Your company uses the DDB method. Assets purchased between the 1st and 15th of the month...

Your company uses the DDB method. Assets purchased between the 1st and 15th of the month are depreciated for the entire month; assets purchased after the 15th of the month are treated as though they were acquired the following month. On April 6, 20X1, your firm purchases a machine for $250,000 that management estimates will last 15 years and have a salvage value of $10,000. What is 20X1 depreciation expense? $33,333 $24,000 $25,000 $32,000

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ekkarill92 answered 1 year ago

Jurassic Company purchased equipment for $900,000 on June 1 2019. DDB method is used, based on...

Jurassic Company purchased equipment for $900,000 on June 1 2019. DDB method is used, based on a 5-year life and $1,000 salvage value. At the end of 2020, Jurassic found that the expected future net cash flows from the use of the assets are expected to be $410,000. The fair value of the equipment is $380,000. Is this equipment impaired? If the answer is yes, prepare the journal entry to record the impairment loss.

DeeDee uses the DDB method to depreciate office equipment. No office equipment was added during 2019....

DeeDee uses the DDB method to depreciate office equipment. No office equipment was added during 2019. It is estimated that the office equipment has a useful life of 20 years with a salvage value of $4,000. Prior depreciation was correctly calculated based on period of time held. Unadjusted Trial Balance: Office Equipment 250,000(DR) Accumulated Depreciation - Office Equipment 25,000 (CR) What is the adjusting journal entry?

The following information is available for the month ofApril. The company uses the perpetual inventory method....

The following information is available for the month ofApril. The company uses the perpetual inventory method. April 1 inventory balance 120 units @$8.04 each April 10purchase 200 units @ $8.20 each April 20purchase 410 units @ $8.40 each April 22sale 630 units @ $15.00 each April 25purchase 310 units @ $8.59 each a. Compute the value of ending inventory under LIFO,show steps. b. Compute the value of ending inventory under FIFO,show steps. c. Which inventory costing method results in the...

Problem 9-1 Fitzgibbons Company uses the perpetual inventory method. Fitzgibbons began the month of March with...

Problem 9-1 Fitzgibbons Company uses the perpetual inventory method. Fitzgibbons began the month of March with 100 units of inventory, at a unit cost of $55. On March 5, Fitzgibbons purchased 60 units at $60 each. On March 12, they sold 60 units On March 18, Fitzgibbons purchased 200 units at $65 each On March 25, Fitzgibbons sold 210 units. On March 29, Fitzgibbons purchased 40 units at $75 each. All units were sold to customer for $100 each. Use...

Alpha Company uses the weighted-average process costing method. During the month of March the direct material...

Alpha Company uses the weighted-average process costing method. During the month of March the direct material equivalent unit cost was $10.00 and the conversion cost equivalent unit was $6.00. Alpha completed and transferred $96,000 of production to the finished goods inventory for the month of March. Use this information to determine the number of units that were transferred from the Work in Process.

On January 1st 2016 the Hail Company purchased a tractor for $120,000. This tractor is expected...

On January 1st 2016 the Hail Company purchased a tractor for $120,000. This tractor is expected to last 12 years and have a $2400 salvage value Hail expects to drive the tractor 470400 miles . In 2016 Hail drove the tractor 80,000 miles; in 2017 Hail drove the tractor 127,000 miles Part 1: fill in the following table 2016 2017 2016 2017 dep exp dep exp book value book value straight line depreciation double declining depreciation units of activity depreciation...

On January 1st 2016 the Snoke Company purchased 100 of the 1000 shares of The First...

On January 1st 2016 the Snoke Company purchased 100 of the 1000 shares of The First Order Company stock for $6000 At this time Snoke has no influence over The First Order. On July 1st The First Order paid a $1 per share dividend On December 31st The First order reported income for 2016 of $5000 and its stock was selling for $63 per share On January 2nd 2017 the Snoke Company purchased another 100 shares of The First Order...

22. Mike’s Tires uses the double-declining-balance method to calculate depreciation for its truck. The company purchased...

22. Mike’s Tires uses the double-declining-balance method to calculate depreciation for its truck. The company purchased the truck on September 2, 2015, for $15,200 and a $250 delivery fee. The company expects the truck to last 20 years and have a $1,700 salvage value at that date. Calculate the following: a. Double-declining balance rate b. Depreciation expense for 2015 c. Depreciation expense for 2016

Complete the following table of assets and expenses purchased during the month of April. Record General...

Complete the following table of assets and expenses purchased during the month of April. Record General Journal entries for expense accounts. Item Value 5% GST 8% PST Total Office Supplies $87.00 Equipment 630.00 Tools 888.00 Merchandise 895.00 Utilities 225.00

E11.3 (LO 1, 2 ) (Depreciation Computations—SYD, DDB—Partial Periods) Judds Company purchased a new plant asset...

E11.3 (LO 1, 2 ) (Depreciation Computations—SYD, DDB—Partial Periods) Judds Company purchased a new plant asset on April 1, 2020, at a cost of $711,000. It was estimated to have a service life of 20 years and a salvage value of $60,000. Judds' accounting period is the calendar year. Instructions a. Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years'-digits method. b. Compute the depreciation for this asset for 2020 and 2021 using the double-declining-balance method.

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