On January 1, 2011, Munoz Co. purchased machinery. The machinery has an estimated useful life of eight years and an estimated salvage value of $2,703. The depreciation applicable to this machinery was $31,845 for 2013, computed by the sum-of-the-years'-digits method. The acquisition cost of the machinery was
(rounding hint: if you convert a fraction to a decimal, don't round it when going forward to use it in any calculations. For example, if 32/55 = .581818181818181...leave all those decimals in your calculator when going on to do any further calculations.) Answer: 193,773
How do I get to this answer I keep getting 191,070?
Answer is given below
Since scrap value of asset was excluded initially while calculating the depreciation it should be added back to get the cost of Asset
On January 1, 2011, Munoz Co. purchased machinery. The machinery has an estimated useful life of...
On January 3, 2016, Bonita Industries purchased machinery. The machinery has an estimated useful life of eight years and an estimated salvage value of $121000. The depreciation applicable to this machinery was $269000 for 2018, computed by the sum-of-the-years'-digits method. The acquisition cost of the machinery was $1452000. $1735000. $1614000. $1927000.
On January 3, 2016, Vaughn Manufacturing purchased machinery. The machinery has an estimated useful life of eight years and an estimated salvage value of $122000. The depreciation applicable to this machinery was $259000 for 2018, computed by the sum-of-the-years'-digits method. The acquisition cost of the machinery was O $1464000. O $1554000 $1676000. $1868000.
On Jan 1, 2017, Kevin Co. purchased machinery. The machinery has an estimated useful life of nine years and an estimated residual value of $45,000. Kevin Co. uses double-declining balance depreciation for all their machinery, and recorded $77,000 depreciation expense for 2017. The acquisition cost of the machinery was 1) $346,500.00 2) $738,000.00 3) $391,500.00 4) $685,000.00 Which of the following statement regarding not-for-profit (NPO) organizations is false? 1) Unlike for-profit corporations, NPOs have no owners. 2) NPOs are generally...
Grove Co. purchased machinery on September 19, 2015, for $190,000. Residual value was estimated to be $10,000. The machinery will be depreciated over eight years using the sum-of-the-years'-digits method. Depreciation is computed on the basis of the nearest full month, and its financial year ends December 31. Grove should record depreciation expense for 2016 on this machinery of $
Machinery was purchased on January 1 for $96,040.00. The machinery has an estimated life of seven years and an estimated salvage value of $9,000. Double-declining-balance depreciation for the second year would be (round calculations to the nearest dollar): a.$18,600 b.$19,100 c.$19,600 d.$20,600
On April 1, 2019. Coronado Industries purchased new machinery for $453000. The machinery has an estimated useful life of five years, and depreciation is computed by the sum of the years' digits method. The accumulated depreciation on this machinery at March 31, 2021, should be O $271800 $151000 5302000 $181200
Pina Company purchased machinery for $176,400 on January 1, 2017. It is estimated that the machinery will have a useful life of 20 years, salvage value of $14,700, production of 91,400 units, and working hours of 40,900. During 2017, the company uses the machinery for 11,452 hours, and the machinery produces 11,882 units. Compute depreciation under the straight-line, units-of-output, working hours, sum-of-the-years’-digits, and double-declining-balance methods. (Round intermediate calculations to 5 decimal places, e.g. 1.56487 and final answers to 0 decimal...
alculator chinery was purchased on January 1 for $86,730.00. The machinery has an estimated life of seven years and an estimated salvage value of $9,000. uble-declining-balance depreciation for the second year would be (round calculations to the nearest dollar):
Windsor Corp. purchased machinery for $312,000 on May 1, 2020. It is estimated that it will have a useful life of 10 years, salvage value of $15,000, production of 237,600 units, and working hours of 25,000. During 2021, Windsor Corp. uses the machinery for 2,650 hours, and the machinery produces 27,540 units. From the information given, compute the depreciation charge for 2021 under each of the following methods. (Round intermediate calculations to 2 decimal places, e.g. 5.25 and final answers...
1. Machinery was purchased on January 1 for $73,500.00. The machinery has an estimated life of seven years and an estimated salvage value of $9,000. Double-declining-balance depreciation for the second year would be (round calculations to the nearest dollar): a.$16,000 b.$15,000 c.$14,500 d.$14,000 2. A machine with a cost of $52,300 has an estimated residual value of $3,262 and an estimated life of 5 years or 17,412 hours. What is the amount of depreciation for the second full year, using...