Mean Beans, a local coffee shop, has the following assets on January 1, 2023, Mean Beans prepares annual financial statements and has a December 31, 2023 year-end. The company's depreciation policy is to use the straight-line method to depreciate its assets a. On January 1, 2023, purchase equipment costing $20,300 with an estimated life of five years. Mean Beans will scrap the equipment after five years for $0. b. On July 1, 2023, purchase furniture (tables and chairs) costing $13,000 with an estimated life of ten years. Mean Beans estimates that it can sell the furniture for $2,900 after ten years. c. On January 1, 2021, Mean Beans had purchased a car costing $26,500 with an estimated life of eight years. Mean Beans estimates that it can sell the car for $5,300 after eight years. Required: 1-s. For each transaction, calculate the current year's annual depreciation expense a Annual depreciation expense on equipment b Annual depreciation expense on furniture c. Annual depreciation expense on car View transaction list Journal entry worksheet < 1 2 3 Record annual depreciation on equipment.

Mean Beans, a local coffee shop, has the following assets on January 1, 2023, Mean Beans prepares annual financial statements and has a December 31, 2023 year-end. The company's depreciation policy is to use the straight-line method to depreciate its assets a. On January 1, 2023, purchase equipment costing $20,300 with an estimated life of five years. Mean Beans will scrap the equipment after five years for $0. b. On July 1, 2023, purchase furniture (tables and chairs) costing $13,000 with an estimated life of ten years. Mean Beans estimates that it can sell the furniture for $2,900 after ten years. c. On January 1, 2021, Mean Beans had purchased a car costing $26,500 with an estimated life of eight years. Mean Beans estimates that it can sell the car for $5,300 after eight years. Required: 1-s. For each transaction, calculate the current year's annual depreciation expense a Annual depreciation expense on equipment b Annual depreciation expense on furniture c. Annual depreciation expense on car View transaction list Journal entry worksheet < 1 2 3 Record annual depreciation on equipment.

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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