Homework Answers
Depreciation Expense per unit under units of production method
Depreciation Expense per unit = (Asset Cost – Residual Value) / Total Hours
= ($18,000 - $3,000) / 5,000 Hours
= $15,000 / 5,000 Hours
= $3.00 per hour
“Hence, the Depreciation Expense per unit under units of production method will be $3.00”
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1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the...
1. Prepare a schedule of depreciation expense, accumulated
depreciation, and book value per year for the equipment under the
three depreciation methods: straight-line, units-of-production,
and double-declining-balance. Show your computations. Note: Three
depreciation schedules must be prepared.
2. Which method tracks the wear and tear on the equipment most
closely?
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On October 31, 2018, Choice Landscapes discarded equipment that had a cost of $29,600. Accumulated Depreciation...
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2. On January 1, Anderson Cranes purchased a crane for $280,000. Anderson expects the crane to remain useful for eight years (1,200,000 lifts) and to have a residual value of $40,000. The company expects the crane to be used for 160,000 fts the first year. Read the requirements a. Compute the first year depreciation expense on the crane using the straight-line method Begin by selecting the formula to calculate the company's first-year depreciation on the crane using the straight-line method....
12-31-2021 36,000 4 years 8,000 36,000 6,000 Before calculating the units of production depreciation schedule, calculate the depreciation expense per unit. Select the formula, then enter the amounts and calculate the depreciation expense per unit Depreciation per unit Choose from any list or enter any number in the input fields and then click Check Answer 3 parts 3 remaining Clear All Check Answer
1. Prepare a schedule of depreciation expense, accumulated
depreciation, and book value per year for the equipment under the
three depreciation methods: straight-line, units-of-production,
and double-declining-balance. Show your computations. Note: Three
depreciation schedules must be prepared.
2. Which method tracks the wear and tear on the equipment most
closely?
Homework: Homework CH9 Save Score: 10.77 of 15 pts 4 of 10 (4 complete) HW Score: 40.77%, 40.77 of 100 pts %E9-20 (similar to) Question Help Hearty Fried Chicken bought equipment...
straight-ling units adicion i Requirements set 4.700 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Speedway prepares financial statements using the depreciation method that reports the highest net income in the early years of asset use. Consider the first year that Speedway uses the truck. Identify the depreciation method that meets the company's objectives Print Done or enter any number in the input fields and then click...
years or 87,500 units of production, and its residual value is $6,000. Under three depreciation methods, the uipment is" Suppos ltion cn nd the balance of accumulated denreciation at the end of 2018 and 2019 are EE(Click the icon to view the data.) Read the requirements. Requirement 1. Identify the depreciation method used in each instance, and show the equation and computation for each; round t the nearest dollar. Begin by identifying the depreciation method used in each instance Depreciation...
On January 3, 2018. Speedy Delivery Senvice purchased a truck at a cot of S90.000 Before placing the uck in service, Speedy pent $4.000 panting000 pacng tres and $4,400 ovehauling the engine The truck shoud remain in service for fve years and have a residual value of 59.000. The truck's annual mileage is expected to be 21,000 mes in each of he fst four years and 16.000 mes in the th year00,000 mies in to n deciding which deprecialion method...
On October 31, 2018, Choice Landscapes discarded equipment that had a cost of $29,600. Accumulated Depreciation as of December 31, 2017, was $29,000. Assume annual depreciation on the equipment is $600. Journalize the partial-year depreciation expense and disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the partial-year depreciation expense. Date Accounts and Explanation Debit Credit Oct. 31 Choose from any list or enter any number in...
On October 31, 2018, Choice Landscapes discarded equipment that had a cost of $29,600. Accumulated Depreciation as of December 31, 2017, was $29,000. Assume annual depreciation on the equipment is $600. Journalize the partial-year depreciation expense and disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the partial-year depreciation expense. Date Accounts and Explanation Debit Credit Oct. 31 Choose from any list or enter any number in...
Requirement 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods: straight-line, units-of-production, and double-declining-balance. Show your computations. Note: Three depreciation schedules must be prepared. Begin by preparing a depreciation schedule using the straight-line method. Straight-Line Depreciation Schedule Depreciation for the Year Asset Depreciable Useful Depreciation Accumulated Book Date Cost Cost Life Expense Depreciation Value 1-2- 2018 $21,000 $21,000 12-31- 2018 $ 18,000 / years = $ 4,500...
Requirements 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Speedway prepares financial statements using the depreciation method that reports the highest net income in the early years of asset use. Consider the first year that Speedway uses the truck. Identify the depreciation method that meets the company's objectives. Print Done Requirement 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation,...
2. On January 1, Anderson Cranes purchased a crane for $280,000. Anderson expects the crane to remain useful for eight years (1,200,000 lifts) and to have a residual value of $40,000. The company expects the crane to be used for 160,000 fts the first year. Read the requirements a. Compute the first year depreciation expense on the crane using the straight-line method Begin by selecting the formula to calculate the company's first-year depreciation on the crane using the straight-line method....
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