In this exercise, you will create a depreciation schedule for Furniture Resellers as of 12/31/2016using an Excel table. You will then sort, filter, and analyze the data in the table. These fixed assets,with associated data as of 12/31/2015, were acquired prior to the current year.Fixed AssetDate ofCostSalvageValueUseful LifeAccumulatedAcquisition(years)DepreciationMachinery1/1/2007$8,200$70010$6,750GarageEquipment1/1/2009$11,000S200$8,400Computers1/1/2013$4,000so$2,400Furniture Resellers also acquired lobby furniture on 1/1/2016. The lobby furniture had a cost of$2,000, an estimated salvage value of $400, and an estimated useful life of eight years.1. Open a Blank Workbook and save the file in your Chapter 06 folder as:EA6-A2-Depreciation-[YourName]2. Enter appropriate bank reconciliation headers in the range A1:A2; apply italicformatting.3. Enter the fixed-asset data in the range A4:F7; for the accumulated depreciation, enterthe title but not the dollar amounts.

Depreciation: Depreciation is the process of deducting the total cost of the asset of the company.…

Answered: In this exercise, you will create a…

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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Endblast Productions showed the following selected asset balances on December 31, 2023: Land Building Accumulated depreciation, building¹ Equipment Accumulated depreciation, equipment² $476,800 606,400 425,600 211, 200 72,000 ¹Remaining estimated useful life is eight years with a residual value of $40,000; depreciated using the straight-line method to the nearest whole month. 2Total estimated useful life is 10 years with a residual value of $24,000; depreciated using the double-declining-balance method to the nearest whole month. Required: Prepare the entries for each of the following. (Round intermediate calculations to the nearest whole dollar.) 1. The land and building were sold on September 27, 2024, for $655,000 cash. View transaction list
From the following information prepare adjusting entries in the general journal and enter them in the work sheet. Plant and equipmentto be depreciated are composed of the following: Assets Date Acquired cost estimatedusage or life salvage value depreciation method Building 7/1/2014 $306,000 25 years $20,000 sum-of-years' digits Truck #1 4/1/2014 28,000 60,000 miles 3,100 miles driven Truck #2 9/1/2015 33,000 60,000 miles 4,200 miles driven Lift Truck #1* 8/17/2011 7,900 10 years 900 straight-line Lift Truck #2 3/29/2015 4,500 10 years 500 straight-line Lift Truck #3 9/16/2016 5,000 10 years 500 straight-line Office Equipment 7/1/2016 32,800 7 years 2,000 straight-line Computer 12/19/2018 7,600 4 years 1,600 Double-decling *sold 12/31/18 Truck No. 1has been driven 45,000 miles prior to 1/1/18 and truck No. 2 has been driven 30,500 miles prior to 1/1/18. During 2018 truck No. 1 was driven 12000 miles and truck No. 2 was driven 16000 miles. Remember…
Sepreciation Caict ssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false MSU login O Digital University .. O Tenant Portal - Login 国Reac eBook Show Me How E Print Item Units-of-Activity Depreciation A truck acquired at a cost of $250,000 has an estimated residual value of $15,000, has an estimated useful life of 47,000 miles, and was driven 3,800 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. a. The depreciable cost b. The depreciation rate per mile c. The units-of-activity depreciation for the year 5:39 AM 36% 4°F A @ O E O 12/17/2021 24 & 4. 6. 7. 81 近
ain.do?invoker=&takeAssignmentSessionLocator=&inprogress3Dfalse еВook Show Me How Depreciation Methods Gruman Company purchased a machine for $220,000 on January 2, 2016. It made the following estimates: Service life 5 years or 10,000 hours Production 200,000 units Residual value $20,000 In 2016, Gruman uses the machine for 1,800 hours and produces 44,000 units. In 2017, Gruman uses the machine for 1,500 hours and produces 35,000 units. If required, round your final answers to the nearest dollar. Required: 1. Compute the depreciation for 2016 and 2017 under each of the following methods: a. Straight-line method 2016 $ 40,000 2017 $ b. Sum-of-the-years'-digits method 2016 $ 193,333 X 2017 $ c. Double-declining-balance method 2016 $ 2017 $ H Artivity method haced on hours worked Next Previous Check My Work 11:17 PM 71 F Sunny 11/11/2021
