Units-of-Activity Depreciation A truck acquired at a cost of $202,800 has an estimated residual value of $18,000, has an estimated useful life of 440,000 miles, and was driven 113,000 miles during the year. Determine the following. If required, round your answer for the depreciation rate to 2 decimal places. a. The depreciable cost b. The depreciation rate per mile c. The units-of-activity depreciation for the year
Q: Comparing Three Depreciation Methods Waylander Coatings Company purchased waterproofing equipment on…
A: In this numerical has covered the concept of Depreciation Accounting . Depreciation is an accounting…
Q: Units-of-activity depreciation A truck acquired at a cost of $69,000 has an estimated residual value…
A: (a) Calculate the depreciable cost:
Q: Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $113,400…
A:
Q: Units-of-Activity Depreciation A tractor acquired at a cost of $678,000 has an estimated residual…
A: The depreciation rate = Depreciable cost/Useful life
Q: Partial-Year Depreciation Equipment acquired at a cost of $100,000 has an estimated residual value…
A: a. Compute depreciation for current fiscal year and for following fiscal year using straight line…
Q: Comparing Three Depreciation Methods Waylander Coatings Company purchased waterproofing equipment…
A: Given that, cost of the asset = $235400 Useful life of asset = 4 Years Total operating hours of the…
Q: Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $118,600…
A: Depreciation :— The monetary value of an asset decreases over time due to use, wear and tear or…
Q: Required: 1. Determine the amount of depreciation expense for the years ended December 31, Year 1,…
A:
Q: Units-of-activity depreciation A truck acquired at a cost of $69,000 has an estimated residual…
A: Solution a: Depreciable cost = Cost of truck - Residual value = $69,000 - $12,000 = $57,000
Q: Dexter Industries purchased packaging equipment on January 8 for $805,800. The equipment was…
A: Straight-Line Method Equipment cost 805,800 Less: Salvage value…
Q: Comparing Three Depreciation Methods Waylander Coatings Company purchased waterproofing equipment…
A: Depreciation is the non cash expenditure which is charged in the income statement. This expenditure…
Q: Determine the amount of depreciation expense for the years ended December 31, Year 1, Year 2, Year…
A: Depreciation: Depreciation is the method of allocating the cost of an asset to its useful life. The…
Q: Revision of Depreciation A building with a cost of $540,000 has an estimated residual value of…
A: Depreciation is a non-cash expense and it is charged against the fixed assets of the organisation.
Q: Units-of-activity Depreciation A truck acquired at a cost of $340,000 has an estimated residual…
A: Depreciable cost = Cost - Estimated residual value Depreciation rate = Depreciable cost/Estimated…
Q: Waylander Coatings Company purchased waterproofing equipment on January 6 for $889,400. The…
A: Depreciation means decline in the estimation of benefit inside its valuable life because of mileage…
Q: Units-of-activity Depreciation A truck acquired at a cost of $325,000 has an estimated residual…
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…
Q: Revision of Depreciation Equipment with a cost of $180,000 has an estimated residual value of…
A: We have the following information: Cost of equipment = $180,000 Estimated Residual Value = $14,400…
Q: Units-of-activity Depreciation A truck acquired at a cost of $270,000 has an estimated residual…
A: SOLUTION- DEPRECIATION- IT IS CHARGED TO THE FIXED ASSETS AS REDUCTION IN THE VALUE OF ASSETS WITH…
Q: Comparing Three Depreciation Methods Waylander Coatings Company purchased waterproofing equipment…
A: Depreciation: Depreciation is a method that reallocates the cost of tangible assets over their…
Q: Dexter Industries purchased packaging equipment on January 8 for $72,000. The equipment was expected…
A: Straight line depreciation = ( Cost of asset - salvage value ) / useful life years.
