Waylander Coatings Company purchased waterproofing equipment on January 6 for $320,000. The equipment was expected to have a useful life of four years, or 20,000 operating hours, and a residual value of $35,000. The equipment was used for 7,200 hours during Year 1, 6,400 hours in Year 2, 4,400 hours in Year 3, and 2,000 hours in Year 4.
Required:
1. Determine the amount of depreciation expense for the years ended December 31, Year 1, Year 2, Year 3, and Year 4, by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method. Also determine the total depreciation expense for the four years by each method.
| Depreciation Expense | |||
| Year | Straight-Line Method | Units-of-Activity Method | Double-Declining-Balance Method |
| Year 1 | $ | $ | $ |
| Year 2 | $ | $ | $ |
| Year 3 | $ | $ | $ |
| Year 4 | $ | $ | $ |
| Total | $ | $ |
$ |
2. What method yields the highest depreciation
expense for Year 1?
3. What method yields the most depreciation
over the four-year life of the equipment?
In: Accounting
Python 3.7.4:
The current calendar, called the Gregorian calendar, was introduced in 1582. Every year divisible by four was created to be a leap year, with the exception of the years ending in 00 (that is, those divisible by 100) and not divisible by 400. For instance, the years 1600 and 2000 are leap years, but 1700, 1800, and 1900 are not. Write a program that requests a year as input and states whether it is a leap year. We need to run this as many times as the user wants to check for leap years.
Below was marked incorrect for me. I need to put it in a while loop. Also, I'm curious if there is a way to do it without def? Do we have to call main? Sorry for all of the newbie questions. Thank you!
----------------------
def leap(year):
if(year % 400 == 0):
return True
elif year % 100 == 0:
return False
elif year%4 == 0:
return True
else:
return False
def main():
year = int(input("Enter year: "))
if(leap(year)):
print(year,"is a leap year")
else:
print(year, "is not a leap year")
main()In: Computer Science
Two-week-old Tabitha has infant respiratory distress syndrome. Eighty-year-old Anthony has emphysema, and 50-year-old Jenny has pulmonary fibrosis.
In your initial post, explain why the mechanics of breathing are greatly compromised in each case.
In: Nursing
You want to buy a new sports car 3 years from now, and you plan to save $6,200 per year, beginning one year from today. You will deposit your savings in an account that pays 5.2% interest. How much will you have just after you make the 3rd deposit, 3 years from now? (Hint: Ordinary Annuity)
In: Finance
1) Currency appreciation: Consider price of beer. Let's pretend that last year a bottle of beer used to cost one dollar, but this year it costs two dollars per bottle.
a) This means beer costs twice as much as last year; or beer price has gone up by ___________%
b) One dollar buys half as much beer as last year; or dollar has fallen in value by ___________%
Note: The same idea works for relative values of currencies, i.e. appreciation of Yen against the dollar or depreciation of dollar against the Yen.
2) Do problem 1 using different data. Last year a bottle of beer used to cost $ 0.50, but this year it costs $ 0.60.
a) Beer price has gone up by _________%
b) Dollar has fallen in value by _________%
3) Find PVfor following cash flows using a discount rate of 10% per period, all periods are of the same (but unspecified) duration.
0_____1_____2_____3_____4
$10 $10 $10 $110
a) use calculator, make sure that you know the procedure.
N=____, PMT=_____, i=____, FV=_____,
PV=_____
b) use spreadsheet, make sure that you know the procedure
PV=________
c) use intuition: PV=_____because ____________________
Hint: Compare coupon rate and discount rate.
d) if we use a higher discount rate the PV will be higher/lower
In: Finance
You are thinking of purchasing a house. The house costs $250,000. You have $36,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price.
The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 6% per year. What will be your annual payment if you sign this mortgage?
In: Finance
On August 1, Year 1, Ant Company sold Bee Company $1,500,000 of 10 year, 6% bonds, dated July 1 at 100 plus accrued interest. On March 1 Year 2. Bee sold har of the bonds for $782,500 plus accrued interest
Required:
Present entries to record the following transactions:
Bee Company
(a) Purchase of bonds on August 1 Year 1.
(b) Receipt of first semiannual interest amount on December 31, Year 1
(c) The sale of the bonds on March 1, Year 2
In: Accounting
Stacie and Ryan are married and file jointly for the 2018 tax year. They have two sons. Their sons are age 10 and 14. Stacie and Ryan’s wages in total for the year was $133,000. Their employers withheld $18,000 in tax from their wages. In addition to the above, the following occurred the 2018 tax year:
• They moved several states away because of career relocation for Ryan. Their unreimbursed moving costs were $10,000.
• Stacie and Ryan pay $3,500 of the interest on a loan Ryan’s postsecondary education.
• They paid $2,000 in medical insurance premiums for the year. In addition, they paid $1,000 for hospital stay after an emergency room trip for Stacie.
• The couple paid $250 for an accountant to prepare their taxes.
• Their accountant calculates that their total state income tax liability is $4,000. The couple pay all their state taxes during the 2018 tax year.
ANSWER THE FOLLOWING FOR EACH QUESTIONS:
A) Determine the AGI this year for the taxpayer(s).
B) Determine the amount of itemized deductions the taxpayer(s) has (have) available this year.
C) Using the 2018 standard deduction amounts (assuming no additional amounts for age or blindness) from Appendix D in of your book, state whether the taxpayer(s) itemize or take the standard deduction. I am not asking for you to state the amount of either the standard deduction or the itemized deductions chosen.
D) Use the individual tax formula and a flat 20% tax rate on all types of taxable income to determine the amount of taxes due or refund amount. Remember to clearly marking the answer as either the amount of tax due or a refund due (e.g. refunds are negative amounts as represented with parentheses or a negative sign, alternatively you can just write “refund” next to it). Assume AMT does not apply, and there are no tax credits available.
In: Accounting
Each is worth 4 points. Show or explain your work for partial credit. Draymond wants to take a 2-year training course that costs $5,000 each year. His company promises a $1,000 raise for anyone who takes the course. Draymond currently makes $70,000 and will retire 10 years after completing the training. He will continue to work while he takes the training course. Assume a discount rate of 0.07.
In: Finance
Cherboneau Novelties produces drink coasters (among many other products). During the current year (year 0), the company sold 520,000 units (packages of 6 coasters). In the coming year (year 1), the company expects to sell 540,000 units, and, in year 2, it expects to sell 624,000 units. The target ending finished goods inventory for each month is equal to the next month's sales. However, because of production issues, the ending inventory in the current year is expected to be only 12,000 units.
Each unit requires 0.5 pounds of cork. At the end of the current year, management expects to have 18,750 pounds of cork in inventory. Management has set a target to have cork on hand equal to one-half of next month’s sales requirements. Sales and production take place evenly throughout the year.
Required:
a. Compute the total targeted production of the finished coaster for the coming year.
b. Compute the required amount of cork to be purchased for the coming year.
In: Accounting