Homework Answers
A - depreciation = ( cost - residual value )/number of estimated life of asset
therefore , (40000-4000)/5 = 7200 for 3 year
As machine is purchased on July 1 , depreciation for 3 year will be only for 6 months .
Hence , depreciation expense year 3 will be 7200*6/12= $3600
B - depreciation = (50000-5000)/5 = 9000 for 1 year
as it is a Sl method depreciation in 3 year will be the same but the machine is disposed on 31 Aug. in the 3 year , hence the depreciation for 3 year will be only charged till Aug. that is 8 months
therefore depreciation for 3 year is 9000*8/12 =$6000
C - Depreciation = (60000-2000)/5 = $11600
As machine is bought at 1 Oct. depreciation will be charged only for 3 months
hence depreciation will be 11600*3/12 = $2900
D - Depreciation = (80000- 10000)/5 = $14000 for 2 year
depreciation for 3 year 80000-14000 = 66000 /5 =13200*3/12 = $3300
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For each of the following fixed assets, determine the depreciation expense for Year 3: Disposal date...
For each of the following depreciable assets, determine the missing amount. Abbreviations for depreciation methods are...
For each of the following depreciable assets, determine the missing amount. Abbreviations for depreciation methods are SL for straight line, SYD for sum-of-the-years' digits, and DDB for double-declining balance. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Asset Cost Residual Value $ 32,000 41,000 89,000 254,000 212,000 Service Life Depreciation Depreciation (Years) Method (Year 2) DDB $ 39,000 SYD 7,000 SL 5.000 10 23,200 8 150% DB 9,000 22.000 32,000
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?
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...
can anyone help me solve please 3. Recording purchase, depreciation, and disposal. The following transactions took...
can anyone help me solve please
3. Recording purchase, depreciation, and disposal. The following transactions took place for Mahon Industries: 2016: Jan.1 Purchased a bulldozer for $64,000 cash, $4,000 residual value, 20-year expected life, DDB method) May.1 Purchased office furniture for $15,000 cash, $3,000 residual value, 10- year expected life, straight-line depreciation Dec.31 Recorded depreciation on the bulldozer and office furniture. 2017 June.30 Sold the furniture for $11,000. Dec.31 Recorded depreciation on the bulldozer. Required: Prepare all entries for Jan.1,...
III. DEPRECIATION RECORDS L.M. Farmer lost all depreciation records from past years and needs help reconstructing...
III. DEPRECIATION RECORDS L.M. Farmer lost all depreciation records from past years and needs help reconstructing a depreciation schedule. From the following information, calculate the depreciation for each item for each appropriate year. For items purchased during the year, only a prorated part of the first year's depreciation can be taken. Use the attached form and complete all columns including the totals. Watch the purchase dates and begin depreciation in the year of the purchase, not before. For convenience, round...
K Excel Assignment #1 - Instructions and Te... On January 1, 2018 Friendly Farm Company purchased...
K Excel Assignment #1 - Instructions and Te... On January 1, 2018 Friendly Farm Company purchased a new machine at a cost of $350,000. The machine has an estimated useful life of 4 years or 100,000 hours and residual value of $30,000. The machine will be used 30,000 hours in year 1, 40,000 hours in year 2, 20,000 hours in year 3 and 10,000 hours in year 4. Requirements: Prepare a depreciation schedule using each of the three methods: Straight...
phs and Excel Assighr On January 1, 2018 Friendly Farm Company purchased a new machine at...
phs and Excel Assighr On January 1, 2018 Friendly Farm Company purchased a new machine at a cost of $350,000. The machine has an estimated useful life of 4 years or 100,000 hours and residual value of $30,000. The machine will be used 30,000 hours in year 1, 40,000 hours in year 2, 20,000 hours in year 3 and 10,000 hours in year 4. Requirements: Prepare a depreciation schedule using each of the three methods: Straight line, Units of Production...
When the amount of use of a fixed asset varies from year to year, the method...
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Continuing Problem P9-43 Calculating and journalizing partial-year depreciation This problem continues the Canyon Canoe Company situation from Chapter 8. Amber and Zack Wilson are continuing to review business practices. Currently, they are reviewing the company's property, plant, and equipment and have gathered the following information: Monthly Estimated Residual Depreciation Depreciation Expense Estimated Acquisition Date Asset Cost Life Value Method* Canoes Nov. 3, 2018 $4,800 SL $100 4 years Land Dec. 1, 2018 85,000 n/a Building Dec. 1, 2018 35,000 5,000...
Prepare the depreciation tables for A. Straight Line, B. Double Declining Balance, and C. Units of...
Prepare the depreciation tables for A. Straight Line, B. Double
Declining Balance, and C. Units of Activity.
Next Journalize the purchase of the truck, the first year's
depreciation expense, and the disposal of the
truck. (including explanations)
Here's the data:
Purchased on January 1, 2012 for $13,000. Has an
estimated residual value of $1,000.
Useful life of 5 years or 100,000 miles.
