You have been maintaining the schedule of Property, Plant and Equipment since you started in your...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
You have been maintaining the schedule of Property, Plant and Equipment since you started in your new role. Here are the details on the Office Equipment and Café Equipment accounts: 1. The office equipment has an estimated useful life of 15 years with no estimated residual value. Depreciation expense is recorded on a monthly basis. It has been recorded for the year-to-date, but October has not yet been recorded. 2. The café equipment has an estimated useful life of 10 years with an estimated residual value of $25,000. Note that depreciation expense is recorded on a monthly basis. It has been recorded for the year-to-date but October has not yet been recorded. In addition to the Capital Assets discussed above, Nelson provides you with the details of the following transaction that took place in the month of October: 3. On October 1st, Pike Place Coffee purchased new equipment for packaging coffee beans on account. The equipment cost $950,XXX and has an expected residual value of $20,000. It will be depreciated based on the units of production. It is estimated to have a useful life of 15 years and produce a total output of 900,000 bags of coffee during that time. In the month of October, the equipment produced a total of 5,000 bags of coffee. The equipment purchase and depreciation expense for the month have yet to be recorded. NOTE: For the last three digits of the equipment, update the last three numbers with the last THREE (3) digits of your Student ID. For example, if your Student ID is T123456, you would change the last three numbers to 456 and the equipment would cost $950,456. You have been maintaining the schedule of Property, Plant and Equipment since you started in your new role. Here are the details on the Office Equipment and Café Equipment accounts: 1. The office equipment has an estimated useful life of 15 years with no estimated residual value. Depreciation expense is recorded on a monthly basis. It has been recorded for the year-to-date, but October has not yet been recorded. 2. The café equipment has an estimated useful life of 10 years with an estimated residual value of $25,000. Note that depreciation expense is recorded on a monthly basis. It has been recorded for the year-to-date but October has not yet been recorded. In addition to the Capital Assets discussed above, Nelson provides you with the details of the following transaction that took place in the month of October: 3. On October 1st, Pike Place Coffee purchased new equipment for packaging coffee beans on account. The equipment cost $950,XXX and has an expected residual value of $20,000. It will be depreciated based on the units of production. It is estimated to have a useful life of 15 years and produce a total output of 900,000 bags of coffee during that time. In the month of October, the equipment produced a total of 5,000 bags of coffee. The equipment purchase and depreciation expense for the month have yet to be recorded. NOTE: For the last three digits of the equipment, update the last three numbers with the last THREE (3) digits of your Student ID. For example, if your Student ID is T123456, you would change the last three numbers to 456 and the equipment would cost $950,456.
Expert Answer:
Answer rating: 100% (QA)
1 Office Equipment Cost suppose 90000 useful life 15 residual value 0 straight line depreciation 600... View the full answer
Related Book For
Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
Posted Date:
Students also viewed these accounting questions
-
A firm purchases machinery, which has an estimated useful life of 10 years and no salvage value , for $48,000 at the beginning of the accounting period. What is the adjusting entry for depreciation...
-
A machine originally had an estimated useful life of 11 years, but after 4 complete years, it was decided that the original estimate of useful life should have been 16 years. At that point the...
-
Q1. Equipment costing $400,000 has an estimated useful life of five years and a residual value of $50,000. Record depreciation expense, accumulated depreciation, and book value in the chart below for...
-
In Problems 6374, perform the indicated operations and simplify the result. Leave your answer in factored form. 3x x - 1 x - 4 18 x - 2x + 1 2
-
Mayer Company produces and sells a food processor that it prices at a 32 percent markup on total cost. Based on data pertaining to producing and selling 50,000 food processors, Mayer computes the...
-
How does an agency make money? What is the best way to compensate an agency? Explain your answer.
-
What are the four sets of columns on a materials ledger card?
-
1. What directions of strategic development have been followed by Virgin over the period of the case (use Figure 8.2 as a guide)? 2. Which type of corporate parenting role (as per Figure 8.5) best...
-
why do business owners assign business value to team pi objectives quizlet
-
Consider the soil profile shown in Figure 11.44 subjected to the uniformly distributed load, Îs, on the ground surface. Given: ÎÏ = 26 kN/m2; H1 = 1.83 m; H2 = 3.66 m; and H3 = 5.5...
-
please help check why is error GreatCircle.java import stdlib.stdout; public class GreatCircle { protected static double calculateGreatCircle Distance (String[] args) { 8 9 10 11 12 } 13 14 15 16 e }...
-
Identify three roles or activities of the Triune God (Father, Son, and Holy Spirit) in His interaction with human beings as seen in the assigned passages. Support each role or activity with at least...
-
How does the market react to changes in a company's EPS? 14. How can investors use EPS to estimate future earnings and make investment decisions? 15. What are some potential challenges in accurately...
-
A steel cantilever beam, of length 2L, has an I-section, see Figure Q2. The cantilever beam is under a uniformly distributed load q = 265 kN/m applied in its vertical plane of symmetry at OA part of...
-
You are building a Fintech solution(stock screening) and you are exploring the data marketplace. Your Fintech is using fundamental data (Income Statement, Balance Sheet, etc.) and Market Data (Stock...
-
Explain the reasons why Interactive Media has become such a potent medium for doing effective advertising. 3. When you look at the whole picture of consumer market, and you look at all demographic...
-
Graph of population vs. time is a straight line 1. Arithmetic growth Growth rate slowing 2. Geometric growth > Population decreasing over time 3. Declining growth > Growth at a constant percentage of...
-
a) Show that (a, b) := {{a}, {b}} does not satisfy the ordered pair axiom. b) Determine whether each of the following statements is true or false. (Give a reason in each case): (i) {a, b} C (a, b)....
-
The computation and publication of earnings per share (EPS) figures by listed companies are governed by IAS 33 Earnings per Share. Notes: 1 Called-up share capital of Nottingham Industries plc: In...
-
The statements of financial position, cash flows, income and movements of non-current assets of Dragon plc for the year ended 30 September 20X6 are set out below: (i) Statement of financial position...
-
Belt plc and Braces plc were in the same industry. The following information appeared in their 20X9 accounts: (a) Calculate the following ratios for each company and show the numerical relationship...
-
Show that a reproducing kernel, if it exists, is unique.
-
Continuing Exercise 4 , let \(\left(f_{n} ight)\) be a Cauchy sequence in \(\mathscr{G}_{0}\) such that \(\left|f_{n}(\boldsymbol{x}) ight| ightarrow 0\) for all \(\boldsymbol{x}\). Show that...
-
Continuing Exercises 5 and 4, to show that the inner product (6.14) is well defined, a number of facts have to be checked. (a) Verify that the limit converges. (b) Verify that the limit is...
Study smarter with the SolutionInn App