Homework Answers
| Req 1) | ||||||||
| Formula for calculating revised depreciation expense: | ||||||||
| (Original Cost of asset - Accumulated Depreciation at the end of 6th year) / Estimated remaining useful life of asset | ||||||||
| [32000 - (32000 * 6 / 16)] / 5 = (32000 - 12000) / 5 = 4000 per year | ||||||||
| Journal entry to record 7th year depreciation on the equipment: | ||||||||
| Date | Accounts and explanation | Debit $ | Credit $ | |||||
| Dec 31 7th year | Depreciation expense | 4000 | ||||||
| Accumulated Depreciation | 4000 | |||||||
| (being depreciation expense booked on the revised rate ) | ||||||||
| Req 2) | ||||||||
| Accumulated Depreciation at the end of 7th year = | ||||||||
| depreciation for first 6 years + Revised depreciation for 7th year = | ||||||||
| (2000 * 6) + 4000 = $16000 | ||||||||
In this question, they only give us the Accumulated Depreciation until the end of year 7...
In this question, they only give us the Accumulated
Depreciation until the end of year 7 (31 Dec, 2027), but the sold
date is on March 31,2028, so do we need to calculate the
depreciation from 1st January 2028 until Feb 28?
Assignment 3 0 Hw Pinetreee Company purchased equipment in 2021 for $40,000 and estimated a $4,000 salvage value at the end of the equipment's 10-year useful life. On December 31, 2027 there was $25,200 in the Accumulated Depreciation...
A firm has fixed assets at the end of 2015 of $5,000 and accumulated depreciation of...
A firm has fixed assets at the end of 2015 of $5,000 and accumulated depreciation of $1,250. At the end of 2016, fixed assets are $5,100 and accumulated depreciation is $1,500. Which of the following statements MUST be true. The firm purchased exactly $100 in fixed assets during 2016. Net fixed assets increased over the year 2016 The net fixed assets at the end of 2015 were $6,250 The 2016 depreciation expense was $250 а. b. C. d.
A firm has fixed assets at the end of 2015 of $5,000 and accumulated depreciation of $1,250. At the end of 2016, fi...
A firm has fixed assets at the end of 2015 of $5,000 and accumulated depreciation of $1,250. At the end of 2016, fixed assets are $5,100 and accumulated depreciation is $1,500. Which of the following statements MUST be true. a. The firm purchased exactly $100 in fixed assets during 2016, Net fixed assets increased over the year 2016. The net fixed assets at the end of 2015 were $6,250 The 2016 depreciation expense was $250 b.
London Car Wash Activity-Based Calculation End-of-Year Amounts Depreciation Accumulated Expense Hours Depreciation Rate Book Value Depreciation...
London Car Wash Activity-Based Calculation End-of-Year Amounts Depreciation Accumulated Expense Hours Depreciation Rate Book Value Depreciation Year Used Total Given Data: LONDON CAR WASH Cost of new car wash r $ 200,000 Estimated residual valu $ 20,000 Machine life in years Machine life in hours 10,000 Actual use per year: Hours Year Used 2,000 2,000 1,500 1,800 1,300 1,400 3. 4. 1234 66
At the end of an asset's useful life, the balance in Accumulated Depreciation will: O A....
At the end of an asset's useful life, the balance in Accumulated Depreciation will: O A. be a greater amount under straight-line depreciation than under double-declining - balance depreciation O B. be greater under units-of-production depreciation than under straight-line depreciation O c. be the same amount under all the depreciation methods OD. be a lesser amount under double-declining - balance depreciation than under units-of-production depreciation Depreciation computed under double-declining - balance will decrease each year because: O A. the book...
Accounts Payable Accumulated Depreciation-Building Accumulated Depreciation-Leased Building Accumulated Depreciation-Capital Leases Accumulated Depreciation-Equipment Accumulated Depreciation-Leased Equipment Accumulated...
Accounts Payable
Accumulated Depreciation-Building
Accumulated Depreciation-Leased Building
Accumulated Depreciation-Capital Leases
Accumulated Depreciation-Equipment
Accumulated Depreciation-Leased Equipment
Accumulated Depreciation-Leased Machinery
Accumulated Depreciation-Machinery
Advertising Expense
Amortization Expense
Airplanes
Buildings
Cash
Cost of Goods Sold
Deferred Gross Profit
Deposit Liability
Depreciation Expense
Equipment
Executory Costs
Executory Costs Payable
Gain on Disposal of Equipment
Gain on Disposal of Plant Assets
Gain on Lease
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Leased Asset
Leased Buildings
Leased Equipment
Lease Expense
Leased Land...
S9-4 Computing second-year depreciation and accumulated depreciation On January 1, 2018, Advanced Airline purchased a used...
S9-4 Computing second-year depreciation and accumulated depreciation On January 1, 2018, Advanced Airline purchased a used airplane at a cost of $60,500,000. Advanced Airline expects the plane to remain useful for eight years (5,000,000 miles) and to have a residual value of $5,500,000. Advanced Airline expects the plane to be flown 1,100,000 miles the first year and 1,200,000 miles the second year. Plant Assets, Na Requirements 1. Compute second-year (2019) depreciation expense on the plane using the following methods: a....
a. The Krug Company's Accumulated Depreciation account has a $17,500 balance to start the year. A...
a. The Krug Company's Accumulated Depreciation account has a $17,500 balance to start the year. A review of depreciation schedules reveals that $19,400 of depreciation expense must be recorded for the year. Accumulated depreciation Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. b. The company has only one fixed asset (truck) that it...
At the end of an asset's useful life, the balance in Accumulated Depreciation will: A. be...
