NEED CALCULATIONS NOT JUST NUMBERS PLEASEDon't give answer in image B Cost:Estimated Residual:5 Estimated Life in years:5 Estimated Life in hours:B90124Sullivan Ranch Corporation has purchased a new tractor. The following information is given:$$56789012Actual Hours:Year 1Year 2Year 3Year 4Prepare the following Straight Line depreciation schedule by using the excel SLN FUNCTION (fx) to calculate the3 Depreciation Expense for Years 1-4 in the Depreciation Expense column. Enter formulas or absolute cell references forthe remaining cells.150,00010,00041200Year123360270350220SULLIVAN RANCH CORPORATIONDepreciation Schedule-Straight Line MethodEnd of year amountsDepreciationExpenseAccumulatedDepreciationBook Value

Name: NEED CALCULATIONS NOT JUST NUMBERS PLEASEDon't give answer in image B
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Description: NEED CALCULATIONS NOT JUST NUMBERS PLEASEDon't give answer in image B Cost:Estimated Residual:5 Estimated Life in years:5 Estimated Life in hours:B90124Sullivan Ranch Corporation has purchased a new tractor. The following information is given:$$56789

Straight-line depreciation: Straight-line depreciation is method of depreciation where the…

Answered: Cost: Estimated Residual: Estimated…

Business

Accounting

Cost: Estimated Residual: Estimated Life in years: Estimated Life in hours: Actual Hours: Year 1 Year 2 Year 3 Year 4 $ $ 150,000 10,000 4 1200 360 270 350 220

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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CASH Transactions Debit Credit Cash receipts 1,280,000 Cash Disbursements 825,000 December 31 balances 455,000 You are contacted by the management to compute its net income using the accrual basis of accounting. During the process of preparation, the following were identified by you that will impact your computation: Property, plant and equipment are depreciated on a straight line basis. Annual depreciation is P 105,000. Prepaid insurance of P 18,000 was recognized as expense when it was paid. P 12,000 of the balance relates to year 2023. The entire amount of P 120,000 which was received as advance rental for office space in its building was recognized as rent income when received. P 70,000 of the amount will be earned in 2023. Employees are due P 28,000 at the end of 2022. Uncollected interest from investment at the end of 2022 is P 31,700. It is estimated that your 2022 fee for accounting services that have not been billed will be P 5,000. QUESTIONS: What is the…