Homework Answers
Answer : A =$ 8175
Double declining method.
Depreciation rate = ( 200 / Useful life ) = 200 / 8 = 25 %.
Depreciation for the year 2020 = $ 65400 * 25 % * ( 6 /12 ) = $ 8175
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Question 4 Sheridan Company purchased a machine for $65400 on July 1, 2020. The company intends to depreciate it over 8...
Question 4 Sheridan Company purchased a machine for $65400 on July 1, 2020. The company intends...
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In recent years, Sheridan Company has purchased three machines. Because of frequent employee turnover in the...
In recent years, Sheridan Company has purchased three machines.
Because of frequent employee turnover in the accounting department,
a different accountant was in charge of selecting the depreciation
method for each machine, and various methods have been used.
Information concerning the machines is summarized in the table
below.
Machine
Acquired
Cost
Salvage
Value
Useful Life
(in years)
Depreciation
Method
1
Jan. 1, 2020
$133,000
$45,000
8
Straight-line
2
July 1, 2021
86,500
10,500
5
Declining-balance
3
Nov. 1, 2021
68,200...
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Need help with this question
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Question 14 Swifty Corporation purchased a machine for $66400 on July 1, 2020. The company intends to depreciate it over 8 years using the double-dedining balance method. Salvage value is $5000. Depreciation for 2021 to the closest dollar is $8300 $33200 O $14525 O $13200. Click if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 1 used SAVE FOR LATER SUBMIT ANSWER ch O 130 PM RI ED e
Page < 2 > 0f40 7. Slotkin Products purchased a machine for $65,000 on July 1, 2017. The company intends to depreciate it over 8 years using the double-declining balance method. Salvage value is $5,000. Depreciation for 2018 to the closest dollar is A) $32,500 B) $8,125 C) $14,219 D) $12,500
In recent years, Sheridan Company has purchased three machines.
Because of frequent employee turnover in the accounting department,
a different accountant was in charge of selecting the depreciation
method for each machine, and various methods have been used.
Information concerning the machines is summarized in the table
below.
Machine
Acquired
Cost
Salvage
Value
Useful Life
(in years)
Depreciation
Method
1
Jan. 1, 2020
$133,000
$45,000
8
Straight-line
2
July 1, 2021
86,500
10,500
5
Declining-balance
3
Nov. 1, 2021
68,200...
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Need help with this question
Bonita Company purchased Machine #201 on May 1, 2020. The following information relating to Machine #201 was gathered at the end of May. Price $100,300 Credit terms 2/10, n/30 Freight-in 944 $ 4,484 Preparation and installation costs Labor costs during regular production operations $12,390 It is expected that the machine could be used for 10 years, after which the salvage value would be zero. Bonita intends to use the machine for only 8 years, however,...
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