. Genel Company provided the following schedule of machinery:Total Cost Residual Value500,000200,000Useful LifeMachine A5,500,00020Machine B2,000,00015Machine C400,0005What is the composite life of these assets?А. 13.3В. 16.0C. 18.0D. 19.8

Composite life of the assets = Total depreciable value / Total annual depreciation expense

. Genel Company provided the following schedule of machinery: Total Cost Residual Value Useful Life Machine A 5,500,000 500,000 200,000 20 Machine B 2,000,000 15 Machine C 400,000 5 What is the composite life of these assets? А. 13.3 В. 16.0 С. 18.0 D. 19.8

. Genel Company provided the following schedule of machinery: Total Cost Residual Value Useful Life Machine A 5,500,000 500,000 200,000 20 Machine B 2,000,000 15 Machine C 400,000 5 What is the composite life of these assets? А. 13.3 В. 16.0 С. 18.0 D. 19.8

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

Question

. Genel Company provided the following schedule of machinery:
Total Cost Residual Value
500,000
200,000
Useful Life
Machine A
5,500,000
20
Machine B
2,000,000
15
Machine C
400,000
5
What is the composite life of these assets?
А. 13.3
В. 16.0
C. 18.0
D. 19.8

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