Problem 11-11 (Part Level Submission) On January 1, 2015, a machine was purchased for $101,700. The...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Problem 11-11 (Part Level Submission) On January 1, 2015, a machine was purchased for $101,700. The machine has an estimated salvage value of $6,780 and an estimated useful life of 5 years. The machine can operate for 113,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2015, 22,600 hrs; 2016, 28,250 hrs; 2017, 16,950 hrs; 2018, 33,900 hrs; and 2019, 11,300 hrs. Your answer is correct. Compute the annual depreciation charges over the machine's life assuming a December 31 year-end for each of the following depreciation methods. (Round answers to 0 decimal places, e.g. 45,892.) (2) A Year 2005 2008 2017 2008 2009 Year 2015 2006 (4) Dece 2018 Year 2005 2017 2008 2009 - (b) Assume a fiscal year-end of September 30. Compute the annual depreciation charges over the asset's life applying each of the following methods. (Round answers to 0 decimal places, e.g. 45,892.) Year Straight-line Method Sum-of-the-years-digits method Double-declining-balance method 2015 2016 2017 2009 ***** ***** ***AN 2020 Click if you like to show Work for this tion Open LIETO TEAT Problem 11-11 (Part Level Submission) On January 1, 2015, a machine was purchased for $101,700. The machine has an estimated salvage value of $6,780 and an estimated useful life of 5 years. The machine can operate for 113,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2015, 22,600 hrs; 2016, 28,250 hrs; 2017, 16,950 hrs; 2018, 33,900 hrs; and 2019, 11,300 hrs. Your answer is correct. Compute the annual depreciation charges over the machine's life assuming a December 31 year-end for each of the following depreciation methods. (Round answers to 0 decimal places, e.g. 45,892.) (2) A Year 2005 2008 2017 2008 2009 Year 2015 2006 (4) Dece 2018 Year 2005 2017 2008 2009 - (b) Assume a fiscal year-end of September 30. Compute the annual depreciation charges over the asset's life applying each of the following methods. (Round answers to 0 decimal places, e.g. 45,892.) Year Straight-line Method Sum-of-the-years-digits method Double-declining-balance method 2015 2016 2017 2009 ***** ***** ***AN 2020 Click if you like to show Work for this tion Open LIETO TEAT
Expert Answer:
Answer rating: 100% (QA)
Solution Year 2015 2016 2017 2018 2019 2020 Working A B CA B D Straight li... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1118742976
16th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
On January 1, 2010, a machine was purchased for $90,000. The machine has an estimated salvage value of $6,000 and an estimated useful life of 5 years. The machine can operate for 100,000 hours before...
-
On January 1, 2015, a machine was purchased for $90,000. The machine has an estimated salvage value of $6,000 and an estimated useful life of 5 years. The machine can operate for 100,000 hours before...
-
On January 1, 2017, a machine was purchased for $90,000. The machine has an estimated residual value of $6,000 and an estimated useful life of 5 years. The machine can operate for 100,000 hours...
-
Magna Jets is a medium sized company that manufactures luxury goods for several well-known chain stores. In real terms, the company has experienced only a small growth in turnover in recent years,...
-
1. Using 1/f = 1/so+1/st , so = 3.50 cm, and st = 7.25 cm, find f. 2. Using 1/f = 1/so+1/st , so = 8.50 cm, and f = 25.0 cm, find st 3. Using M = ht/ho = st/so, ho = 6.50 cm, st = 7.50 cm, and so =...
-
Cypress Oil Company's December 31, 2018, balance sheet listed $645,000 of notes receivable and $16,000 of interest receivable included in current assets. The following notes make up the notes...
-
The following table lists values measured for 60 consecutive eruptions of the geyser Old Faithful in Yellowstone National Park. They are the duration of the eruption (x1), the duration of the dormant...
-
(Multiple Choice) The Plaza Company originated late in 2006 and began operations on January 2, 2007. Plaza is engaged in conducting market research studies on behalf of manufacturers. Prior to the...
-
I'm struggling and need help APPLY THE CONCEPTS: Net present value and Present value index McCall Corp. is looking to invest in Project A or Project B. The data surrounding each project is provided...
-
Regional Airlines is establishing a new telephone system for handling flight reservations. During the 10:00 A.M. to 11:00 A.M. time period, calls to the reservation agent occur randomly at an average...
-
Papaya, Inc. acquired an additional business unit for $300,000. The seller agreed to accept annual payments of $70,000 at an annual interest rate of 6 percent. How many years will it take the company...
-
TAK is a sole proprietorship business set up by Tom that focuseson providing tour and travel services to tourists. The setup costsincluded a good amount of fixed costs and variable costs grew as...
-
Which type of fiber optic cabling is best suited to very long runs with very few bends or turns? give explanation
-
Which function divides a string into an array of strings? explain with example
-
South Korea should maintain current, restrictive monetary and fiscal policies as it needs to take steps to return to sustainable finances and address inflation, the International Monetary Fund (IMF)...
-
A company is projected to generate free cash flows of $174 million next year and $194 million at the end of year 2, after which it is projected grow at a steady.rate in perpetuity. The company's cost...
-
QUESTION 1 In serial communication, Why do we need I/O synchronization? We need synchronization to measure the time when the microcontroller receives data. A. We need synchronization to measure the...
-
3M Company reports the following financial statement amounts in its 10-K report: a. Compute the receivables, inventory, and PPE turnover ratios for both 2018 and 2017. (Receivables turnover and...
-
Amy Dyken, controller at Fitzgerald Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for...
-
The management of Tritt Company has asked its accounting department to describe the effect upon the company's financial position and its income statements of accounting for inventories on the LIFO...
-
Presented below are a number of independent situations. Instructions For each individual situation, determine the amount that should be reported as cash. If the item(s) is not reported as cash,...
-
A test of controls on an internal control structure policy that involves segregation of duties and leaves no documentary trail is a. Inspection. b. Observation. c. Reperformance. d. Reconciliation.
-
In the evaluation of the internal control structure policies and procedures relating to the occurrence and completeness of certain payroll transactions, the assess ment of control risk for the...
-
During the course of obtaining an understanding of a clients internal control structure, Mr. Inves, CPA, discovered that, in a number of instances, the pertinent information had not been posted from...
Study smarter with the SolutionInn App