Required:i) Complete the following schedule of useful working.Equipment (Q107):CostSalvage ValueDepreciable baseAnnual Depreciation chargeAccumulated depreciation to the date of disposal Case CRobert Sporting Goods Company had purchased some equipment (Q107) on January 1, 2014 for $104 000 withan estimated salvage value of $8 000 and a 10-year useful life. On December 31, 2020, there was $67 200 inthe Accumulated Depreciation account for this equipment using the straight-line method of depreciation. Inpreparation for expansion, on March 31, 2021, that equipment was sold for $21 000.Required:

Formula: Straight line method depreciation = ( Asset cost - Salvage value ) / Useful life

Answered: i) Complete the following schedule of…

Business

Accounting

i) Complete the following schedule of useful working. Equipment (Q107): Cost

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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Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

Required:
i) Complete the following schedule of useful working.
Equipment (Q107):
Cost
Salvage Value
Depreciable base
Annual Depreciation charge
Accumulated depreciation to the date of disposal

Case C
Robert Sporting Goods Company had purchased some equipment (Q107) on January 1, 2014 for $104 000 with
an estimated salvage value of $8 000 and a 10-year useful life. On December 31, 2020, there was $67 200 in
the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. In
preparation for expansion, on March 31, 2021, that equipment was sold for $21 000.
Required:

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