, and (3) the
double-declining-balance method. (Round depreciation
cost per unit to 2 decimal places, e.g. 0.50...
Brief Exercise 7-32 (Algorithmic) Depreciation Methods On January 1, 2019, Loeffler Company acquired a machine at...
Brief Exercise 7-32 (Algorithmic) Depreciation Methods On January 1, 2019, Loeffler Company acquired a machine at a cost of $151,000. Loeffler estimates that it will use the machine for 4 years or 12,000 machine hours. It estimates that after 4 years the machine can be sold for $7,000. Loeffler uses the machine for 2,500 and 3,000 machine hours in 2019 and 2020, respectively Required: Compute depreciation expense for 2019 and 2020 using the: 1. Straight-line method of depreciation. Depreciation Expense...
Chapter 08 - Reporting and Interpreting Property, Plant, and Equipment; Intangible, and Natural Resources HANDOUT 8-1 DEPRECIATION METHODS AND GAINYOR LOSS) ON SALE Joel Harvey Florists ordered a truck at an invoice price of $11,000 On the date of delivery, January 2, Year 1, the company paid $1,000 on the truck, with the balance on credit at 10 percent interest due in six months. On January 3, Year 1, the company paid $500 for freight on the truck. On January...
Question 2
Grouper Company purchased a delivery truck for R$34,700 on
January 1, 2017. The truck has an expected residual value of
R$5,300, and is expected to be driven 100,600 miles over its
estimated useful life of 9 years. Actual miles driven were 15,000
in 2017 and 12,200 in 2018.
Calculate depreciable cost per unit. (Round answers
to 2 decimal places, e.g. 0.50.)
Depreciable cost per unit
R$
per mile
Compute depreciation expense for 2017 and 2018 using the
straight-line...
Dailey purchased a truck on January 1, 2015 for $9,000. The company expects the truck to have a useful life of four years with an estimated residual value of $600. Dailey expects to drive the truck 31,000 miles during 2015, 22,000 miles during 2016, 14,000 miles in 2017, and 3,000 miles in 2018, for total expected miles of 70,000. Complete the following using the double-declining-balance method of depreciation. (Complete all answer boxes. Enter a "0" if there are any zero...
Handout 8: Accounting for Plant assets Exercise 1: On March 1, 2008, Penner Company acquired real estate on which it planned to construct a small office building. The company paid $80,000 in cash. An old warehouse on the property was razed at a cost of $8,600; the salvaged materials were sold for $1,700. Additional expenditures before construction began included $1,100 attorney's fee for work concerning the land purchase, $5,000 real estate broker's fee, $7,800 architect's fee. Land price 8,600 Instruction:...
Bridgeport Company purchased a delivery truck for $27,000 on
January 1, 2020. The truck has an expected salvage value of $1,500,
and is expected to be driven 102,000 miles over its estimated
useful life of 10 years. Actual miles driven were 12,800 in 2020
and 14,300 in 2021.
Compute depreciation expense for 2020 and 2021 using (1) the
straight-line method, (2) the units-of-activity method, and (3) the
double-declining-balance method. (Round depreciation
cost per unit to 2 decimal places, e.g. 0.50...
Brief Exercise 7-32 (Algorithmic) Depreciation Methods On January 1, 2019, Loeffler Company acquired a machine at a cost of $151,000. Loeffler estimates that it will use the machine for 4 years or 12,000 machine hours. It estimates that after 4 years the machine can be sold for $7,000. Loeffler uses the machine for 2,500 and 3,000 machine hours in 2019 and 2020, respectively Required: Compute depreciation expense for 2019 and 2020 using the: 1. Straight-line method of depreciation. Depreciation Expense...
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