0 Required information [The following information applies to the questions displayed below] 3 University Car Wash built a deluxe car wash across the street from campus. The new machines cost $231.000 including installation. The company estimates that the equipment will have a residual value of $25,500. University Car Wash also estimates it will use the machine for six years or about 12,500 total hours. Actual use per year was as follows: Year 1 2 4 5 2. Prepare a depreciation schedule for six years using the double-declining balance reinod (Do not round your intermediate calculations.) 6 Total Year Hours Used 2,900 1,000 1,900 Depreciation Expense $ 2,100 1,909 1,900 UNIVERSITY CAR WASH Depreciation Schedule-Double Declining Balance End of year amounts Accumulated Depreciation Book Value

0 Required information [The following information applies to the questions displayed below] 3 University Car Wash built a deluxe car wash across the street from campus. The new machines cost $231.000 including installation. The company estimates that the equipment will have a residual value of $25,500. University Car Wash also estimates it will use the machine for six years or about 12,500 total hours. Actual use per year was as follows: Year 1 2 4 5 2. Prepare a depreciation schedule for six years using the double-declining balance reinod (Do not round your intermediate calculations.) 6 Total Year Hours Used 2,900 1,000 1,900 Depreciation Expense $ 2,100 1,909 1,900 UNIVERSITY CAR WASH Depreciation Schedule-Double Declining Balance End of year amounts Accumulated Depreciation Book Value

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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Ten years ago J-Bar Company purchased a lathe for $250,000. It was being depreciated on a straight-line basis to an estimated $25,000 salvage value (watch video for Lesson 7 Part 2 to see how to handle this when using straight-line depreciation) over a 15-year period. The firm is considering selling the old lathe and purchasing a new one. The new lathe would cost $500,000. The firm’s marginal tax rate is 40 percent. Determine the net initial investment required to purchase the new lathe if the old lathe is sold for $100,000.
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Required information [The following information applies to the questions displayed below.) Nicole's Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NGS. The machine was purchased at the beginning of the year at a cost of $8.500. The estimated useful life was five years and the residual value was $500. Assume that the estimated productive life of the machine is 10,000 hours. Expected annual production was year 1, 2,250 hours; year 2, 2,350 hours; year 3, 2,300 hours, year 4, 2,100 hours; and year 5, 1,000 hours. 3. Assume NGS sold the hydrotherapy tub system for $2.550 at the end of year 3. The following amounts were forecast for year 3: Sales Revenues $44,000; Cost of Goods Sold $34,000; Other Operating Expenses $4,400, and Interest Expense $900. Create an income statement for year 3 for each of the different depreciation methods, ending at Income before Income Tax Expense. (Don't forget to include a loss or gain on disposal for each method.).…
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! Required information [The following information applies to the questions displayed below.] University Car Wash purchased new soap dispensing equipment that cost $261,000 including installation. The company estimates that the equipment will have a residual value of $27,000. University Car Wash also estimates it will use the machine for six years or about 12,000 total hours. Actual use per year was as follows: 7 Year 1 2 Year 1 2 3 4 5 6 Hours Used 2,800 1,400 1,500 2,500 3. Prepare a depreciation schedule for six years using the activity-based method. (Round your "Depreciation Rate" to 2 decimal places and use this amount in all subsequent calculations.) 2,300 1,500 UNIVERSITY CAR WASH Depreciation Schedule-Activity-Based End of Year Amounts Depreciation Expense Accumulated Depreciation Book Value
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Required information [The following information applies to the questions displayed below] On January 1, the Matthews Band pays $69,000 for sound equipment. The band estimates it will use this equipment for five years and perform 200 concerts. It estimates that after five years it can sell the equipment for $2,000. During the first year, the band performs 55 concerts. Compute the first-year depreciation using the units-of-production method. Select formula for the depreciation rate of Units of Production: Calculate the first year depreciation expense Depreciation per concert Concerts in first year Depreciation in first year