In recent years, Tamarisk Company has purchased three machines. Because of frequent employee turnover in the accountingdepartment, a different accountant was in charge of selecting the depreciation method for each machine, and various methods havebeen used. Information concerning the machines is summarized in the table below.Machine213(a1)AcquiredJan. 1, 2020July 1, 2021Nov. 1, 2021Depreciable cost $eTextbook and Media(a2)Save for LaterFor the declining-balance method, Tamarisk Company uses the double-declining rate. For the units-of-activity method, total machinehours are expected to be 39,000. Actual hours of use in the first 3 years were 2021, 700; 2022, 4,300; and 2023, 7,400.MACHINE 1Cost$ 97,20089,50086,000MACHINE 2SalvageValue$ 13,00010,0008,000For Machine #3, calculate depreciable cost per hour under units-of-activity method.MACHINE 3Useful Life(in years)$8Accumulated depreciation56DepreciationMethodCompute the amount of accumulated depreciation on each machine at December 31, 2023.Straight-lineDeclining-balanceUnits-of-activityper hourAttempts: 0 of 3 usedSubmit Answer

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Description: In recent years, Tamarisk Company has purchased three machines. Because of frequent employee turnover in the accountingdepartment, a different accountant was in charge of selecting the depreciation method for each machine, and various methods havebe

Depreciation - is the indirect expense reported every year in the financial statements as a decrease…

Business

Accounting

(a1) For Machine #3, calculate depreciable cost per hour under units-of-activity method. Depreciable cost $ eTextbook and Media Save for Later (a2) MACHINE 1 Compute the amount of accumulated depreciation on each machine at December 31, 2023. MACHINE 2 MACHINE 3 Accumulated depreciation $ $ per hour $ Attempts: 0 of 3 used Submit Answer

(a1) For Machine #3, calculate depreciable cost per hour under units-of-activity method. Depreciable cost $ eTextbook and Media Save for Later (a2) MACHINE 1 Compute the amount of accumulated depreciation on each machine at December 31, 2023. MACHINE 2 MACHINE 3 Accumulated depreciation $ $ per hour $ Attempts: 0 of 3 used Submit Answer

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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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…
(a2) Compute depreciation expense for 2022 and 2023 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining-balance method. Depreciation Expense 2022 2023 (1) Straight-line method 4000 $ 4000 (2) Units-of-activity method $ $ (3) Double-declining-balance method $ %24 %24 %24 %24 %24 %24
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Using Excel to Calculate Double-Diminishing-Balance Depreciation PROBLEM Audio Systems purchased a delivery truck on January 1, 2024. The company has a December 31 year end. Additional information concerning the truck follows. Purchase price of truck Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem and work area as indicated. Using the diminishing-balance method and assuming the depreciation rate is equal to double the straight-line rate, calculate the depreciation: Residual value Useful life $80,000 8,000 4 years a. For each year of the truck's life Rate January 1 Carrying Amount Depreciation December 31 Carrying Rate Expense Amount 2021 0% b. 2022 2023 2024 0% 0% 0% In total over the truck's life Total
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A machine that cost $24,000 with a book value of $18,000 was sold for $12,000. The journal entry to record this event would include a a. Gain of $12,000 b. Loss of $12,000 c. Debit to Accumulated Depreciation for $6,000 d. Debit to Accumulated Depreciation for $18,000 e. Credit to Machine for $18,000
Q1. ARR Tulsian Ltd. provides you the following information: 1. Purchase Price of each Machine 1. Working Capital 3. Useful Life of each machine 4. Estimated Salvage Value at the end of useful life 5. Method of Depreciation 6. Tax Rate 7. Earning before depreciation & tax: Rs. 6,00,000 Rs. 3,00,000 5 years Rs. 1,00,000 Straight line 30% M Machine Year 1 Year 2 Year 3 Year 4 Year 5 Machine X 3,00,000 3,00,000 1,00,000 4,00,000 Required: Suggest which of the above machines aboutt 3,00,000 2,00,000 3,00,000 3,00,000 3,00,000 2,00,000 Machine Y Machine Z 3,00,000 12,00,000 5,00,000 Rate of Return Moshad You are required to suggest which of the three machines should the company go for on the basis of : A. ARR method B. Payback period method
Pharoah Limited purchased a machine on account on April 1, 2024, at an invoice price of $356,620. On April 2, it paid $2,130 for delivery of the machine. A one-year, $3,970 insurance policy on the machine was purchased on April 5. On April 19, Pharoah paid $7,590 for installation and testing of the machine. The machine was ready for use on April 30. Pharoah estimates the machine's useful life will be five years or 6,212 units with a residual value of $73,690. Assume the machine produces the following numbers of units each year: 896 units in 2024; 1,400 units in 2025; 1,405 units in 2026; 1,396 units in 2027; and 1,115 units in 2028. Pharoah has a December 31 year end. - Show Transcribed Text Your answer is partially correct. Ű Ć Assume that the company, after recording depreciation using the straight-line method, for the first four months of 2026, determined on May 1, 2026 that the machine could be operated for one more year than originally estimated. Because of this, the residual…
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