Q: Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $79,000…
A: Depreciation is the reduction in the value of an asset over time due to normal wear and tear,…
Q: Dexter Industries purchased packaging equipment on January 8 for $188,400. The equipment was…
A: An asset is purchased in order to use it in the business operation. However, once it is purchased,…
Q: Equipment acquired on January 2, Year 1, at a cost of $525,000 has an estimated useful life of eight…
A: Annual Depreciation (straight line method) = (Cost of the assets - Residual value) / Expected life…
Q: Units-of-Activity Depreciation A truck acquired at a cost of $202,800 has an estimated residual…
A: Depreciation per mile = Total cost of Truck - Residual ValueEstimated Useful life
Q: Units-of-activity Depreciation A truck acquired at a cost of $155,000 has an estimated residual…
A: Requirement a; Compute the amount of depreciable cost.
Q: Units-of-activity Depreciation A truck acquired at a cost of $235,000 has an estimated residual…
A: Units-of-activity method: Under the activity method, the depreciation expense is calculated on the…
Q: Comparing Three Depreciation Methods Dexter Industries purchased packaging equipment on January 8…
A: Solution:- A)Calculation Depreciation expenses For 4 years using Straight line method as follows:-…
Q: Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book…
A: The sum of years digits method is accelerated depreciation. Depreciation is taken as a…
Q: Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $1,630,000…
A: With the passage of time, the value of assets goes on decreasing due to various reasons such as…
Q: Units-of-Activity Depreciation A truck acquired at a cost of $250,000 has an estimated residual…
A: Depreciation = ( Cost - Salvage value )/ Estimated useful life Depreciable cost = Cost - Salvage…
Q: Comparing Three Depreciation Methods Waylander Coatings Company purchased waterproofing equipment on…
A: Straight line method = $391,000-$32,200/4 Straight line method = $89,700 Units of Output Method…
Q: Comparing Three Depreciation Methods Dexter Industries purchased packaging equipment on January 8…
A: Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of the…
Q: Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $2,200,000…
A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…
Q: Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $455,400 has an estimated…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: A tractor acquired at a cost of $420,000 has an estimated residual value of $30,000, has an…
A: Unit-of-activity Method: Under this method of depreciation, the depreciation expense is calculated…
Q: Units-of-activity Depreciation A truck acquired at a cost of $225,000 has an estimated residual…
A: Cost of Truck = $225,000 Residual Value = $14,100 Useful Life = 37,000 miles Number of miles driven…
Q: Revision of Depreciation Equipment with a cost of $706,800 has an estimated residual value of…
A: >Accounting principle states that the cost of the long term assets (like equipment) is to be…
Q: Comparing Three Depreciation Methods Dexter Industries purchased packaging equipment on January 8…
A: The depreciation is the expense charged on fixed asset as a reduction in value of asset with passage…
Q: Units-of-activity Depreciation A truck acquired at a cost of $250,000 has an estimated residual…
A: Depreciable cost = cost - residual value
Q: Comparing Three Depreciation Methods Dexter Industries purchased packaging equipment on January 8…
A: Depreciation is the reduction in value of asset over the period of time. It can be calculated by…
Q: Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $1,450,000…
A: (a) Calculate depreciable cost: Depreciable cost = Cost of building - Residual value Depreciable…
Q: Comparing Three Depreciation Methods Dexter Industries purchased packaging equipment on January 8…
A: Solution:- Calculation of depreciation expense for the three years ending December 31, by (a) the…
Q: Waylander Coatings Company purchased waterproofing equipment on January 6 for $320,000. The…
A: Calculation:
Q: Units-of-activity Depreciation A truck acquired at a cost of $245,000 has an estimated residual…
A: Depreciation represents the fall in the historical value of the fixed asset by estimated normal…
Q: Straight-Line Depreciation A computer was purchased on January 1 at a cost of $3,000. It has an…
A: Depreciation is a reduction in the value of assets due to the usage of that asset. We can evaluate…
Q: a. Determine the amount of the annual depreciation. b. Determine the book value after 18 full…
A: Depreciation: Depreciation is a periodic allocation of the cost of an asset over its estimated…
Q: Waylander Coatings Company purchased waterproofing equipment on January 6 for $730,400. The…
