On January 1, 2018, ABC Company purchased a new machine for $200,000. The machine was assigned...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On January 1, 2018, ABC Company purchased a new machine for $200,000. The machine was assigned a $5,000 residual value and a 20-year life. ABC Company will depreciate the machine using the double-declining balance depreciation method. Calculate the book value of the machine at December 31, 2022. On June 1, 2018, XYZ Company paid $150,000 to purchase some equipment. The equipment was assigned a useful life of 20 years and was to be depreciated using the straight-line method. On October 31, 2022, XYZ Company sold the equipment for $102,970 cash. XYZ Company recorded a loss on the sale equal to $14,965. Calculate the residual value that was assigned to the equipment. On January 1, 2018, ABC Company purchased a new machine for $200,000. The machine was assigned a $5,000 residual value and a 20-year life. ABC Company will depreciate the machine using the double-declining balance depreciation method. Calculate the book value of the machine at December 31, 2022. On June 1, 2018, XYZ Company paid $150,000 to purchase some equipment. The equipment was assigned a useful life of 20 years and was to be depreciated using the straight-line method. On October 31, 2022, XYZ Company sold the equipment for $102,970 cash. XYZ Company recorded a loss on the sale equal to $14,965. Calculate the residual value that was assigned to the equipment.
Expert Answer:
Answer rating: 100% (QA)
A Answer Book Value at December 31 2022 80000 Depre... View the full answer
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
Students also viewed these accounting questions
-
On March 1, 2014, Wallace Company purchased a new machine with a suggested retail price of $123,000. The new machine was to replace an old machine that originally cost $90,000 and had $36,000 of...
-
On August 1, 2014, Iroko Corporation purchased a new machine for its assembly process. The cost of this machine was $136,400. The company estimated that the machine will have a trade-in value of...
-
On August 1, 2017, Iroko Corporation purchased a new machine for its assembly process. The cost of this machine was $136,400. The company estimated that the machine would have a trade-in value of...
-
Sketch a graph to illustrate your idea of each of the following relationships. Be sure to label each axis appropriately. For each relationship, explain under what circumstances, if any, the curve...
-
In your experience, are leaders flexible enough to adapt leadership styles to the situation or followers? Explain.
-
You have a sample of gas at -33oC. You wish to increase the rms speed by a factor of 2. To what temperature should the gas be heated?
-
On December 1, 2017, Sizzler Foods, a U.S. company, purchased merchandise from a Hong Kong supplier at a price of HK\($10,000,000,\) payable in three months in Hong Kong dollars. To hedge its exposed...
-
Christie Levine is the manager of the Instant Paper Clip Office Supply Company in Louisville. The company attempts to gain an advantage over its competitors by providing quality customer service,...
-
. 4. Drawing a yield curve Given the indicated maturities listed in the following table, assume the following yields for US Treasury securities: Maturity (Years) 1 5 10 20 30 Yield (%) 3.6 5.5 5.5...
-
Part of developing a long-term R&D strategy is to locate facilities in countries that are widely known to be competitive. Your company seeks to develop R&D facilities in Asia to counter recent...
-
K Part 1 of 2 HW Score: 53.85%, 7 of 13 points O Points: 0 of 1 ECB Co. has 1.40 million shares outstanding selling at $22.55 per share. It plans to repurchase 95,000 shares at the market price. What...
-
Use logarithmic differentiation to find f'(x). (a) f(x) = 23 2+1 (b) f(x)=(3x+1)2.
-
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA...
-
Let V(x, y) = 6 ln(-135y +17x). Indicate the range of V using interval notation.
-
Weller Company's budgeted unit sales for the upcoming fiscal year are provided below: The company s variable selling and administrative expense per unit is $ 2 . 4 0 . Fixed selling and...
-
CALCULATE COG'S and ENDING INVENTORY USING FIFO and LIFO METHOD ? DATE PARTICULARS UNITS COST PER UNIT TOTAL COST AUG 1 BEGINNING INVENTORY 10 @ $91 $910 AUG 3 PURCHASED 15 @ $106 $1590 AUG 17...
-
Apple iPhone Question (download from Canvas) Should Steve Jobs have done anything differently when introducing the iPhone for the first time?
-
Using the information in P11-2B, compute the overhead controllable variance and the overhead volume variance. Data From Problem 11-2B: Huang Company uses a standard cost accounting system to account...
-
Harwell Company manufactures automobile tires. On July 15, 2013, the company sold 1,000 tires to the Nixon Car Company for $50 each. The terms of the sale were 2/10, n/30. Harwell uses the gross...
-
At the beginning of its fiscal year, Caf Med leased restaurant space from Crescent Corporation under a nine-year lease agreement. The contract calls for annual lease payments of $25,000 each at the...
-
Universal Leasing leases electronic equipment to a variety of businesses. The companys primary service is providing alternate financing by acquiring equipment and leasing it to customers under...
-
48 Use divisibility rules to determine if each of the following is divisible by 9 .
-
\(1,345,321\) Use divisibility rules to determine if each of the following is divisible by 5 .
-
210 Use divisibility rules to determine if each of the following is divisible by 9 .
Study smarter with the SolutionInn App