Homework Answers
| 3) | cost of equipment is not given | |
| 4) | d. Unearned Revenue | A liability that reports amounts received in advance of providing goods or services. |
| 5) | option a is correct | Cash debited 15750 and sales revenue credited 15000 and sales tax payable credited by 750 |
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Estimated useful life in years 5 What is the depreciation to be charged on the asset...
Depreciation Schedules Barb's Florists Name: Cost Expected salvage value Estimated useful life in years Estimated useful...
Depreciation Schedules Barb's Florists Name: Cost Expected salvage value Estimated useful life in years Estimated useful life in miles $13.000 $1.000 Purchased new truck Jan 1, 2012 Sold Dec 31, 2013 for $7,500 100 Complete A, B, C, D Intro thru SL Depr 8 min >> A. Prepare the straight line depreciation table. Straight-line Year Depr% Deprec Exp Purchase Notes calculations Truck Date of Purchase Accum Book Value Depreciation Rate Cost Salvage Value Depeche Cost 1st year Months Date of...
An asset was purchased for $71,000 and originally estimated to have a useful life of 10...
An asset was purchased for $71,000 and originally estimated to have a useful life of 10 years with a residual value of $3,400. After two years of straight-line depreciation, it was determined that the remaining useful life of the asset was only 2 years with a residual value of $1,360. a. Determine the amount of the annual depreciation for the first two years. $ b. Determine the book value at the end of Year 2. $ c. Determine the depreciation...
Short term notes payable: A. are shown on the balance sheet with current liabilities B. are...
Short term notes payable: A. are shown on the balance sheet with current liabilities B. are generally due within three months, with a maximum time period of six months C. are shown on the balance sheet after bonds payable D. are shown as a reduction to notes receivable on the balance sheet, with an appropriate footnote disclosure On December 16, 2016, the ACE Corporation purchases $15,000 of equipment by issuing a 30 day, 12% note payable. The total amount of...
Oliver Inc. acquired the following assets in January 2017: Equipment: estimated useful life, 5 years; residual...
Oliver Inc. acquired the following assets in January 2017: Equipment: estimated useful life, 5 years; residual value, $15,000 $470,000 Building: estimated useful life, 30 years; no residual value $720,000 The equipment was depreciated using the double-declining-balance method for the first three years for financial reporting purposes. In 2020, the company decided to change the method of calculating depreciation for the equipment to the straight-line method, because of a change in the pattern of benefits received (but no change was made...
27. A truck was purchased at a cost of $23,000. The estimated useful life and salvage...
27. A truck was purchased at a cost of $23,000. The estimated useful life and salvage value was 8 years and $3,000. After 4 years of straight-line depreciation, the asset's useful life was revised to 6 years with no change in the estimated salvage value. The depreciation expense in year 5 is: a. S2,875. b. $5,000 c. $5,750. d. $11,500. 28. The gross margin ratio: a. Is also called the net profit ratio. b. Indicates the percent of sales revenue...
Presented below is information related to Splish Manufacturing Corporation. Estimated Life (in years) Asset Estimated Salvage...
Presented below is information related to Splish Manufacturing Corporation. Estimated Life (in years) Asset Estimated Salvage $6,400 Cost А. $44,300 10 B 34,000 5,200 9 C 35,000 4,400 9 D 19,700 2,200 7 E 24,600 3,000 6 Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (Round answer to 2 decimal place, e.g. 4.83%.) Composite rate Prepare the adjusting entry necessary at the end of the year to record depreciation for...
Chapter 05 (Static) Comprehensive Problem LO 5-1, 5-2, 5-3, 5-4, 5-5
During Year 5, Pacilio Security Services experienced the following transactions:Paid the salaries payable from Year 4.On January 15, purchased 20 standard alarm systems for cash at a cost of $250 each.On February 1, paid the accounts payable of $980, but not within the discount period. (The company uses the gross method.)On March 1, leased a business van. Paid $4,800 for one year’s lease in advance.Paid $7,200 on May 1 for one year’s rent on the office in advance.Purchased with cash...
fotal labilities increased by $7,000. c. From the point of view of a short-term creditor, this...
fotal labilities increased by $7,000. c. From the point of view of a short-term creditor, this transaction makes the business more liquid d. This transaction had an immediate effect on the owner's equity in the business. 3. The following statements correctly describe net income except a. Net income is equal to revenue minus the sum of expenses and dividends. b. Net income is equal to revenue minus expenses. c. Net income increases owner's equity d. Net income is reported by...
