In recent years, Wildhorse Company has purchased three machines. Because of frequent employee turnover in the accountingdepartment, a different accountant was in charge of selecting the depreciation method for each machine, and various methods havebeen used. Information concerning the machines is summarized in the table below.Machine1(a1)23AcquiredJan. 1, 2020July 1, 2021Nov. 1, 2021Cost$ 96,200Your answer is correct.Depreciable cost $88,50090,500SalvageValue$ 12,00010,5008,500Useful Life(in years)8256For the declining-balance method, Wildhorse Company uses the double-declining rate. For the units-of-activity method, total machinehours are expected to be 41,000. Actual hours of use in the first 3 years were 2021, 900; 2022, 4,500; and 2023, 7,600.DepreciationMethodStraight-lineFor Machine #3, calculate depreciable cost per hour under units-of-activity method.per hourDeclining-balanceUnits-of-activity (b)eTextbook and MediaSolutionYour answer is incorrect.If machine 2 was purchased on April 1 instead of July 1, what would be the depreciation expense for this machine in 2021? In2022?Depreciation expense $(1)2021$Attempts: 4 of 4 used(2)2022

Machine #3 Depreciation cost per unit = (Cost of machine - salvage value) / Activity hour…

Answered: April 1 instead of July 1, what would…

Business

Accounting

April 1 instead of July 1, what would be the depreciation exper

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 3MCQ: When depreciation is recorded each period, what account is debited? a. Depreciation Expense b. Cash...

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In recent years, Larkspur Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost Salvage Value Useful Life (years) Depreciation Method 1 1/1/2020 $ 99,800 $ 13,000 8 Straight-line 2 7/1/2021 92,000 11,000 5 Declining-balance 3 11/1/2021 104,000 8,000 6 Units-of-activity For the declining-balance method, Larkspur Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 32,000. Actual hours of use in the first 3 years were 2021, 600; 2022, 4,700; and 2023, 6,700. For Bus #3, calculate depreciable cost per mile under units-of-activity method.
In recent years, Larkspur Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost Salvage Value Useful Life (years) Depreciation Method 1 1/1/2020 $ 99,800 $ 13,000 8 Straight-line 2 7/1/2021 92,000 11,000 5 Declining-balance 3 11/1/2021 104,000 8,000 6 Units-of-activity For the declining-balance method, Larkspur Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 32,000. Actual hours of use in the first 3 years were 2021, 600; 2022, 4,700; and 2023, 6,700. Compute the amount of accumulated depreciation on each machine at December 31, 2023.
In recent years, Blossom Corporation has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost ResidualValue Useful Life(in years) Depreciation Method 1 Jan. 1, 2022 $101,200 $11,600 5 Straight-line 2 July 1, 2023 81,250 9,520 5 Diminishing-balance 3 Nov. 1, 2023 66,430 6,550 6 Units-of-production For the diminishing-balance method, Blossom Corporation uses double the straight-line rate. For the units-of-production method, total machine hours are expected to be 24,950. Actual hours of use in the first 3 years were: 2023, 420; 2024, 4,440; and 2025, 5,500.
Please see below. I need help with this problem. In recent years, Crane Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost SalvageValue Useful Life(in years) DepreciationMethod 1 Jan. 1, 2015 $121,500 $11,500 10 Straight-line 2 July 1, 2016 71,000 12,000 5 Declining-balance 3 Nov. 1, 2016 68,100 8,100 6 Units-of-activity For the declining-balance method, Crane Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 30,000. Actual hours of use in the first 3 years were: 2016, 710; 2017, 5,900; and 2018, 7,300. Compute the amount of accumulated depreciation on each machine at…
In recent years, Larkspur Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost Salvage Value Useful Life (years) Depreciation Method 1 1/1/2020 $ 99,800 $ 13,000 8 Straight-line 2 7/1/2021 92,000 11,000 5 Declining-balance 3 11/1/2021 104,000 8,000 6 Units-of-activity For the declining-balance method, Larkspur Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 32,000. Actual hours of use in the first 3 years were 2021, 600; 2022, 4,700; and 2023, 6,700. If machine 2 was purchased on 4/1/2021 instead of 7/1/2021, what would be the depreciation expense for this machine in 2021 and in 2022?
A elearning.act.edu.om Muscat LLC purchased a machine on 1st January, 2019 for OMR 250,000. The rate of depreciation is 20% p.a. under straight line method. Replacement Cost of the machine on 31st December,2019 was OMR 350,000 and on 31st December, 2020 was OMR 500,000. The company wishes to follow Current Cost Accounting rather than the Historical Cost Accounting. a. What is the amount of Depreciation Adjustment? b. What is the amount of Additional Depreciation? C. What is the amount of Back Log Depreciation?
Based on the information bellow can someone please help finish the problem in this study guide In recent years, Splish Brothers Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost SalvageValue Useful Life(in years) Depreciation Method 1 Jan. 1, 2020 $ 99,100 $ 12,500 8 Straight-line 2 July 1, 2021 91,500 11,000 5 Declining-balance 3 Nov. 1, 2021 101,500 7,500 6 Units-of-activity For the declining-balance method, Splish Brothers Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 47,000. Actual hours of use in the first 3 years were 2021, 900; 2022, 4,000; and 2023, 8,200.…
The information provided to you is as follows: Purchase of machinery (!/9/2019) instead of € 32,400 with cash was registered as a purchase of different materials of equal value. The result of the error was to calculate and recognize the consumption of the various materials (theentire amount of the various materials) and not to calculate the depreciation of the machines (annual depreciation 3.240 €). Correction of accounting error is carried out 1/1/2020. The correction record is requested a) if the error was found in the fiscal year (2020) and b) if the error was found in the next financial year (2021) i.e. the error while the correction entry was made in 2020 takes place on 1/1/2021.
In recent years, Darnell Company purchased three machines. Because of heavy turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and each selected a different method. Infor- mation concerning the machines is summarized below. Machine Acquired 1 1/1/12 1/1/13 11/1/15 Salvage Useful Life Value in Years Cost $105,000 $5,000 180,000 10,000 125,000 15,000 10 8 6 Depreciation Method Straight-line Declining-balance Units-of-activity For the declining-balance method, the company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 25,000. Actual hours of use in the first 3 years were 2015, 2,000; 2016, 4,500; and 2017, 5,500. Instructions (a) Compute the amount of accumulated depreciation on each machine at December 31, 2015. (b) If Machine 2 had been purchased on May 1 instead of January 1, what would be the depreciation expense for this machine in (1) 2013 and (2)…
As the accountant of a manufacturing company, you have been asked to recommend a depreciation method that will be used in measuring and reporting all fixed assets of the company. With your vast knowledge in accounting principles and in compliances with generally accepted accounting standards, you came up with the following proposed methods for the approval of the management; Method I: Straight Line Method Method II: Written Down Value Method at 59% The company bought a machine for OMR 175,000 on January 1, 2019. The machine is expected to be useful for 4 years and has an estimated salvage value of OMR 5,000. Using Method II Written Down Value at 59% per annum. Complete the table below. Year Book Value (Beg) Depreciation at 59% p.a. Book Value (End) 2. Which method will you recommend to management? Why?
Required information [The following information applies to the questions displayed below.] At the beginning of the year, Daffodil Company bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below. Cost of the asset Installation costs Renovation costs prior to use Repairs after production began 6. Compute years 1 and 2 double-declining-balance depreciation expense for Machine C, which has a cost of $26,700, an estimated life of 10 years, and $1,400 residual value. Double-declining-balance Year 1 $10,300 930 990 770 Year 2
As the accountant of a manufacturing company, you have been asked to recommend a depreciation method that will be used in measuring and reporting all fixed assets of the company. With your vast knowledge in accounting principles and in compliances with generally accepted accounting standards, you came up with the following proposed methods for the approval of the management; Method I: Straight Line Method Method II: Written Down Value Method at 59% The company bought a machine for OMR 175,000 on January 1, 2019. The machine is expected to be useful for 4 years and has an estimated salvage value of OMR 5,000. Using method I Straight Line Method, compute the annual depreciation. 2. Complete the following table if straight line method is used; Year Depreciation Expense Accumulated Depreciation Book Value…