Lakeside Manufacturing purchased a machine 5 years ago for $1,000,000. The machine is being depreciated on a straight- line basis to a salvage value of $150,000 over its estimated useful life of 25 years. What is the annual depreciation expense on this machine?
Q: General Accounting
A: From:Current Sales = $1,200,000Current Fixed Asset Utilization = 85% Maximum Sales= Current Sales/…
Q: On January 1, Trump Financial Services lends a corporate client $180,000 at an 8% interest rate. The…
A: To calculate the interest revenue for the quarter ending March 31, the simple interest…
Q: hello tutor provide answer General accounting
A: Step 1: Definition of Overhead AppliedOverhead Applied is the estimated manufacturing overhead…
Q: Timberline Corporation, which manufactures wooden furniture, is developing direct labor standards.…
A: Step 1:First, calculate the payroll taxes per direct labor hour: Payroll taxes = Basic direct labor…
Q: Please provide problem with accounting question
A: Step 1: Define Total SalesA company's total sales equals the sum of the cash sales and credit sales.…
Q: Vijay Corporation distributes property to its sole shareholder, Leo. The property has a fair market…
A: Explanation of Fair Market Value (FMV): Fair Market Value represents the price at which property…
Q: general accounting
A: Step 1: Definition of Operating Cash Flow (OCF) using the Tax Shield ApproachThe tax shield approach…
Q: Need Ans general Accounting question
A: Step 1: Define Days Sales UncollectedThe Days Sales Uncollected metric measures how many days, on…
Q: I want to this question answer general accounting
A: Step 1: Define Production Time PercentageProduction time percentage measures how often the factory…
Q: Total period costs?
A: Total period costs = Sales commissions + Administrative expensesTotal period costs = 85,000 +…
Q: answer please
A: Case -2 if one assuming the cost of goods sold is $3,800.00Calculation of total manufacturing costs…
Q: Special order offer have on the net income?
A: Explanation of Special Order Decision:A special order decision refers to a one-time customer request…
Q: Assume the cost of capital is 13 percent
A: 1. Calculate the total return:Total return = Cash inflow - Initial investmentTotal return = $660,000…
Q: MCQ
A: The question requires the determination of the ROE.Return on equity (ROE) is a financial metric that…
Q: Solve this
A: Calculate the Deficit (or Surplus) for Each YearThe deficit (when expenses exceed revenue) or…
Q: abc general accounting
A: Step 1: Definition of Net IncomeNet income is the profit earned by a business after subtracting all…
Q: Rehan Manufacturing's break-even point in units is 1,800. The sales price per unit is $20, and the…
A: Step 1: Calculation of contribution margin per unitContribution margin per unit = Selling price per…
Q: The direct materials quantity variance is?
A: Explanation of Standard Quantity: Standard quantity represents the predetermined amount of materials…
Q: hi expert please solve questions
A: Step 1: Definition of Total Cost of ProductionTotal cost of production includes direct materials,…
Q: Need help with this accounting questions
A: Step 1: Definition of Break-Even Point and Operating LossBreak-Even Point is the level of sales at…
Q: What profit margin is required for this general accounting question?
A: ROA=Net income/Total assetsHence Net income=0.14 * Total assetsNow hereAsset turnover= Sales / Total…
Q: expert of general account
A: Step 1: Property, Plant, and Equipment Property, Plant, and Equipment - long-term assets that are…
Q: Compute the net income
A: Step 1: First, calculate the Operating Income by subtracting the operating expenses from the Gross…
Q: General accounting question
A: The capital gains yield (CGY) is calculated as:CGY=Selling Price−Purchase Price/Purchase…
Q: What is the variable cost per unit processed?
