Question: Calculate the missing information for the installment loan that is being paid off early. Number of Payments Payments Made Payments Remaining Sum-of-the- Digits Payments Remaining

Calculate the missing information for the installment loan that is being paid off early.

Number of Payments Payments Made Payments Remaining Sum-of-the- Digits Payments Remaining Sum-of-the- Digits Number of Payments Rebate Fraction
36 21 ________ ___________ _________ __________

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------

Alexis Industries purchased a drilling rig for $75,900. Delivery costs totaled $2,873.

The useful life is 7 years and the salvage value is $12,910. Prepare a depreciation schedule using the straight-line method.

ALexisIndustries Depreciation ScheduleDrilling
End of Year Annual Depreciation ($) Accumulated Depreciation ($) Book Value ($)
$78,773 (new)
1 $ $ $
2 $ $ $
3 $ $ $
4 $ $ $
5 $ $ $
6 $ $ $
7 $ $ $

-----------------------------------------------------------------------------------------------------------------------------------------------------------------

Complete the sum-of-the-years' digits method of depreciation.

Useful Life (years) Sum-of-the- Years' Depreciation Rate Fraction
Year 1 Year 3 Year 5
9 ________ _______, _________, ___________

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------

complete using the units-of-production method of depreciation. Round to the nearest tenth of a cent when necessary.

Asset Cost Salvage Value Units of Useful Life Depreciation per Unit ($)
Automobile $27,300 $3,300 50,000 miles

$ __________

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!