Sold on December 31st, 2013
100 Depr Scheds Barb's Florists Solution with JE thru Disposal and T accounts XX...
> Continuing Problem P10-43 Calculating and journalizing partial-year depreciation This problem continues the Canyon Canoe Company...
> Continuing Problem P10-43 Calculating and journalizing partial-year depreciation This problem continues the Canyon Canoe Company situation from Chapter 9. Amber Wilson is continuing to review business practices. Currently, she is reviewing the company's property, plant, and equipment and has gathered the following information: Estimated Monthly Acquisition Estimated Residual Depreciation Depreciation Date Asset Life Cost Expense Value Method* Canoes 4 years Nov. 3, 2018 $ 4,800 $ 100 $ 0 Land Dec. 1, 2018 85,000 Dec. 1, 2018 Building 35,000...
For each of the following depreciable assets, determine the missing amount. Abbreviations for depreciation methods are SL for straight line, SYD for sum-of-the-years' digits, and DDB for double-declining balance. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Asset Cost Residual Value $ 32,000 41,000 89,000 254,000 212,000 Service Life Depreciation Depreciation (Years) Method (Year 2) DDB $ 39,000 SYD 7,000 SL 5.000 10 23,200 8 150% DB 9,000 22.000 32,000
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...
can anyone help me solve please
3. Recording purchase, depreciation, and disposal. The following transactions took place for Mahon Industries: 2016: Jan.1 Purchased a bulldozer for $64,000 cash, $4,000 residual value, 20-year expected life, DDB method) May.1 Purchased office furniture for $15,000 cash, $3,000 residual value, 10- year expected life, straight-line depreciation Dec.31 Recorded depreciation on the bulldozer and office furniture. 2017 June.30 Sold the furniture for $11,000. Dec.31 Recorded depreciation on the bulldozer. Required: Prepare all entries for Jan.1,...
III. DEPRECIATION RECORDS L.M. Farmer lost all depreciation records from past years and needs help reconstructing a depreciation schedule. From the following information, calculate the depreciation for each item for each appropriate year. For items purchased during the year, only a prorated part of the first year's depreciation can be taken. Use the attached form and complete all columns including the totals. Watch the purchase dates and begin depreciation in the year of the purchase, not before. For convenience, round...
K Excel Assignment #1 - Instructions and Te... On January 1, 2018 Friendly Farm Company purchased a new machine at a cost of $350,000. The machine has an estimated useful life of 4 years or 100,000 hours and residual value of $30,000. The machine will be used 30,000 hours in year 1, 40,000 hours in year 2, 20,000 hours in year 3 and 10,000 hours in year 4. Requirements: Prepare a depreciation schedule using each of the three methods: Straight...
phs and Excel Assighr On January 1, 2018 Friendly Farm Company purchased a new machine at a cost of $350,000. The machine has an estimated useful life of 4 years or 100,000 hours and residual value of $30,000. The machine will be used 30,000 hours in year 1, 40,000 hours in year 2, 20,000 hours in year 3 and 10,000 hours in year 4. Requirements: Prepare a depreciation schedule using each of the three methods: Straight line, Units of Production...
When the amount of use of a fixed asset varies from year to year, the method of determining depreciation expense that is proportional to the use of the asset is: O declining-balance method straight-line method O units-of-output method direct-units method A machine was acquired on January 1 of the current year. It had a cost of $75,000, an estimated residual value of $5,000, and an estimated useful life of 4 years or 18,000 hours. What is the amount of depreciation...
Continuing Problem P9-43 Calculating and journalizing partial-year depreciation This problem continues the Canyon Canoe Company situation from Chapter 8. Amber and Zack Wilson are continuing to review business practices. Currently, they are reviewing the company's property, plant, and equipment and have gathered the following information: Monthly Estimated Residual Depreciation Depreciation Expense Estimated Acquisition Date Asset Cost Life Value Method* Canoes Nov. 3, 2018 $4,800 SL $100 4 years Land Dec. 1, 2018 85,000 n/a Building Dec. 1, 2018 35,000 5,000...
Prepare the depreciation tables for A. Straight Line, B. Double
Declining Balance, and C. Units of Activity.
Next Journalize the purchase of the truck, the first year's
depreciation expense, and the disposal of the
truck. (including explanations)
Here's the data:
Purchased on January 1, 2012 for $13,000. Has an
estimated residual value of $1,000.
Useful life of 5 years or 100,000 miles.
Sold on December 31st, 2013
100 Depr Scheds Barb's Florists Solution with JE thru Disposal and T accounts XX...
> Continuing Problem P10-43 Calculating and journalizing partial-year depreciation This problem continues the Canyon Canoe Company situation from Chapter 9. Amber Wilson is continuing to review business practices. Currently, she is reviewing the company's property, plant, and equipment and has gathered the following information: Estimated Monthly Acquisition Estimated Residual Depreciation Depreciation Date Asset Life Cost Expense Value Method* Canoes 4 years Nov. 3, 2018 $ 4,800 $ 100 $ 0 Land Dec. 1, 2018 85,000 Dec. 1, 2018 Building 35,000...
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