kk.Subject :- Accounting In recent years. Windsor 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.Machine12(a1)3AcquiredJan. 1, 2020July 1, 2021Nov. 1, 2021Cost$ 96,40088,50070,000Your answer is correct.Depreciable costSalvageValue$ 14,00011,500$8,000Useful Life(in years)8For the declining-balance method, Windsor Company uses the double-declining rate. For the units-of-activity method, total machinehours are expected to be 31,000. Actual hours of use in the first 3 years were 2021, 500; 2022,4,600; and 2023, 6,600.256For Machine #3, calculate depreciable cost per hour under units-of-activity method.DepreciationMethodStraight-lineDeclining-balanceUnits-of-activityper hour (b)Your answer is correct.Compute the amount of accumulated depreciation on each machine at December 31, 2023.MACHINE 1Accumulated depreciation$MACHINE 2 $MACHINE 3 $eTextbook and Media41200Depreciation expense63012123400If machine 2 was purchased on April 1 instead of July 1, what would be the depreciation expense for this machine in 2021? In2022?(1)2021Attempts: 1 of 3 used(2)2022

Name: kk.Subject :- Accounting In recent years. Windsor Company has purchase
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Description: kk.Subject :- Accounting In recent years. Windsor 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

Depreciation is an expense which is charged for the wear and tear of the assets. These assets are…

Business

Accounting

In recent years, Windsor Company has purchased three machines. Because of frequent empl department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods haw been used. Information concerning the machines is summarized in the table below. Machine 1 2 (a1) 3 Acquired Jan. 1, 2020 July 1, 2021 Nov. 1, 2021 Cost $ 96,400 88,500 70,000 Your answer is correct. Salvage Value $ 14,000 Depreciable cost 11,500 8,000 Useful Life (in years) 8 5 For the declining-balance method, Windsor Company uses the double-declining rate. For the units-of-activity method, total machi hours are expected to be 31,000. Actual hours of use in the first 3 years were 2021, 500; 2022, 4,600; and 2023, 6,600. 2 6 Depreciation Method For Machine #3, calculate depreciable cost per hour under units-of-activity method. Straight-line Declining-balance Units-of-activity per hour

In recent years, Windsor Company has purchased three machines. Because of frequent empl department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods haw been used. Information concerning the machines is summarized in the table below. Machine 1 2 (a1) 3 Acquired Jan. 1, 2020 July 1, 2021 Nov. 1, 2021 Cost $ 96,400 88,500 70,000 Your answer is correct. Salvage Value $ 14,000 Depreciable cost 11,500 8,000 Useful Life (in years) 8 5 For the declining-balance method, Windsor Company uses the double-declining rate. For the units-of-activity method, total machi hours are expected to be 31,000. Actual hours of use in the first 3 years were 2021, 500; 2022, 4,600; and 2023, 6,600. 2 6 Depreciation Method For Machine #3, calculate depreciable cost per hour under units-of-activity method. Straight-line Declining-balance Units-of-activity per hour

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, 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?
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. For Bus #3, calculate depreciable cost per mile under units-of-activity method.
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. Compute the amount of accumulated depreciation on each machine at December 31, 2023.
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