At the end of an asset's useful life, the balance in Accumulated Depreciation will: A. be a greater amount under straight - line depreciation than under double declining -balance depreciation B. be greater under units - of - production depreciation than under straight - line depreciation C. be the same amount under all the depreciation methods D. be a lesser amount under double -declining -balance depreciation than under units of - production depreciation Depreciation computed under double - declining balance...
b. Compute 125% Declining Balance Depreciation, Accumulated Depreciation, and Remaining Book Value for each year (36...
b. Compute 125% Declining Balance Depreciation, Accumulated Depreciation, and Remaining Book Value for each year (36 pts) An asset is purchased for $55,000, expected to last 6 years, and have a $18,000 salvage value. a. Compute Straight Line Depreciation, Accumulated Depreciation, and Remaining Book Value for each year. (18 pts) b. Compute 125% Declining Balance Depreciation, Accumulated Depreciation, and Remaining Book Value for each year (36 pts) c. Compute Sum of Years' Digits Depreciation, Accumulated Depreciation, and Remaining Book Value...
In this question, they only give us the Accumulated
Depreciation until the end of year 7 (31 Dec, 2027), but the sold
date is on March 31,2028, so do we need to calculate the
depreciation from 1st January 2028 until Feb 28?
Assignment 3 0 Hw Pinetreee Company purchased equipment in 2021 for $40,000 and estimated a $4,000 salvage value at the end of the equipment's 10-year useful life. On December 31, 2027 there was $25,200 in the Accumulated Depreciation...
A firm has fixed assets at the end of 2015 of $5,000 and accumulated depreciation of $1,250. At the end of 2016, fixed assets are $5,100 and accumulated depreciation is $1,500. Which of the following statements MUST be true. The firm purchased exactly $100 in fixed assets during 2016. Net fixed assets increased over the year 2016 The net fixed assets at the end of 2015 were $6,250 The 2016 depreciation expense was $250 а. b. C. d.
A firm has fixed assets at the end of 2015 of $5,000 and accumulated depreciation of $1,250. At the end of 2016, fixed assets are $5,100 and accumulated depreciation is $1,500. Which of the following statements MUST be true. a. The firm purchased exactly $100 in fixed assets during 2016, Net fixed assets increased over the year 2016. The net fixed assets at the end of 2015 were $6,250 The 2016 depreciation expense was $250 b.
London Car Wash Activity-Based Calculation End-of-Year Amounts Depreciation Accumulated Expense Hours Depreciation Rate Book Value Depreciation Year Used Total Given Data: LONDON CAR WASH Cost of new car wash r $ 200,000 Estimated residual valu $ 20,000 Machine life in years Machine life in hours 10,000 Actual use per year: Hours Year Used 2,000 2,000 1,500 1,800 1,300 1,400 3. 4. 1234 66
At the end of an asset's useful life, the balance in Accumulated Depreciation will: O A. be a greater amount under straight-line depreciation than under double-declining - balance depreciation O B. be greater under units-of-production depreciation than under straight-line depreciation O c. be the same amount under all the depreciation methods OD. be a lesser amount under double-declining - balance depreciation than under units-of-production depreciation Depreciation computed under double-declining - balance will decrease each year because: O A. the book...
Accounts Payable
Accumulated Depreciation-Building
Accumulated Depreciation-Leased Building
Accumulated Depreciation-Capital Leases
Accumulated Depreciation-Equipment
Accumulated Depreciation-Leased Equipment
Accumulated Depreciation-Leased Machinery
Accumulated Depreciation-Machinery
Advertising Expense
Amortization Expense
Airplanes
Buildings
Cash
Cost of Goods Sold
Deferred Gross Profit
Deposit Liability
Depreciation Expense
Equipment
Executory Costs
Executory Costs Payable
Gain on Disposal of Equipment
Gain on Disposal of Plant Assets
Gain on Lease
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Leased Asset
Leased Buildings
Leased Equipment
Lease Expense
Leased Land...
S9-4 Computing second-year depreciation and accumulated depreciation On January 1, 2018, Advanced Airline purchased a used airplane at a cost of $60,500,000. Advanced Airline expects the plane to remain useful for eight years (5,000,000 miles) and to have a residual value of $5,500,000. Advanced Airline expects the plane to be flown 1,100,000 miles the first year and 1,200,000 miles the second year. Plant Assets, Na Requirements 1. Compute second-year (2019) depreciation expense on the plane using the following methods: a....
a. The Krug Company's Accumulated Depreciation account has a $17,500 balance to start the year. A review of depreciation schedules reveals that $19,400 of depreciation expense must be recorded for the year. Accumulated depreciation Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. b. The company has only one fixed asset (truck) that it...
At the end of an asset's useful life, the balance in Accumulated Depreciation will: A. be a greater amount under straight - line depreciation than under double declining -balance depreciation B. be greater under units - of - production depreciation than under straight - line depreciation C. be the same amount under all the depreciation methods D. be a lesser amount under double -declining -balance depreciation than under units of - production depreciation Depreciation computed under double - declining balance...
b. Compute 125% Declining Balance Depreciation, Accumulated Depreciation, and Remaining Book Value for each year (36 pts) An asset is purchased for $55,000, expected to last 6 years, and have a $18,000 salvage value. a. Compute Straight Line Depreciation, Accumulated Depreciation, and Remaining Book Value for each year. (18 pts) b. Compute 125% Declining Balance Depreciation, Accumulated Depreciation, and Remaining Book Value for each year (36 pts) c. Compute Sum of Years' Digits Depreciation, Accumulated Depreciation, and Remaining Book Value...
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