In recent years, Jayme Company has purchased three machines. Because of frequent employee turnover in the accounting department,a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used.Information concerning the machines is summarized in the table below.Machine1AcquiredJan. 1, 2015CostSalvageValueUseful Life(in years)DepreciationMethod$96,000$12,00082July 1, 20163Nov. 1, 201685,00066,00010,0006,00056Straight-lineDeclining-balanceUnits-of-activityFor the declining-balance method, Jayme Company uses the double-declining rate. For the units-of-activity method, total machinehours are expected to be 30,000. Actual hours of use in the first 3 years were: 2016, 800; 2017, 4,500; and 2018, 6,000.Compute the amount of accumulated depreciation on each machine at December 31, 2018.Accumulated Depreciation at December 31MACHINE 1MACHINE 2MACHINE 3If machine 2 was purchased on April 1 instead of July 1, what would be the depreciation expense for this machine in 2016? In 2017?Depreciation Expense20162017

For Machine 1, the straight-line method of depreciation is used. This method spreads the cost of the…

Answered: In recent years, Jayme Company has…

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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In recent years, Blossom Corporation has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost ResidualValue Useful Life(in years) Depreciation Method 1 Jan. 1, 2022 $101,200 $11,600 5 Straight-line 2 July 1, 2023 81,250 9,520 5 Diminishing-balance 3 Nov. 1, 2023 66,430 6,550 6 Units-of-production For the diminishing-balance method, Blossom Corporation uses double the straight-line rate. For the units-of-production method, total machine hours are expected to be 24,950. Actual hours of use in the first 3 years were: 2023, 420; 2024, 4,440; and 2025, 5,500.
In recent years, Blossom Corporation has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost Residual Value Useful Life (in years) Depreciation Method 1 Jan. 1, 2025 $86,500 $10,900 5 Straight-line 2 July 1, 2026 77,500 10,590 5 Diminishing-balance 3 Nov. 1, 2026 75,521 6,050 6 Units-of-production For the diminishing-balance method, Blossom Corporation uses double the straight-line rate. For the units-of-production method, total machine hours are expected to be 25,730. Actual hours of use in the first 3 years were: 2026, 420; 2027, 4,490; and 2028, 4,970. (a) - Your answer is partially correct. Prepare separate depreciation schedules for each machine. Prepare the schedule for all years, information permitting. (Round…
In recent years, Blossom Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost SalvageValue Useful Life(in years) DepreciationMethod 1 Jan. 1, 2020 $126,500 $46,500 8 Straight-line 2 July 1, 2021 83,000 10,600 5 Declining-balance 3 Nov. 1, 2021 70,900 6,900 7 Units-of-activity For the declining-balance method, Blossom Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 32,000. Actual hours of use in the first 3 years were: 2021, 640; 2022, 4,600; and 2023, 6,400.
In recent years, Sunland Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost SalvageValue Useful Life(in years) DepreciationMethod 1 Jan. 1, 2020 $129,500 $41,500 8 Straight-line 2 July 1, 2021 85,500 10,700 5 Declining-balance 3 Nov. 1, 2021 76,800 7,800 7 Units-of-activity For the declining-balance method, Sunland Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 34,500. Actual hours of use in the first 3 years were: 2021, 770; 2022, 5,700; and 2023, 7,400. Compute the amount of accumulated depreciation on each machine at December 31, 2023. MACHINE 1 MACHINE 2…
In recent years, Wildhorse Corporation has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost ResidualValue Useful Life(in years) Depreciation Method 1 Jan. 1, 2018 $103,900 $13,200 5 Straight-line 2 July 1, 2019 83,750 10,010 5 Diminishing-balance 3 Nov. 1, 2019 70,587 6,570 6 Units-of-production For the diminishing-balance method, Wildhorse Corporation uses double the straight-line rate. For the units-of-production method, total machine hours are expected to be 23,710. Actual hours of use in the first 3 years were: 2019, 370; 2020, 4,130; and 2021, 4,700. If Machine 2 was purchased on October 1 instead of July 1, what would be the depreciation expense for this machine in…
In recent years, Wildhorse Corporation has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost ResidualValue Useful Life(in years) Depreciation Method 1 Jan. 1, 2018 $103,900 $13,200 5 Straight-line 2 July 1, 2019 83,750 10,010 5 Diminishing-balance 3 Nov. 1, 2019 70,587 6,570 6 Units-of-production For the diminishing-balance method, Wildhorse Corporation uses double the straight-line rate. For the units-of-production method, total machine hours are expected to be 23,710. Actual hours of use in the first 3 years were: 2019, 370; 2020, 4,130; and 2021, 4,700. (a) Prepare separate depreciation schedules for each machine. Prepare the schedule for all years,…
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In recent years, Cullumber Corporation has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine 1 2 (a) 3 Acquired Jan. 1, 2025 July 1, 2026 Nov. 1, 2026 ulation eciation ate % % % Cost $89,900 92,500 65,960 For the diminishing-balance method, Cullumber Corporation uses double the straight-line rate. For the units-of-production method, total machine hours are expected to be 23,780. Actual hours of use in the first 3 years were: 2026, 380, 2027, 4,230; and 2028, 4,830. % % Prepare separate depreciation schedules for each machine. Prepare the schedule for all years, information permitting. (Round depreciation per unit to 2 decimal places, eg. 5.20 and answers to the nearest whole dollar, e.g. 5,275. Do not leave any answer field blank. Enter O…
In recent years, Tamarisk Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine 2 1 3 (a1) Acquired Jan. 1, 2020 July 1, 2021 Nov. 1, 2021 Depreciable cost $ eTextbook and Media (a2) Save for Later For the declining-balance method, Tamarisk Company uses the double-declining rate. For the units-of-activity method, total machine hours 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 1 Cost $ 97,200 89,500 86,000 MACHINE 2 Salvage Value $ 13,000 10,000 8,000 For Machine #3, calculate depreciable cost per hour under units-of-activity method. MACHINE 3 Useful Life (in years) $ 8 Accumulated depreciation 5 6 Depreciation Method Compute the amount of accumulated…
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In recent years, Larkspur Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost Salvage Value Useful Life (years) Depreciation Method 1 1/1/2020 $ 99,800 $ 13,000 8 Straight-line 2 7/1/2021 92,000 11,000 5 Declining-balance 3 11/1/2021 104,000 8,000 6 Units-of-activity For the declining-balance method, Larkspur Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 32,000. Actual hours of use in the first 3 years were 2021, 600; 2022, 4,700; and 2023, 6,700. If machine 2 was purchased on 4/1/2021 instead of 7/1/2021, what would be the depreciation expense for this machine in 2021 and in 2022?

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