East Mill Pizzeria is closing its business. It sold its two-year-old pizza ovens to Marco's Italian...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
East Mill Pizzeria is closing its business. It sold its two-year-old pizza ovens to Marco's Italian Restaurant for $670,000. Originally, East Mill acquired the pizza ovens at a cost of $877,000. The ovens had an estimated useful life of 10 years, an estimated residual value of $57,000, and were depreciated using straight-line depreciation. Complete the requirements below for East Mill Pizzeria. 2. Calculate the book value of the ovens at the end of the second year. Book walue East Mill Pizzeria is closing its business. It sold its two-year-old pizza ovens to Marco's Italian Restaurant for $670,000. Originally, East Mill acquired the pizza ovens at a cost of $877,000. The ovens had an estimated useful life of 10 years, an estimated residual value of $57,000, and were depreciated using straight-line depreciation. Complete the requirements below for East Mill Pizzeria. 2. Calculate the book value of the ovens at the end of the second year. Book walue
Expert Answer:
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
Students also viewed these accounting questions
-
An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2002, for $540,000. On January 1, 2012, a review was made of intangible assets and their expected service...
-
An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2009, for $540,000. On January 1, 2019, a review was made of intangible assets and their expected service...
-
A backhoe acquired on January 5 at a cost of $84,000 has an estimated useful life of 12 years. Assuming that it will have no residual value, determine the depreciation for each of the first two years...
-
Last year, Lena biked 330 miles. This year, she biked k miles. Using k, write an expression for the total number of miles she biked.
-
Consider the following incomplete table of a merchandisers profit data: Requirement 1. Complete the table by computing the missingamounts. Net Sales Gross Sales Discounts 3,300 2,900 Profit 28,700...
-
Prove that if i j then d (i) = d (j), and hence all states in the same class must have the same period.
-
How is a corporation's dividend yield calculated?
-
Mechum River Anglers, a division of Old Dominion Travel, offers two types of guided fly fishing tours, Basic and Deluxe. Operating income for each tour type in 2014 is as follows: The equipment has a...
-
Study the information provided below and calculate the following: 5.1 Payback Period of both projects (expressed in years, months and days). (6 marks) 5.2 Accounting Rate of Retum on average...
-
Alpha and Beta are divisions within the same company. The managers of both divisions are evaluated based on their own divisions return on investment (ROI). Assume the following information relative...
-
Elaine has 2020 Taxable Income of $13,185. She attends university in Waterloo, Ontario on a full time basis for 8 months of the year, paying $8,000 for 2020's tuition. She also had to pay $1,200 in...
-
There are 3 bonds in the market: Bond A B C Coupon rate (%) 0 9 7 Coupon payments are annual and bid-ask spreads are zero. Projects A B C Maturity 1 2 2 a) What are the prices of the above bonds? (6...
-
Question 1: Explain the process you would follow to obtain feedback from relevant project authorities on how well information is being managed in the project. Question 2: Explain how you would...
-
Menlo Company distributes a single product. The company's sales and expenses for last month follow: Total Per Unit Sales....... Variable expenses Contribution margin Fixed expenses..... $450,000 $30...
-
Use standards and policies/procedures to establish organisational process needs applicable to each business analysis initiative, including: Relevant personnel Engagement with personnel to obtain...
-
Connelly (2020) referred to the criticism about the refreezing process and how the business world sort of scoffs at it as antiquated because change has become a constant. The model should be looked...
-
SCENARIO 1 - YATES MOTORS Yates Motors is a family owned and operated car dealership, which means the Yates' are directly involved in day-to-day operations and know many of their customers on a...
-
2. In the circuit given in Figure 2, i,(t) = 5.67cos(5t)A and v (t) = 70.71 cos(5t 60) V a) Find the equivalent load impedance. State whether the load is inductive or capacitive. b) Calculate the...
-
The cost of direct materials transferred into the Filling Department of Satin Skin Lotion Company is $216,000. The conversion cost for the period in the Filling Department is $47,325. The total...
-
A business issued a 60-day note for $45,000 to a creditor on account. The note was discounted at 6%. Journalize the entries to record (a) The issuance of the note (b) The payment of the note at...
-
What are the major disadvantages of the use of the net present value method of analyzing capital investment proposals?
-
The Forensic Accounting Box of this chapter noted that forensic accounting techniques are being used to help pick stocks for investing. How might identifying accounting concerns be useful for...
-
In the corporate social responsibility highlight regarding Starbucks on page 528 in this chapter, it was stated that Starbucks believes in measuring and monitoring the company's CSR progress. The...
-
The fiscal year 2017 annual report of General Mills, Inc. is available on this book's Website. Required a. How many shares of common stock is General Mills authorized to issue? How many common shares...
Study smarter with the SolutionInn App