Question: Current Attempt in Progress On April 22, 2023, Oriole Enterprises purchased equipment for $133.600. The company expects to use the equipment for 11.500 working

for $133.600. The company expects to use the equipment for 11.500 working

Current Attempt in Progress On April 22, 2023, Oriole Enterprises purchased equipment for $133.600. The company expects to use the equipment for 11.500 working hours during its four year life and that it will have a residual value of $14,000. Oriole has a December 31 year end and pro-rates depreciation to the nearest month. The actual machine usage was 1.500 hours in 2023 2.800 hours in 2024: 3,500 hours in 2025: 2.800 hours in 2026 and 1.100 hours in 2027 (01) Prepare a depreciation schedule for the life of the asset under the straight-line method. (Mound partial period depreciation rate to 4 decimal palces ea 152563% and other answers to O decimal places, eg 5,276) Year Depreciable Amount Depr Rate End of Year Depr Expense Accum Depr Carrying Amount Question 3 of 7 (a2) Prepare a depreciation schedule for the life of the asset under the double diminishing-balance method. (Round partial-period depreciat and other answers to O decimal places, e.g. 5,276) Carrying Amount Year Beginning of Year 2023 119600 Depr. Depr. Accum. Rate Expense Depr

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!

John, age 28, and Emily, age 27, have just had their first child, Lindsey. They have a combined income of $55,000 and rent a two-bedroom apartment. For the past several years, John and Emily have...

Current Attempt in Progress On April 22, 2023, Cullumber Enterprises purchased equipment for $132,000. The company expects to use the equipment for 12,000 working hours during its four-year life and...

On April 22, 2023, Oriole Enterprises purchased equipment for $133,600. The company expects to use the equipment for 11,500 working hours during its four-year life and that it will have a residual...

-/12 Question 6 of 8 View Pics Current Attempt in Progress On April 22, 2020, Blossom Enterprises purchased equipment for $139,700. The company expects to use the equipment for 11,500 working hours...

Current Attempt in Progress On April 22, 2020, Cullumber Enterprises purchased equipment for $143,500. The company expects to use the equipment for 12,500 working hours during its 4-year life and...

Current Attempt in Progress On April 22, 2020, Crane Enterprises purchased equipment for $142,360. The company expects to use the equipment for 11,550 working hours during its 4-year life and that it...

Current Attempt in Progress On April 22, 2020, Crane Enterprises purchased equipment for $142.360. The company expects to use the equipment for 11,550 working hours during its 4-year life and that it...

list of choices On April 22, 2020, Oriole Enterprises purchased equipment for $133.600. The company expects to use the equipment for 11.500 working hours during its 4-year life and that it will have...

On April 22, 2020, Oriole Enterprises purchased equipment for $133,600. The company expects to use the equipment for 11,500 working hours during its 4-year life and that it will have a residual value...

1. There are many advantages to exporting, including: a. Always easier to compete with other firms located in the foreign market b. Easier to withdraw from a market if it does not meet the firms...

If you were located in a galaxy near the boundary of our observable universe, would galaxies in the direction of the Milky Way appear to be approaching you or receding from you? Explain.

when "online invoice" is turned on in account and settings, what information is available to see next to an invoice listed in the Sales centre?

Sam's Club (part of the WalMart consolidated operations) collects annual non-refundable membership fees from customers. When should Sam's Club recognize revenue for these membership fees assuming...

Hello Limited is a company that manufactures telephones under its own brand, as well as distributing and selling other telephone brands. Recently Hello Ltd has been conducting a research project to...

Today is December 1 st and the current 90-day bank bill rate is 10%. Your accounting team has discovered that you will have a cash flow shortage over the first quarter of next year. As such you will...

Rockhill Industries received payment after the expiration of the discount period from a customer who had purchased merchandise on account. The sales invoice was for $3,000, and credit terms were 3/15...

Wolszczak Lad has issued convertible notes under an agreement to maintain net assets, defined in the agreement as assets minus all liabilities except the convertible notes, at an amount not less than...

Design a minimum-mass symmetric three-bar truss (the area of member 1 and that of member 3 are the same) to support a load P, as was shown in Fig. 2.9. The following notation may be used: Pu = P cos...

Explain the recognition conditions that are applied to tangible non-current (fixed) assets, intangible non-current (fixed) assets and non-current (fixed) asset investments. AppendixLO1

Using the total from the columns of the spreadsheet of question B6.1(a), prepare for the business in the month of April: (a) a statement of cash flows; (b) a statement of financial position (balance...

Calculate depreciation, record the effect on the accounting equation and report the result in financial statements. Additionally, for those who choose to study the supplement: AppendixLO1