A computer was purchased on January 1 at a cost of $12,500. It has an estimated useful life of five years and an estimated salvage value of $1,250. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below Open spreadsheet Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the double-declining-balance method. Computer Depreciation Schedule Book Value Accumulated Beginning Depreciation Depreciation Book Value Year of Year Rate Expense End of Year End of Year 1 2. % 3. % 4

A computer was purchased on January 1 at a cost of $12,500. It has an estimated useful life of five years and an estimated salvage value of $1,250. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below Open spreadsheet Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the double-declining-balance method. Computer Depreciation Schedule Book Value Accumulated Beginning Depreciation Depreciation Book Value Year of Year Rate Expense End of Year End of Year 1 2. % 3. % 4

Name: Double-Declining-Balance DepreciationA computer was purchased on Janu
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Description: Double-Declining-Balance DepreciationA computer was purchased on January 1 at a cost of $12,500. It has an estimated useful life of five years and an estimated salvage value of $1,250.This information has been collected in the Microsoft Excel Online

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter18: Accounting For Long-term Assets

Section: Chapter Questions

Problem 3CE: A machine costing 350,000 has a salvage value of 15,000 and an estimated life of three years....

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Straight-Line Depreciation A computer was purchased on January 1 at a cost of $13,000. It has an estimated useful life of five years and an estimated salvage value of $1,300. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the straight-line method. Computer Depreciation Schedule Depreciable Depreciation Accumulated Year Cost Rate Expense Depreciation Book Value 1 $4 3 4 5 %
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Depreciation by two methods A storage tank acquired at the beginning of the fiscal year at a cost of $104,400 has an estimated residual value of $15,000 and an estimated useful life of 10 years. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Xx Open spreadsheet a. Determine the amount of annual depreciation by the straight-line method. Round your answer to the nearest dollar. b. Determine the amount of depreciation for the first and second years computed by the double-declining-balance method. Do not round the double-declining balance rate. Round your answers to the nearest dollar. Year 1 Year 2 Depreciation
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In this exercise, you will create a depreciation schedule for Furniture Resellers as of 12/31/2016 using an Excel table. You will then sort, filter, and analyze the data in the table. These fixed assets, with associated data as of 12/31/2015, were acquired prior to the current year. Fixed Asset Date of Cost Salvage Value Useful Life Accumulated Acquisition (years) Depreciation Machinery 1/1/2007 $8,200 $700 10 $6,750 Garage Equipment 1/1/2009 $11,000 S200 $8,400 Computers 1/1/2013 $4,000 so $2,400 Furniture Resellers also acquired lobby furniture on 1/1/2016. The lobby furniture had a cost of $2,000, an estimated salvage value of $400, and an estimated useful life of eight years. 1. Open a Blank Workbook and save the file in your Chapter 06 folder as: EA6-A2-Depreciation-[YourName] 2. Enter appropriate bank reconciliation headers in the range A1:A2; apply italic formatting. 3. Enter the fixed-asset data in the range A4:F7; for the accumulated depreciation, enter the title but not the…
To test your formulas, assume the machine purchased had an estimated useful life of three years (20,000, 30,000, and 50,000 hours, respectively). Enter the new information in the Data Section of the worksheet. Does your depreciation total 320,000 under all three methods? There are three common errors made by students completing this worksheet. Lets clear up two of them. One, an asset that has a three-year life should have no depreciation claimed in Year 4. This can be corrected using an =IF statement in Year 4. For example, the correct formula in cell C32 is =IF(B32D9,0,(D7D8)/D9) or =IF(B32D9, 0, SLN(D7, D8, D9)). You may wish to edit what you have already entered rather than retype it. Two, as mentioned in requirement 2, the double-declining-balance calculation needs to be modified in the last year of the assets life. Assuming you have already modified the formula for Year 4 (per instructions in step 2), alter the formula for Year 3 also. If you corrected any formulas, test their correctness by trying different estimated useful lives (between 3 and 8) in cell E9. Then reset the Data Section to the original values, save the revised file as DEPREC2, and reprint the worksheet to show the correct formulas. The third common error doesnt need to be corrected in this problem. The general form of the double-declining-balance formula needs to be modified to check the net book value of the asset each year to make sure it does not go below salvage value. =DDB does this automatically, but if you are writing your own formulas, this gets very complicated and is beyond the scope of the problem.
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please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) A piece of equipment is purchased for $110,000 and has an estimated salvage value of $10,000 at the end of the recovery period. Prepare a depreciation schedule for the piece of equipment using the straight-line method with a recovery period of seven years.
Consider the following accounting information for a computer system: Cost basis of the asset, I = $10,000, Useful life, N = 5 years, Estimated salvage value, S = $0. Use the double-declining-depreciation method to compute the annual depreciation allowances and the resulting book values.
Consider the following accounting information for a computer system:Cost basis of the asset (I) = $10,000;Useful life (N) = 5 years;Estimated salvage value (S) = $2,000. Compute the annual depreciation allowances and the resulting book values using the double-declining-balance depreciation method.