A: Explanation of Variable Cost: Variable cost is a business expense that changes in proportion to the…
Q: What is the total amount of the manufacturing overhead costs
A: Detailed explanation:Manufacturing overhead includes all indirect costs incurred in the production…
Q: Hello teacher provide answer
A: Step 1: Definition of Current Earnings and Profits (E&P)Current Earnings and Profits (E&P)…
Q: Quantum Mobile Ltd. purchases and resells smartphones. On September 5th, 2022, the company purchased…
A: Explanation of Cost per Unit: Cost per unit represents the price paid by a company to acquire each…
Q: What was their parent return for the past year ? General Accounting question
A: The investor initially purchased Pacific Energy shares at $80 per share one year ago. Over the year,…
Q: Taxable income? Provide answer please
A: Interest on Loan = Loan Amount x Interest rate = $100,000 x 10% = $10,000 Calculation of Taxable…
Q: answer
A: The question requires the determination of the cash conversion cycle. The cash conversion cycle…
Q: round the answer
A: Step 1: Definition of Factory OverheadFactory overhead refers to indirect manufacturing costs that…
Q: The cost per equipment unit of direct material is
A: Explanation of Cost per Equivalent Unit:The cost per equivalent unit represents the cost assigned to…
Q: Carla Vista Corporation had a projected benefit obligation of $2,890,000 and plan assets of…
A: Given the following information:Projected Benefit Obligation (PBO): $2,890,000Plan Assets:…
Q: What is the amount of interest expense
A: Step 1: Definition of Notes PayableNotes payable refer to written promises to repay borrowed…
Q: Determine the overhead allocation rate
A: Explanation of Overhead Allocation Rate:The overhead allocation rate is a cost per unit of activity…
Q: Financial Accounting Question Need help
A: Problem 1.1Calculate the Cost of Goods Manufactured (COGM):COGM=Total Manufacturing Costs+Beginning…
Q: Master budget for next quarter
A: Explanation of Direct Labor Cost:Direct labor cost refers to the total wages paid to workers…
Q: Hello teacher please give me answer
A: Step 1: Definition of Over- or Underapplied OverheadOver- or underapplied overhead occurs when the…
Q: Financial Accounting
A: Step 1: Definition of Percentage ChangePercentage Change measures the relative change between two…
Q: Provide Answer
A: Concept of Variable OverheadThe variable overhead refers to the indirect costs of production that…
Q: 5 PTS
A: Explanation of Contribution Margin: Contribution margin is the difference between selling price and…
Q: Sub: financial Accounting
A: Concept of Manufacturing OverheadManufacturing overhead includes all indirect costs associated with…
Q: What is the amount of budgeted direct Labor cost
A: Explanation of Direct Labor:Direct labor refers to the time and effort spent by employees directly…
Q: None
A: Debt Ratio = Total Debt/Total Equity42% = 198,400/Total EquityTotal Equity = 198,400/42%Total…
Q: Given answer
A: Price-to-Earnings (P/E) ratio formula: P/E Ratio =Price per Share / Earnings per Share (EPS)…
Q: Opereting income should be ? General accounting
A: Step 1: Define Contribution Margin By measuring the contribution margin, we may determine how much a…
Q: Solve this question and accounting question
A: Step 1: Definition of Special Order DecisionA special order decision evaluates whether a company…
Q: Financial account
A: The margin is calculated as the net operating income divided by sales, expressed as a percentage.…
Q: Provide answer accounting question
A: Step 1: Definition of Warranty LiabilityWarranty liability is an estimated obligation recorded by a…
Financial Accounting Question please answer
Step by step
Solved in 2 steps with 1 images
- Montello Inc. purchases a delivery truck for $25,000. The truck has a salvage value of $6,000 and is expected to be driven for 125,000 miles. Montello uses the units-of-production depreciation method, and in year one the company expects the truck to be driven for 26,000 miles; in year two, 30,000 miles; and in year three, 40,000 miles. Consider how the purchase of the truck will impact Montellos depreciation expense each year and what the trucks book value will be each year after depreciation expense is recorded.Dunedin Drilling Company recently acquired a new machine at a cost of 350,000. The machine has an estimated useful life of four years or 100,000 hours, and a salvage value of 30,000. This machine will be used 30,000 hours during Year 1, 20,000 hours in Year 2, 40,000 hours in Year 3, and 10,000 hours in Year 4. Dunedin buys equipment frequently and wants to print a depreciation schedule for each assets life. Review the worksheet called DEPREC that follows these requirements. Since some assets acquired are depreciated by straight-line, others by units of production, and others by double-declining balance, DEPREC shows all three methods. You are to use this worksheet to prepare depreciation schedules for the new machine.What will be the annual depreciation for the machine on these general accounting question?