A: The declining balance method is a method of charging the depreciation in which the higher amount of…
Q: Units-of-Activity Depreciation A truck acquired at a cost of $365,000 has an estimated residual…
A: Units of activity method: Under units-of-activity method, depreciation is computed based on the…
Q: Comparing Three Depreciation Methods Dexter Industries purchased packaging equipment on January 8…
A: Depreciation: Depreciation Cost is the cost that is allocated over its life and it is charged as an…
Q: Units-of-activity Depreciation A truck acquired at a cost of $215,000 has an estimated residual…
A: The depreciation is charged to the fixed assets as reduction in value of assets with passage of…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- * CengageNOW2 | Online teachin x + ignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 它 ☆ SU login O Digital University |.. Tenant Portal - Login 围 eBook Show Me How E Print Item Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $93,600 has an estimated residual value of $3,600 and an estimated useful life of 10 years. Determine the following: a. The depreciable cost 90,000 10 b. The straight-line rate c. The annual straight-line depreciation 90,000 X Feedback V Check My Work ifference betwee the asset's initial cost and its residual value. The residual value is the estimated value at Depreciable cost is the the end of the useful life. Straight-line depreciation allocates the depreciable cost of the asset equally over the expected useful life. 10:22 PM 46% -2°F 12/16/2021 F11 F10 F8 F7 1%/ 6. 4. R. * CO 5Sepreciation Caict ssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false MSU login O Digital University .. O Tenant Portal - Login 国Reac eBook Show Me How E Print Item Units-of-Activity Depreciation A truck acquired at a cost of $250,000 has an estimated residual value of $15,000, has an estimated useful life of 47,000 miles, and was driven 3,800 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. a. The depreciable cost b. The depreciation rate per mile c. The units-of-activity depreciation for the year 5:39 AM 36% 4°F A @ O E O 12/17/2021 24 & 4. 6. 7. 81 近y Home CengageNOWv2 | Online teachin x takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogressfalse eBook Show Me How Calculator Print Item Partial-Year Depreciation Equipment acquired at a cost of $105,000 has an estimated residual value of $12,000 and an estimated useful life of 10 years. It was placed into service on May 1 of the current fiscal year, which ends on December 31. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Depreciation Year 1 %24 6,200 Year 2 b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Depreciation Year 1 Year 2 Feedback TCheck My Work Asset cost minus residual value equals depreciable cost Book value is the asset cost minus accumulated depreciation. If an asset is used for only part of a year the depreciation is prorated based on the number of months the asset is in service.…
- ilrn/takeAssighmer P MyLab & Masterin... https://sullivan.bla... 目Rea Gmail Mail - Newcomb,... Sullivan Blackboard Learn >> W Microsoft Office H... Revision of Depreciation A truck with a cost of $123,000 has an estimated residual value of $24,000, has an estimated useful life of 12 years, and is depreciated by the straight-line method. a. Determine the amount of the annual depreciation. $ 121,000 b. Determine the book value at the end of the seventh year of use. 2$ C. Assuming that at the start of the eighth year the remaining life is estimated to be six years and the residual value is estimated to be $15,000, determine the depreciation expense for each of the remaining five years. %24 Previous* CengageNowv2 |Online teachin X +. ignment/takeAssignmentMain.do?invoker%3&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Calculator Print Item Entries for sale of fixed asset Chart of Accounts First Question Journal Instructions Equipment acquired on January 8 at a cost of S168,000 has an estimated useful life of 18 years, has an estimated residual value of $15,000, and is depreciated by the straight-line method. A. What was the book value of the equipment at December 31 the end of the fourth year? B. Assuming that the equipment was sold on April 1 of the fifth year for 5125,000, journalize the entries to record (1) depreciation for the three months until the sale date and (2) the sale of the equipment.CengageNOWv2 | Online teachin x + /ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=... A Print Item A Determining Fixed Asset's Book Value The balance in the equipment account is $3,240,000, and the balance in the accumulated depreciation-equipment account is $2,134,000. a. What is the book value of the equipment? X b. Does the balance in the accumulated depreciation account mean that the equipment's loss of value is $2,134,000? ✓, because depreciation is an allocation of the cost No of the equipment to the periods benefiting from its use. E 00
