University Car Wash purchased new soap dispensing equipment that cost $255,000 including installation. The company estimates that the equipment will have a residual value of $22,500. University Car Wash also estimates it will use the machine for six years or about 12,500 total hours. Actual use per year was as follows: Year 1 2 3 4 3. Prepare a depreciation schedule for six years using the activity-based method. (Round your "Depreciation Rate" to 2 decimal places and use this amount in all subsequent calculations.) 5 Year 1 2 6 Total 3 4 5 6 Hours Used 3,100 1,600 1,700 2,300 2,100 1,700 $ Depreciation Expense $ Answer is complete but not entirely correct. UNIVERSITY CAR WASH Depreciation Schedule-Activity-Based End of Year Amounts 50,220 27,900 29,760 44,640 X 40.920 x 39,060 x 232,500 Accumulated Depreciation $ Book Value 50,220 $ 204,780 78,120 176.880 147,120 102,480 X 61,560 22,500 107,880 152,520 193,440 232,500 *****0

University Car Wash purchased new soap dispensing equipment that cost $255,000 including installation. The company estimates that the equipment will have a residual value of $22,500. University Car Wash also estimates it will use the machine for six years or about 12,500 total hours. Actual use per year was as follows: Year 1 2 3 4 3. Prepare a depreciation schedule for six years using the activity-based method. (Round your "Depreciation Rate" to 2 decimal places and use this amount in all subsequent calculations.) 5 Year 1 2 6 Total 3 4 5 6 Hours Used 3,100 1,600 1,700 2,300 2,100 1,700 $ Depreciation Expense $ Answer is complete but not entirely correct. UNIVERSITY CAR WASH Depreciation Schedule-Activity-Based End of Year Amounts 50,220 27,900 29,760 44,640 X 40.920 x 39,060 x 232,500 Accumulated Depreciation $ Book Value 50,220 $ 204,780 78,120 176.880 147,120 102,480 X 61,560 22,500 107,880 152,520 193,440 232,500 *****0

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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