Victor Mineli, the new controller of Cullumber Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Type ofAsset DateAcquired Cost AccumulatedDepreciation,Jan. 1, 2022 Useful Life (in years) Salvage Value Old Proposed Old Proposed Building Jan. 1, 2014 $984,500 $182,900 40 58 $70,000 $36,600 Warehouse Jan. 1, 2017 168,500 32,490 25 20 6,050 4,400 All assets are depreciated by the straight-line method. Cullumber Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor’s proposed changes. (The “Proposed” useful life is total life, not remaining life.) Compute the revised annual depreciation on each asset in 2022. (Round answers to 0 decimal places, e.g. 125.) Building Warehouse Revised annual depreciation $enter a…
Willow Creek Company purchased and installed carpet in its new general offices on July 30 for a total cost of $6,528. The carpet is estimated to have a 8-year useful life and no residual value. a. Prepare the journal entry necessary for recording the purchase of the new carpet. July 30 Carpet v 6,528 V Cash v 6,528 Feedback V Check My Work Is this purchase improving or extending the life of the asset? Or is this purchase something that will only benefit this period? b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek uses the straight-line method. Do not round intermediate calculations. Dec. 31 Depreciation Expense-Carpet v 476 X Accumulated Depreciation-Carpet v 476 X
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Prepare depreciation schedules for straight-line, double-declining-balance, and units-of-production methods. Use the imformation below and the images attached: +when doing units-of-production methods use the image attached with the listed machine hours The Fraser River Corporation has purchased a new piece of factory equipment on January 1, 2024. The equipment costs $620,000 and has an estimated useful life of four years, or 12,000 machine hours. At the end of four years, the equipment is estimated to have a residual value of $60,000. also when competing each of the depreciation schedules for each of the methods, what is the minimum amount that Fraser River will sell the factory equipment for in order to have a gain of $16,000?
The following data relate to the Machinery account of Wildhorse, Inc. at December 31, 2025. Original cost Year purchased Useful life Salvage value Depreciation method Accum. depr. through 2025* a. Cash A Machinery (Machine A) $54,280 2020 15,340 10 years $3,658 Sum-of-the-years'-digits $36,816 B 15,340 $60,180 2021 Machinery 15,000 hours $3,540 Activity $41,536 C $94,400 2022 15 years $5,900 Straight-line $17,700 D $94,400 *In the year an asset is purchased, Wildhorse, Inc. does not record any depreciation expense on the asset. In the year an asset is retired or traded in, Wildhorse, Inc. takes a full year's depreciation on the asset. The following transactions occurred during 2026. 2024 10 years $5,900 On May 5, Machine A was sold for $15,340 cash. The company's bookkeeper recorded this retirement in the following manner in the cash receipts journal. Double-declining balance $18,880
A truck acquired at a cost of $60,000 has an estimated residual value of $2,000, has an estimated useful life of 200,000 miles, and was driven 15,000 miles during the year. Determine the following. If required, round your answer for the depreciation rate to 2 decimal places. Line Item Description Amount (a) The depreciable cost $fill in the blank 1 (b) The depreciation rate $fill in the blank 2 per mile (c) The units-of-activity depreciation for the year $fill in the blank 3
Units-of-activity depreciation A tractor acquired at a cost of $400,000 has an estimated residual value of $122,800, has an estimated useful life of 36,000 hours, and was operated 4,670 hours during the year. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet Determine the following. Round your answer for depreciation rate to two decimal places. a. The depreciable cost b. The depreciation rate c. The units-of-activity depreciation for the year per hour
! Required information [The following information applies to the questions displayed below.] On April 1, 2016, Cyclone's Backhoe Co. purchases a trencher for $310,000. The machine is expected to last five years and have a salvage value of $55,000. Compute depreciation expense for both years ending December 2016 and 2017 assuming the company uses the straight-line method. Choose Numerator: Choose Denominator: Annual Depreciation = Annual depreciation = Year Annual Depreciation X Fraction of Year 2016 2017 X Depreciation Expense

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