- Bookmarks Window Help 0 14 eBook ACCT-2010-DEM01 Show Me How v2.cengagenow.com Check My Work 1 more Check My Work uses remaining. APR 4 C CengageNOWv2 | Online teaching and learning resourc... Units-of-activity Depreciation A truck acquired at a cost of $495,000 has an estimated residual value of $27,900, has an estimated useful life of 54,000 miles, and was driven 4,300 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. (a) The depreciable cost (b) The depreciation rate (c) The units-of-activity depreciation for the year 467,100 All work saved. 10- per mile tv Email Instructor G A q 20 Tue Apr 4 15 19 Cengage Learn Save and Exit Previous Submit AssignmenCengageNOWv2 | Online teaching and learning resource from Cengage Learning Calculator Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $612,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $44,360. a. What was the depreciation for the first year? Round your answer to the nearest cent. b. Using the rounded amount from Part a in your computation, determine the gain(loss) on the sale of the equipment, assuming it was sold at the end of year eight for $102,987. Round your answer to the nearest cent and enter as a positive amount. c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Previous Next> Email Instructor Submit Test for Grading All work saved.nt Content * CengageNOWv2 | Online teachin x .com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator%=&inprogress=false les ajoutant à la barre de favoris. Importer mes favoris maintenant. Net income $122,052 Depreciation expense 16,908 Loss on disposal of equipment (9,939) Gain on sale of building 20,737 Increase in accounts receivable 9,521 Decrease in accounts payable (2,247) Prepare the operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflov decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc. Statement of Cash Flows Cash flows from (used for) operating activities: Net income 122,052 Adjustments to reconcile net income to net cash flows from (used for) operating activities: image008.png Changes in current operating assets and liabilities: T do -reply /Notiwations Sur up Annoceme Change Blog acer
- MindTap- Cengage Leaming CengageNOWv2| Online teachin x n/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3false Q * G * O Mathison Company exchanged a worn-out tractor that had cost $30,000 and was half depreciated for a new tractor with a fair value of $12,000. Mathison paid an additional $4,500 cash. The transaction lacked commercial substance. Required: Compute the amount at which Mathison should record the new tractor. Check My Work 1 more Check My Work uses remaining Previous Next %24Using Excel to prepare depreciation schedules Download an Excel template for this problem online in MyAccountingLab or at http://www.pearsonhighered.corri/Horngren. The Fraser River Corporation has purchased a new piece of factory equipment on January 1, 2018, and wishes to compare three depreciation methods, straight-line, double-declining-balance, and units-of-production. The equipment costs $400,000 and has an estimated useful life of four years, or 8,000 hours. At the end of four years, the equipment is estimated to have a residual value of $20,000. Requirements Use Excel to prepare depreciation schedules for straight-line, double-declining-balance, and units-of-production methods. Use cell references from the Data table. Prepare a second depreciation schedule for double-declining-balance method, using the Excel function DDB. The DDB function cannot be used in the last year of the asset's useful life. At December 31, 2018, Fraser River is trying to determine if it should sell the…https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A%252F%252Fmymasonportal.gmu.edu%252Fweba 8: Homework i ces Listed below are costs (or discounts) to purchase or construct new plant assets. (1) Indicate whether the costs should be expensed or capitalized (Meaning they are included in the cost of the plant assets on the balance sheet.) (2) For costs that should be capitalized, indicate in which category of plant assets (Equipment, Building, or Land) the related costs should be recorded on the balance sheet. List 1. Costs to clear and grade land purchased for a new plant. 2. Parking ticket fees incurred by the delivery truck that illegally parked when delivering new equipment. 3. Demolition costs to remove an old building on land purchased. 4. Janitorial costs incurred to clean equipment. 5. Repair costs to fix new equipment damaged by the crew that unpacked it. 6. Costs to lay foundation for a new building. 7. Costs to unpack and assemble…