Use the formula to calculate
2018
depreciation for each asset, and lastly, calculate the total
cost...
Use the formula to calculate
2018
depreciation for each asset, and lastly, calculate the total
cost and depreciation of all assets purchased in
2018.
(Complete all answer boxes. Round depreciation per unit to the
nearest cent and round final depreciation amounts to the nearest
whole dollar. For any asset not depreciated, select "No
depreciation taken on this asset" in the Formula column and enter
a "0" in the Depreciation column.)
Date in service
Asset
Cost
Formula needed for 2018 depreciation...
1. Gianina Company takes a full year’s
depreciation in the year of an assets acquisition, and...
1. Gianina Company takes a full year’s
depreciation in the year of an assets acquisition, and no
depreciation in the year of disposition. Data relating to one
depreciable asset acquired in 2003, with residual value of P900,000
and estimated useful life of 8 years, at December 31, 2004 are:
Cost
9,900,000
Accumulated depreciation
3,750,000
Using the same depreciation method in
2003 and 2004, how much depreciation should Gianina record in 2005
for this asset?
A.
1,125,000
C.
1,650,000
B.
1,250,000...
On 1/1/16, black co. (lessee) recorded a right of use asset of
$100,000 for a 10-year...
On 1/1/16, black co. (lessee) recorded a right of use asset of
$100,000 for a 10-year lease agreement. payments of $12,575 are
made annually at the beginning of each rental year, with the first
payment paid on 1/1/16. the lessor’s implicit rate is 5.5%, which
approximates Black’s incremental borrowing rate.
Black classifies the lease as a finance lease, but not as a
result of a bargain purchase option or title transfer. the leased
equipment has an estimated useful life of...
Presented below are selected transactions at Metlock, Inc. for
2019.
Jan.
1
Retired a piece of...
Presented below are selected transactions at Metlock, Inc. for
2019.
Jan.
1
Retired a piece of machinery that was purchased on January 1,
2009. The machine cost $61,800 on that date. It had a useful life
of 10 years with no salvage value.
June
30
Sold a computer that was purchased on January 1, 2016. The
computer cost $39,000. It had a useful life of 5 years with no
salvage value. The computer was sold for $15,800.
Dec.
31
Discarded...
Here are selected 2017 transactions of Cheyenne Corporation.
Jan. 1
Retired a piece of machinery that...
Here are selected 2017 transactions of Cheyenne Corporation.
Jan. 1
Retired a piece of machinery that was purchased on January 1,
2007. The machine cost $62,600 and had a useful life of 10 years
with no salvage value.
June 30
Sold a computer that was purchased on January 1, 2015. The
computer cost $36,400 and had a useful life of 4 years with no
salvage value. The computer was sold for $4,400 cash.
Dec. 31
Sold a delivery truck for...
Exercise 9-9
Presented below are selected transactions at Novak Corp. for
2019.
Jan.
1
Retired a...
Exercise 9-9
Presented below are selected transactions at Novak Corp. for
2019.
Jan.
1
Retired a piece of machinery that was purchased on January 1,
2009. The machine cost $62,300 on that date. It had a useful life
of 10 years with no salvage value.
June
30
Sold a computer that was purchased on January 1, 2016. The
computer cost $42,600. It had a useful life of 5 years with no
salvage value. The computer was sold for $13,400.
Dec....
Exercise 9-9 Presented below are selected transactions at Ridge
Company for 2017.
Jan. 1 Retired a...
Exercise 9-9 Presented below are selected transactions at Ridge
Company for 2017.
Jan. 1 Retired a piece of machinery that was purchased on
January 1, 2007. The machine cost $61,900 on that date. It had a
useful life of 10 years with no salvage value.
June 30 Sold a computer that was purchased on January 1, 2014.
The computer cost $31,200. It had a useful life of 5 years with no
salvage value. The computer was sold for $14,600.
Dec....
Aston Projected Income Statement
YE 12/31/2014
Sales 29,000,000
COGS $14,000,000
Depreciation expense 2,600,000
Operating Expense ...
Aston Projected Income Statement
YE 12/31/2014
Sales 29,000,000
COGS $14,000,000
Depreciation expense 2,600,000
Operating Expense 6,400,000
23,000,000
Income Before Tax 6,000,000
Tax Expense 3,000,000
Income After Taxes 3,000,000
ASTON CORPORATION SELECTED BALANCE SHEET INFORMATION
AT DECEMBER 31, 2012
Estimated cash balance
$5,000,000
Available-for-sale securities (at cost)
10,000,000
Fair value adjustment (1/1/12)
200,000
Estimated Fair Value at December 31st 2014
Security Cost Estimated Market
A 2,000,000 2,200,000
B 4,000,000 3,900,000
C 3,000,000 3,100,000
D ...
1. On January 1, 2021, Oriole Corporation signed a 5-year
noncancelable lease for equipment. The terms...
1. On January 1, 2021, Oriole Corporation signed a 5-year
noncancelable lease for equipment. The terms of the lease called
for Oriole to make annual payments of $191000 at the beginning of
each year for 5 years beginning on January 1, 2021 with the title
passing to Oriole at the end of this period. The equipment has an
estimated useful life of 7 years and no salvage value. Oriole uses
the straight-line method of depreciation for all of its fixed...