Homework Answers
| annual depreciation | ||
| 495000*15% | 74250 | answer |
| So total depreciation for 2 years will be | ||
| 49000*15%*2 | 14700 | |
| Book value (49000-14700) | 34300 | |
| Assumed than depreciation for 2017 charged | ||
| Gain on sale of equipment | 7700 | |
| 42000-34300 | ||
| Answer should be $7700 | ||
| If any doubt please comment | ||
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Mondale Winery depreciates its equipment using the group method. The cost of equipment purchased in 2016...
Mondale Winery depreciates its equipment using the group method. The cost of equipment purchased in 2016...
Mondale Winery depreciates its equipment using the group method. The cost of equipment purchased in 2016 totaled $495,000. The estimated residual value of the equipment was $47,000 and the group depreciation rate was determined to be 15%. What is the annual depreciation for the group? Answer is complete but not entirely correct. Annual depreciation s 67,200 If equipment that cost $49,000 is sold in 2017 for $42,000, what amount of gain or loss will the company recognize for the sale?...
If equipment that cost $49,000 is sold in 2017 for $42,000, what amount of gain or...
If equipment that cost $49,000 is sold in 2017 for $42,000, what
amount of gain or loss will the company recognize for the sale?
Mondale Winery depreciates its equipment using the group method. The cost of equipment purchased in 2016 totaled $495,000. The estimated residual value of the equipment was $47,000 and the group depreciation rate was determined to be 15%.
On March 31, 2021, Canseco Plumbing Fixtures purchased equipment for $52,000. Residual value at the end...
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Mercury Inc. purchased equipment in 2016 at a cost of $165,000. The equipment was expected to...
Mercury Inc. purchased equipment in 2016 at a cost of $165,000. The equipment was expected to produce 300,000 units over the next five years and have a residual value of $45,000. The equipment was sold for $96,800 part way through 2018. Actual production in each year was: 2016 = 42,000 units, 2017 = 67,000 units, 2018 = 34,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date. Required 1. Prepare the journal entry to...
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Question 3.11 - Using the information provided in the problem on page 145, calculate/answer the following:...
Question 3.11 - Using the information provided
in the problem on page 145, calculate/answer the following:
a. Sales growth percentage from 2014 to 2015.
b. Sales growth percentage from 2015 to 2016.
c. Cost of goods sold percentage for 2014.
d. Cost of goods sold percentage for 2015.
e. Cost of goods sold percentage for 2016.
f. Gross profit margin percentage for 2014.
g. Gross profit margin percentage for 2015.
h. Gross profit marginpercentage for 2016.
i. Operating profit margin...
Mid-South Auto Leasing leases vehicles to consumers. The attraction to customers is that the company can...
Mid-South Auto Leasing leases vehicles to consumers. The attraction to customers is that the company can offer competitive prices due to volume buying and requires an interest rate implicit in the lease that is one percent below alternate methods of financing. On September 30, 2021, the company leased a delivery truck to a local florist, Anything Grows. The fiscal year for both companies ends December 31. The lease agreement specified quarterly payments of $3,500 beginning September 30, 2021, the beginning...
Mondale Winery depreciates its equipment using the group method. The cost of equipment purchased in 2016 totaled $495,000. The estimated residual value of the equipment was $47,000 and the group depreciation rate was determined to be 15%. What is the annual depreciation for the group? Answer is complete but not entirely correct. Annual depreciation s 67,200 If equipment that cost $49,000 is sold in 2017 for $42,000, what amount of gain or loss will the company recognize for the sale?...
If equipment that cost $49,000 is sold in 2017 for $42,000, what
amount of gain or loss will the company recognize for the sale?
Mondale Winery depreciates its equipment using the group method. The cost of equipment purchased in 2016 totaled $495,000. The estimated residual value of the equipment was $47,000 and the group depreciation rate was determined to be 15%.
Mercury Inc. purchased equipment in 2019 at a cost of $183,000. The equipment was expected to produce 340,000 units over the next five years and have a residual value of $47,000. The equipment was sold for $97,600 part way through 2021. Actual production in each year was: 2019 = 49,000 units; 2020 = 78,000 units; 2021 = 39,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date. Required: 1. Calculate the gain or loss...
Mercury Inc. purchased equipment in 2016 at a cost of $165,000. The equipment was expected to produce 300,000 units over the next five years and have a residual value of $45,000. The equipment was sold for $96,800 part way through 2018. Actual production in each year was: 2016 = 42,000 units, 2017 = 67,000 units, 2018 = 34,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date. Required 1. Prepare the journal entry to...
Req ЗА Req 3B Req 3C Prepare a balance sheet at May 31, 2016. (Enter your answers in millions, not in whole dollars. Amounts to be deducted should be indic a minus sign.) ON TIME CORPORATION Balance Sheet (in millions) Accounts Payable Accounts Payable X 0 x 0 0 $ 0 $ Req 3B Req30 ) *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. On Time Corporation reported its...
2 Problem 20-11 Error correction; change in depreciation method [LO020-6] The Colins Corporation purchased office equipment at the beginning of 2016 and capitalized a cost of $2,195,000. This cost included the following expenditures ints $1,988,8ee 43,080 33,080 Annual maintenance charge 139,80 $2,195,000 Purchase price Freight charges Installation charges Total dThe company estimated an ten-year useful ife for the equipment No residual value is anticipated. The double-declining-balance method was used to determine depreciation expense for 2016 and 2017 In 2018, after...
Question 3.11 - Using the information provided
in the problem on page 145, calculate/answer the following:
a. Sales growth percentage from 2014 to 2015.
b. Sales growth percentage from 2015 to 2016.
c. Cost of goods sold percentage for 2014.
d. Cost of goods sold percentage for 2015.
e. Cost of goods sold percentage for 2016.
f. Gross profit margin percentage for 2014.
g. Gross profit margin percentage for 2015.
h. Gross profit marginpercentage for 2016.
i. Operating profit margin...
Mid-South Auto Leasing leases vehicles to consumers. The attraction to customers is that the company can offer competitive prices due to volume buying and requires an interest rate implicit in the lease that is one percent below alternate methods of financing. On September 30, 2021, the company leased a delivery truck to a local florist, Anything Grows. The fiscal year for both companies ends December 31. The lease agreement specified quarterly payments of $3,500 beginning September 30, 2021, the beginning...
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