On April 22, 2023, Carla Vista Enterprises purchased equipment for $137.720. The company expects to use the equipment for 11,800 working hours during its four-year life and that it will have a residual value of $15,000. Carla Vista has a December 31 year end and pro-rates depreciation to the nearest month. The actual machine usage was: 1.900 hours in 2023; 2,900 hours in 2024; 3,500 hours in 2025; 2,700 hours in 2026; and 1,000 hours in 2027. (a1) Prepare a depreciation schedule for the life of the asset under the straight-line method. (Round partial-period depreciation rate to 4 decimal palces, eg. 15.2563% and other answers to O decimal places, eg. 5,276) Year 2023 2024 2025 2026 2027 $ Depreciable Amount Depr. X Rate * * * * S Depr. Expense Accum. D

On April 22, 2023, Carla Vista Enterprises purchased equipment for $137.720. The company expects to use the equipment for 11,800 working hours during its four-year life and that it will have a residual value of $15,000. Carla Vista has a December 31 year end and pro-rates depreciation to the nearest month. The actual machine usage was: 1.900 hours in 2023; 2,900 hours in 2024; 3,500 hours in 2025; 2,700 hours in 2026; and 1,000 hours in 2027. (a1) Prepare a depreciation schedule for the life of the asset under the straight-line method. (Round partial-period depreciation rate to 4 decimal palces, eg. 15.2563% and other answers to O decimal places, eg. 5,276) Year 2023 2024 2025 2026 2027 $ Depreciable Amount Depr. X Rate * * * * S Depr. Expense Accum. D

Name: 4 On April 22, 2023, Carla Vista Enterprises purchased equipment for $
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Description: 4 On April 22, 2023, Carla Vista Enterprises purchased equipment for $137,720. The company expects to use the equipment for 11,800working hours during its four-year life and that it will have a residual value of $15,000. Carla Vista has a December 31

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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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

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Question

On April 22, 2023, Carla Vista Enterprises purchased equipment for $137,720. The company expects to use the equipment for 11,800
working hours during its four-year life and that it will have a residual value of $15,000. Carla Vista has a December 31 year end and
pro-rates depreciation to the nearest month. The actual machine usage was: 1.900 hours in 2023; 2,900 hours in 2024; 3,500 hours in
2025; 2,700 hours in 2026; and 1,000 hours in 2027.
(a1)
Prepare a depreciation schedule for the life of the asset under the straight-line method. (Round partial-period depreciation rate to 4
decimal palces, eg. 15.2563% and other answers to O decimal places, eg. 5,276)
Year
2023
2024
2025
2026
2027
$
Depreciable
Amount
Depr.
x Rate
Le Le Le L
%
*
S
Depr.
Expense
Accum. D

(a1)
Prepare a depreciation schedule for the life of the asset under the straight-line method. (Round partial-period depreciation rate to 4
decimal palces, eg. 15.2563% and other answers to O decimal places, e 5.276)
Depr.
Rate
%
ak
%
96
%
%
I
Depr.
Expense
$
Accum. Depr.
End of Year
$
Carrying
Amount

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Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800