Homework Help is Here – Start Your Trial Now!
Business
Accounting
0 ASH Asek S $100.000 SY.0 Ase de 3 rd Items 11 through 13 are based on the following information Vorst Corporation's schedule of depreciable assets at December 31, 2018, was as follows Residual Value $20,000 10,000 14.000 $44.000 Acquisition Date 2017 Asset Cost $100,000 55,000 70,000 $225.000 Accumulated Depreciation $64,000 A Ume 2016 2016 36,000 Gro 33 600 $133.600 Vorst takes a full year's depreciation expense in the year of an asset's acquisition, and no depreciation expense in the year of an asset's disposition. The estimated useful life of each depreciable asset is 5 years. bemm 11. Vorst depreciates Asset A on the double-declining-balance method. How much depreciation expense should Vorst record in 2019 for Asset A? a. $32,000 $25,600 $14,400 C. $6,400 12. Using the sum-of-the-years-digits method, how much depreciation expense should Vorst record in 2019 for Asset B? a. $6,000 b $9,000 C. $11,000 d. $12,000 13. Vorst depreciates Asset C by the straight-line method. On June 30, 2019, Vorst sold Asset C for $28,000 cash. How much gain (loss) should Vorst record in 2019 on the disposal of Asset C? $2,800 b. $(2,800) c. $(5,600) d. $(8,400) a. 14. A machine with a 4-year estimated useful life and an estimated 15% residual value was acquired on January 1. Would depreciation expense using the sum-of-the-years'-digits method be higher or lower than depreciation expense using the double-declining-balance method in the first and second years? First Year a. Higher b. Higher Second Year Higher Lower Higher Lower C. d. Lower Lower

0 ASH Asek S $100.000 SY.0 Ase de 3 rd Items 11 through 13 are based on the following information Vorst Corporation's schedule of depreciable assets at December 31, 2018, was as follows Residual Value $20,000 10,000 14.000 $44.000 Acquisition Date 2017 Asset Cost $100,000 55,000 70,000 $225.000 Accumulated Depreciation $64,000 A Ume 2016 2016 36,000 Gro 33 600 $133.600 Vorst takes a full year's depreciation expense in the year of an asset's acquisition, and no depreciation expense in the year of an asset's disposition. The estimated useful life of each depreciable asset is 5 years. bemm 11. Vorst depreciates Asset A on the double-declining-balance method. How much depreciation expense should Vorst record in 2019 for Asset A? a. $32,000 $25,600 $14,400 C. $6,400 12. Using the sum-of-the-years-digits method, how much depreciation expense should Vorst record in 2019 for Asset B? a. $6,000 b $9,000 C. $11,000 d. $12,000 13. Vorst depreciates Asset C by the straight-line method. On June 30, 2019, Vorst sold Asset C for $28,000 cash. How much gain (loss) should Vorst record in 2019 on the disposal of Asset C? $2,800 b. $(2,800) c. $(5,600) d. $(8,400) a. 14. A machine with a 4-year estimated useful life and an estimated 15% residual value was acquired on January 1. Would depreciation expense using the sum-of-the-years'-digits method be higher or lower than depreciation expense using the double-declining-balance method in the first and second years? First Year a. Higher b. Higher Second Year Higher Lower Higher Lower C. d. Lower Lower

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%

i would like question 13 answered please

0 ASH Asek S $100.000 SY.0 Ase de 3 rd Items 11 through 13 are based on the following information Vorst Corporation's schedule of depreciable assets at December 31, 2018, was as follows Residual Value $20,000 10,000 14.000 $44.000 Acquisition Date 2017 Asset Cost $100,000 55,000 70,000 $225.000 Accumulated Depreciation $64,000 A Ume 2016 2016 36,000 Gro 33 600 $133.600 Vorst takes a full year's depreciation expense in the year of an asset's acquisition, and no depreciation expense in the year of an asset's disposition. The estimated useful life of each depreciable asset is 5 years. bemm 11. Vorst depreciates Asset A on the double-declining-balance method. How much depreciation expense should Vorst record in 2019 for Asset A? a. $32,000 $25,600 $14,400 C. $6,400 12. Using the sum-of-the-years-digits method, how much depreciation expense should Vorst record in 2019 for Asset B? a. $6,000 b $9,000 C. $11,000 d. $12,000 13. Vorst depreciates Asset C by the straight-line method. On June 30, 2019, Vorst sold Asset C for $28,000 cash. How much gain (loss) should Vorst record in 2019 on the disposal of Asset C? $2,800 b. $(2,800) c. $(5,600) d. $(8,400) a. 14. A machine with a 4-year estimated useful life and an estimated 15% residual value was acquired on January 1. Would depreciation expense using the sum-of-the-years'-digits method be higher or lower than depreciation expense using the double-declining-balance method in the first and second years? First Year a. Higher b. Higher Second Year Higher Lower Higher Lower C. d. Lower Lower
Transcribed Image Text:0 ASH Asek S $100.000 SY.0 Ase de 3 rd Items 11 through 13 are based on the following information Vorst Corporation's schedule of depreciable assets at December 31, 2018, was as follows Residual Value $20,000 10,000 14.000 $44.000 Acquisition Date 2017 Asset Cost $100,000 55,000 70,000 $225.000 Accumulated Depreciation $64,000 A Ume 2016 2016 36,000 Gro 33 600 $133.600 Vorst takes a full year's depreciation expense in the year of an asset's acquisition, and no depreciation expense in the year of an asset's disposition. The estimated useful life of each depreciable asset is 5 years. bemm 11. Vorst depreciates Asset A on the double-declining-balance method. How much depreciation expense should Vorst record in 2019 for Asset A? a. $32,000 $25,600 $14,400 C. $6,400 12. Using the sum-of-the-years-digits method, how much depreciation expense should Vorst record in 2019 for Asset B? a. $6,000 b $9,000 C. $11,000 d. $12,000 13. Vorst depreciates Asset C by the straight-line method. On June 30, 2019, Vorst sold Asset C for $28,000 cash. How much gain (loss) should Vorst record in 2019 on the disposal of Asset C? $2,800 b. $(2,800) c. $(5,600) d. $(8,400) a. 14. A machine with a 4-year estimated useful life and an estimated 15% residual value was acquired on January 1. Would depreciation expense using the sum-of-the-years'-digits method be higher or lower than depreciation expense using the double-declining-balance method in the first and second years? First Year a. Higher b. Higher Second Year Higher Lower Higher Lower C. d. Lower Lower
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Borrowing costs
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS