On April 22, 2020, Oriole Enterprises purchased equipment for $ 134,000. The company expects to use...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On April 22, 2020, Oriole Enterprises purchased equipment for $ 134,000. The company expects to use the equipment for 11,000 working hours during its 4-year life and that it will have a residual value of $ 13,000. Oriole has a December 31 year end and pro-rates depreciation to the nearest month. The actual machine usage was: 1,700 hours in 2020; 2,600 hours in 2021; 3,500 hours in 2022; 2,700 hours in 2023; and 700 hours in 2024. Calculate depreciation expense for the life of the asset under straight-line method. (Round answers to O decimal places, e.g. 5,276.) 2020 $ 2021 $ 2022 $ 2023 $ 2024 $ Depreciation Expense Calculate depreciation expense for the life of the asset under double diminishing-balance method. (Round answers to 0 decimal places, e.g. 5,276.) 2020 $ 2021 $ 2022 tA 69 $ 2023 $ LA Depreciation Expense Calculate a depreciation expense for the life of the asset under units-of-production method. (Round unit rate to 2 decimal places, e.g. 2.25 and final answers to O decimal places, e.g. 5,276.) 2020 $ 2021 $ LA 2023 2022 $ $ LA 2024 $ Depreciation Expense Which method results in the lowest profit over the life of the asset? e Textbook and Media Which method results in the least cash used for depreciation over the life of the asset? eTextbook and Media On April 22, 2020, Oriole Enterprises purchased equipment for $ 134,000. The company expects to use the equipment for 11,000 working hours during its 4-year life and that it will have a residual value of $ 13,000. Oriole has a December 31 year end and pro-rates depreciation to the nearest month. The actual machine usage was: 1,700 hours in 2020; 2,600 hours in 2021; 3,500 hours in 2022; 2,700 hours in 2023; and 700 hours in 2024. Calculate depreciation expense for the life of the asset under straight-line method. (Round answers to O decimal places, e.g. 5,276.) 2020 $ 2021 $ 2022 $ 2023 $ 2024 $ Depreciation Expense Calculate depreciation expense for the life of the asset under double diminishing-balance method. (Round answers to 0 decimal places, e.g. 5,276.) 2020 $ 2021 $ 2022 tA 69 $ 2023 $ LA Depreciation Expense Calculate a depreciation expense for the life of the asset under units-of-production method. (Round unit rate to 2 decimal places, e.g. 2.25 and final answers to O decimal places, e.g. 5,276.) 2020 $ 2021 $ LA 2023 2022 $ $ LA 2024 $ Depreciation Expense Which method results in the lowest profit over the life of the asset? e Textbook and Media Which method results in the least cash used for depreciation over the life of the asset? eTextbook and Media
Expert Answer:
Answer rating: 100% (QA)
Straight Line method Date 20208 months 2021 2022 2023 20244 months Double Declining balance Date 202... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Posted Date:
Students also viewed these accounting questions
-
On April 22, 2016, Sandstone Enterprises purchased equipment for $129,200. The company expects to use the equipment for 12,000 working hours during its four-year life and that it will have a residual...
-
On January 31, a firm learns that it will have additional funds available on May 31. It will use the funds to purchase $5,000,000 par value of the APCO 9 1/2 percent bonds maturing in about 21 years....
-
On April 22, 2013, Sandstone Enterprises purchased equipment for $129,200. The company expects to use the equipment for 12,000 working hours during its four-year life and that it will have a residual...
-
The Transco Company is considering making and supplying computer-controlled traffic- signal switching boxes to be used throughout Arizona. Transco has estimated the market for its boxes by examining...
-
Find each resultant vector R. Give R in standard position. x-component y-component + 14.7 mi ...... + 16.8 mi
-
1. Why might state-owned companies that China's government ordered to buy more shares to help boost returns have been equally likely to have later earned either higher or lower returns? Explain your...
-
How to obtain an extension of time and continuances?
-
Jeremy Zabel operates his own catering service. Summary financial data for February are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction...
-
Ama and Khosi are divisions of Amakhosi Ltd., which is a highly diversified group. Divisions operate as independent profit centers. Ama manufacturers a single component which it sells to the...
-
Andrew Miller recently opened a new doughnut shop near Cornwall, England. He sells doughnuts in packets of four each. The average price of a doughnut box is $4.00 and each box costs Andrew an average...
-
Donald Martin, sales manager for Ivanhoe, Inc. has received numerous customer complaints about the length of time it takes to receive an order. He has gathered the following information from a recent...
-
Describe how change management practices can influence the success or failure of organizational change initiatives. What are the key factors that contribute to employee resistance to change, and what...
-
Hector manages Food Plaza, a small grocery store. Based on the previous year's sales data, he estimates that Food Plaza can sell a = -2000p + 7520 lemons this year, where p is the price of a single...
-
f(x)=3x-5x-16x+12. (a) Find the remainder when f(x) is divided by (x-2). Given that (x+2) is a factor of f(x), (b) factorise f(x) completely.
-
Explain how you will integrate your faith into developing a database about tracking of their customers, employees, projects, project schedules, assignments, and invoices, and make it ued for a...
-
For each President, compute how many more days passed before their death in their year of death than before their birth in their year of birth. For example, that number for George Washington is 295,...
-
Enter the IPv4 Subnet information for all lab subnets into Table #1a below. Table #1a: IPv4 Subnet Design Subnet Name Subnet A Subnet B Subnet C Subnet D E-Link 1 E-Link 2 Link 1 Link 2 Link 3 Subnet...
-
Modify the counter from Exercise 5.44 such that the counter will either increment by 4 or load a new 32-bit value, D, on each clock edge, depending on a control signal Load. When Load = 1, the...
-
Refer to the data in BE8-5 for Gourdeau Co. (a) Assuming the allowance for doubtful accounts has an unadjusted credit balance of $4,500 at December 31, what is the bad debt expense for the year? (b)...
-
The post-closing trial balance for Perrault Music Co. follows: The subsidiary ledgers contain the following information: 1. Accounts Receivable-S. Armstrong, $6,500; IL Goge, $30,000; B. La S1,500 2....
-
Ni Co. has the following notes receivable outstanding at December 31, 2017: Interest on each of the above notes is payable at maturity. Instructions (a) Calculate the interest revenue that NiCo. Will...
-
What are the three different types of qualified audit opinion? Discuss the circumstances that may cause these qualifications.
-
What is the effect of a fundamental uncertainty on the auditors report?
-
Discuss the work that an auditor performing an initial engagement needs to perform on opening balances.
Study smarter with the SolutionInn App