Wardell Company purchased a mini computer on Jan 1, 2019 at a cost of $48,500. The computer has been depreciated using the straight line method over an estimated five-year useful life with an estimated residual value of $5000. On Jan 1, 2021, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $900. Prepare teh approriate adjusting entry for depreciation in 2021 to reflect estimate assuming that the company uses the sum-of-the-years's digits method instead of the straight-line method

Q: Wardell Company purchased a mini computer on January 1, 2022, at a cost of $40,000. The computer has…

A: Introduction:Rules for EntriesPersonal Account: Related to Person or Firm.Receiver will be debited…

Q: Alteran Corporation purchased office equipment for $1.5 million at the beginning of 2019. The…

A: Double Declining Method of Depreciation: 2* Straight Line depreciation rate* Book Value Straight…

Q: On January 1, 2018, Kefauver Company purchased a piece of equipment for $375,000. The equipment had…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Kam Company purchased a machine on January 2, 2019, for $20,000. The machine had an expected life of…

A: Depreciation in accounting can be calculated by different methods. Method of depreciation may also…

Q: At the beginning of 2019, Robotics Inc. acquired a manufacturing facility for $13.4 million. $10.4…

A: Straight line method of depreciation : Under this method, depreciation is charged equally over the…

Q: A machine was purchased at a cost of $9,600,000 on June 30, 2020. The machine’s estimated salvage…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: Coronado Industries purchased a machine on July 1, 2020, for $960000. The machine has an estimated…

A: Depreciation means decline in the estimation of benefit inside its valuable life because of mileage…

Q: Wardell Company purchased a minicomputer on January 1, 2014, at a cost of $40,000. The computer was…

A: 1.The year-ended journal entry for depreciation in 2016 is as follows:

Q: MLBB Company purchased a computer for $60,000 and placed it in operation on 2021 January 2.…

A: Under Straight line method of Depreciation:: DDepreciation expense=(Cost of the asset--Residual…

Q: Tamarisk Company purchased a machine on January 2, 2020, for $725,400. The machine has an estimated…

A:

Q: Freedom Co. purchased a new machine on July 2, 2019, at a total installed cost of $41,000. The…

A: 1. Following are the calculation of depreciation expense:

Q: King Company purchased a machine on July 1, 2018 for P600,000. The machine has an estimated useful…

A: Depreciation means the fall in value of assets because of wear and tear , usage , passage of time or…

Q: On January 1, 2018, Kefauver Company purchased a piece of equipment for $375,000. The equipment had…

A: 1. Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of…

Q: Pier Exports purchased equipment on January 1, 2018, at a cost of $600,000. The company estimates…

A: The depreciation expense is charged on fixed assets as reduction in the value of fixed assets. The…

Q: Freedom Co. purchased a new machine on July 2, 2019, at a total installed cost of $48,000. The…

A: Depreciation is the non-cash expense which is reported in the income statement of the entity. It is…

Q: XYZ Company purchased a machine at a cost of $ 125,000 on 30/5/2020. The machine is expected to have…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: Sesame Company purchased a computer system for $74,000 on January 1, 2019. It was depreciated based…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Wardell Company purchased a mini computer on January 1, 2019, at a cost of $40,000. The computer has…

A: Calculation of Depreciation under straight line method: Cost of computer = 40000 residual value =…

Q: Bradley Company purchased a machine for $34,000 on January 1, 2017. It depreciates the machine using…

A: Straight-line method refers to the method by which owners of company extent the value of asset for…

Q: Dell Technologies Inc. at the beginning 2019 purchased servers at a cost of $750,000.  At that time…

A: Depreciation is the amount which shows the decrease in the value of asset over a period because of…

Q: he 150% declining-balance method. For the year ended December 31, 2020, Sheridan should record…

A: The declining balance method is a method of charging the depreciation in which the higher amount of…

Q: Wardell Company purchased a minicomputer on January 1, 2019, at a cost of $40,000. The computer was…

A: Depreciation : The decrease in value of fixed tangible assets due to wear and tear is known as…

Q: On January 1, 2019, Woodstock, Inc. purchased a machine costing $42.400. Woodstock also paid $2.200…

A: Depreciable cost=Cost+installation-Residual value=$42,400+$2,200-$6,200=$44,600-$6,200=$38,400

Q: On September 19, 2020, Sunland Company purchased machinery for $478000. Salvage value was estimated…

A: Solution: Under sum of years' digits method of depreciation. Depreciation is based on sum of digits…

Q: Mango Company purchased a delivery truck for $66,000 on January 2, 2021.  The useful life was…

A: The objective of the question is to determine the correct journal entry to adjust for the error in…

Q: Waterway Company purchased a computer system for $86,700 on January 1, 2019. It was depreciated…

A: Depreciation refers to the gradual decrease in the value of an asset over time due to various…

Q: Calculate Gross profit ratio

A: Gross profit ratio = Gross profit/ Sales *100

Q: Oklahoma Company purchased a machine on January 1, 2020. The machine had a cost of $520,000 with a…

A:

Q: Wardell Company purchased a mini computer on January 1, 2022, at a cost of $41,700. The computer has…

A: Depreciation refers to the fall in value of the assets which are used in the production and such…

Q: At the beginning of 2019, Robotics Inc. acquired a manufacturing facility for $13.9 million. $10.9…

A: Depreciation is reduction in the value of asset due to its use, wear or tear.Salvage value which is…

Q: Wardell Company purchased a mainframe on January 1, 2019, at a cost of $40,000. The computer was…

A: Answer: Cost of computer = $40,000 Estimated useful life = 5 years Estimated residual value = $4,000…

Q: At the beginning of 2021, Westglow Company purchased equipment for $525,000 that was assigned an…

A: The objective of the question is to determine the correct procedure for adjusting the depreciation…

Q: The fisher company purchased a machine on October 1, 2023 for $60,000. At the time of acquistion,…

A: Depreciation:Accounting method wherein the cost of a tangible asset is spread over the asset's…

Q: A Company purchased equipment on January 1, 2019 for AED 70,000. It is estimated that the equipment…

A: Depreciation is an expense for consuming the fixed assets of the entity. The depreciation method…

Q: Workman Company purchased a machine on January 2, 2020, for $800,000. The machine has an estimated…

A: Accumulated depreciation: The total amount of depreciation expense deducted, from the time asset…

Q: Bergen Company purchased factory equipment which was installed and put into service January 1, 2018…

A: The double-declining method represents the reduction of the depreciation in the value of assets with…

Q: Blue Company purchased a computer system for $87,300 on January 1, 2024. It was depreciated based on…

A: Depreciation is a method of accounting which is used to reduce the book value of an assets over a…

Q: Oriole Company purchased a new machine on October 1, 2025, at a cost of $68,880. The company…

A: Depreciation expense :— It is the allocation of depreciable cost over the estimated useful life of…