- The original equipment was purchased 3 years ago for $200,000 and was depreciating using the 5 Year MACRS depreciation schedule over 6 years. It has currently been depreciated 71% of the original cost. The equipment was planned to be sold at the end of it’s 5th year of use before it was fully depreciated for a salvage value in two years at an estimated $30,000. The old equipment has a current salvage value of $98,000.What's is the new NPV?The Erley Equipment Company purchased a machine 5 years ago at a cost of $100,000. The machine had an expected life of 10 years at the time of purchase, and an expected salvage value of $10,000 at the end of the 10 years. It is being depreciated by the straight-line method toward a salvage value of $10,000, or by $9,000 per year. Anew machine can be purchased for $150,000, including installation costs. During its 5- year life, it will reduce cash operating expenses by $50,000 per year. Sales are not expected to change. At the end of its useful life, the machine is estimated to be worthless. MACRS depreciation will be used, and the machine will be depreciated over its 3-year class life rather than its 5-year economic life so the applicable depreciation rates are 33 percent, 45 percent, 15 percent, and 7 percent. The old machine can be sold today for $65,000. The firm’s tax rate is 35 percent. The appropriate discount rate is 16 percent. a. If the new machine is purchased, what is…Quigley, Inc. purchased a machine 4 years ago for $800,000. The machine is being depreciated on a straight-line basis to a salvage value of zero over its estimated useful life of 10 years. What is the annual depreciation expense on this machine? $800,000 $1,000,000 O $80,000 $900,000 None of the other answers in this list are correct. $70,000 $60,000 $700,000
- Sunland Company purchased a depreciable asset for $175900. The estimated salvage value is $13900, and the estimated useful life is 10 years. The straight-line method will be used for depreciation. What is the asset's depreciation base?The Giovanni Company purchased a tooling machine in 2007 for $120,000. The machine was being depreciated by the straight-line method over an estimated useful life of 20 years, with no salvage value. At the beginning of 2017, after 10 years of use, Giovanni paid $20,000 to overhaul the machine. Because of this improvement, the machine's estimated useful life would be extended an additional 5 years. What would be the depreciation expense recorded for the above machine in 2017? a.$7,333 b.$4,000 c.$6,000 d.$5,333Martinez Company constructed a building at a cost of $2,464,000 and occupied it beginning in January 1998. It was estimated at that time that its life would be 40 years, with no salvage value.In January 2018, a new roof was installed at a cost of $336,000, and it was estimated then that the building would have a useful life of 25 years from that date. The cost of the old roof was $179,200. What amount of depreciation should have been charged annually from the years 1998 to 2017? (Assume straight-line depreciation.) Depreciation from the years 1998 to 2017 $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT What entry should be made in 2018 to record the replacement of the roof? (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not…
- Please help me with this question: Holmes Packaging sold a machine for $49,500. The company bought this machine for $120,000 seven years ago and was depreciating it on a straight-line basis over ten years to a $12,000 salvage value. What is the gain (loss) that Holmes Packaging should report?XYZ Inc. has purchased a piece of equipment for $26,000. The equipment will be depreciated straight-line over 6 years to a salvage value of $5,000. Compute the annual depreciation expenseGreg Maddox Company constructed a building at a cost of $2,200,000 and occupied it beginning in January 1998. It was estimated at that time that its life would be 40 years, with no salvage value.In January 2018, a new roof was installed at a cost of $300,000, and it was estimated then that the building would have a useful life of 25 years from that date. The cost of the old roof was $160,000. (Depreciation from the years 1998 to 2017 is $55,000). What amount of depreciation should be charged for the year 2018... (a) Depreciation for the year 2018 (Assume the cost of the old roof is removed): $________ (b) Depreciation for the year 2018 (Assume the cost of the new roof is debited to accumulated depreciation - building): $_______