August Budgeted sales are: Month Sales revenue $12,000 September $14,000 October $15,000 November $15,000 December $10,000...
August Budgeted sales are: Month Sales revenue $12,000 September $14,000 October $15,000 November $15,000 December $10,000 You collect 50% of sales revenue as cash in the month of the sale, 40% in the following month, and 10% two months after the sale a) Compute budgeted cash inflows for October and November October $ November - $ Remember to go backwards in time: .9., 40% of September revenue is collected in the following month (October). This implies that cash inflows for...
An equipment has a total initial cost of $9000 with a 5 years useful life. Assume a salvage value of $750. Prepare a yearly depreciation schedule showing the depreciation charge and book value at the...
An equipment has a total initial cost of $9000 with a 5 years useful life. Assume a salvage value of $750. Prepare a yearly depreciation schedule showing the depreciation charge and book value at the beginning and end of each year. Use the Straight-Line Depreciation (SLD) method to answer following questions 4) a. Compute the yearly depreciation (show your solution handwriting or in Word document) b. Fill in the table below (show your solution handwring or in Word document) Year...
Depreciation Schedules Barb's Florists Name: Cost Expected salvage value Estimated useful life in years Estimated useful life in miles $13.000 $1.000 Purchased new truck Jan 1, 2012 Sold Dec 31, 2013 for $7,500 100 Complete A, B, C, D Intro thru SL Depr 8 min >> A. Prepare the straight line depreciation table. Straight-line Year Depr% Deprec Exp Purchase Notes calculations Truck Date of Purchase Accum Book Value Depreciation Rate Cost Salvage Value Depeche Cost 1st year Months Date of...
Short term notes payable: A. are shown on the balance sheet with current liabilities B. are generally due within three months, with a maximum time period of six months C. are shown on the balance sheet after bonds payable D. are shown as a reduction to notes receivable on the balance sheet, with an appropriate footnote disclosure On December 16, 2016, the ACE Corporation purchases $15,000 of equipment by issuing a 30 day, 12% note payable. The total amount of...
27. A truck was purchased at a cost of $23,000. The estimated useful life and salvage value was 8 years and $3,000. After 4 years of straight-line depreciation, the asset's useful life was revised to 6 years with no change in the estimated salvage value. The depreciation expense in year 5 is: a. S2,875. b. $5,000 c. $5,750. d. $11,500. 28. The gross margin ratio: a. Is also called the net profit ratio. b. Indicates the percent of sales revenue...
Presented below is information related to Splish Manufacturing Corporation. Estimated Life (in years) Asset Estimated Salvage $6,400 Cost А. $44,300 10 B 34,000 5,200 9 C 35,000 4,400 9 D 19,700 2,200 7 E 24,600 3,000 6 Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (Round answer to 2 decimal place, e.g. 4.83%.) Composite rate Prepare the adjusting entry necessary at the end of the year to record depreciation for...
fotal labilities increased by $7,000. c. From the point of view of a short-term creditor, this transaction makes the business more liquid d. This transaction had an immediate effect on the owner's equity in the business. 3. The following statements correctly describe net income except a. Net income is equal to revenue minus the sum of expenses and dividends. b. Net income is equal to revenue minus expenses. c. Net income increases owner's equity d. Net income is reported by...
August Budgeted sales are: Month Sales revenue $12,000 September $14,000 October $15,000 November $15,000 December $10,000 You collect 50% of sales revenue as cash in the month of the sale, 40% in the following month, and 10% two months after the sale a) Compute budgeted cash inflows for October and November October $ November - $ Remember to go backwards in time: .9., 40% of September revenue is collected in the following month (October). This implies that cash inflows for...
An equipment has a total initial cost of $9000 with a 5 years useful life. Assume a salvage value of $750. Prepare a yearly depreciation schedule showing the depreciation charge and book value at the beginning and end of each year. Use the Straight-Line Depreciation (SLD) method to answer following questions 4) a. Compute the yearly depreciation (show your solution handwriting or in Word document) b. Fill in the table below (show your solution handwring or in Word document) Year...
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