$440,000$176,000$176,000$264,0001$264,000$105,600$281,600$158,4002$158,400$63,360$344,960$95,040103$95,040$38,016$382,976$57,024114$57,024$17,024$400,000$40,00012Multiple Choice=+89-C9+E8-C9+$B$2-D9+B9-D958. Which of the following formulas would be INCORRECT in cell E9?CDE12 Cost3 Salvage4 Life (in years)$440,000$40,000January 1 book DepreciationYearAccumulatedDecember 317valueExpenseDepreciationbook value81$440,000$176,000$176,000$264,000$264,000$105,600$281,600$158,400103$158,400$63,360$344,960$95,040114$95,040$38,016$382,976$57,02412$57,024$17,024$400,000$40,000Multiple Choice+89-C956

Depreciation is the allocation of cost of asset over the useful life of the asset. Accumulated…

8. $264,000 $105,600 $281,600 $158,400 6. $95,040 $57,024 3 $158,400 $63,360 $344,960 10 $95,040 $38,016 $382,976 11 4 $57,024 $17,024 $400,000 $40,000 12 Multiple Choice =+89-C9 E8-C9 +$B$2-D9 +89-D9

8. $264,000 $105,600 $281,600 $158,400 6. $95,040 $57,024 3 $158,400 $63,360 $344,960 10 $95,040 $38,016 $382,976 11 4 $57,024 $17,024 $400,000 $40,000 12 Multiple Choice =+89-C9 E8-C9 +$B$2-D9 +89-D9

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: If the fund earns 10%, how much will be paid to Juan on his 30th birthday?

A: Alvin Yu born on 01.01.1988 Investment Start at 1st birthday upto 10th birthday ( till 01.01.19...

Q: Required: (a)Compute prime cost, manufacturing cost and cost of goods manufactured. (b)Compute cost ...

A: Prime Cost= Direct Material Cost+ Direct labor Cost Manufacturing Cost= Prime Cost +Manufacturing Ov...

Q: Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inv...

A: Cost to retail methods is simple method . This help them to find relationship between cost of merc...

Q: anhoe Leasing Company agrees to lease equipment to Shamrock Corporation on January 1, 2020. The foll...

A: Calculation of Annual Rental Payment A...

Q: In retail we are always adjusting our operations to ensure financial goals are met. Aside from adjus...

A: Introduction Adjustments is carried out to show the accurate picture of financial statement at the e...

Q: Amy and Brian were investigating the acquisition of a tax accounting business, Bottom Line Incorpora...

A: A Recognized gain occurs when an investment or object is sold for a higher price than when it was p...

Q: Southland Company Is preparing a cash budget for August. The company has $18,100 cash at the beginni...

A: The cash budget is prepared to estimate the requirements for cash during the period.

Q: Surname Initial AP. I, E, V C,O,R, Y KO ME S W. G, Z D. T. LU IN, B. J, X,H Net Income 500,000.00 80...

A: Preferred stock: Preferred stock is a kind of stock issued to preferred investors on which they rece...

Q: On January 1, 2016, Saul Company issued convertible bonds with a face amount of P 5,000,000 for P 6,...

A: Solution Bond is a fixed obligation to pay that is issued by a corporation or government entity to i...

Q: Problem 11-11 (Algo) Review problem-understanding liquidity measures LO 1 Assume that the current ra...

Q: White Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat ...

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-part...

Q: After several months of planning, Mary Tratini started a called "Italian Product". The following bus...

A: To prepare the trial balance all the required ledger accounts are to be prepared and to prepare a ba...

Q: [The following information applies to the questions displayed below.] Iguana, Inc., manufactures bam...

A: The question is based on the concept of Cost Accounting.

Q: The following are the transactions of Morrell Corporation: Morrell Corporation disposed of two c...

A: Solution: When equipments are disposed off without realizing any amount, the book value of equipment...

Q: Q4. A sale of merchandise on account for $5,000, terms n/30, is subject to an 8% sales tax. (a) S...

A: Sales Tax - Sales Tax is the tax that charged by the the seller the customer. This is not the income...

Q: n 2021, Ehrlich Corporation reported net income of $700,000. It declared and paid preferred stock di...

A: Solution: Earnings per share is the monetary value of earnings per outstanding share of common stock...

Q: Indicate the effect that each transaction/event listed here will have on the financial ratio listed ...

A: Introduction Financial ratios are used for the interpretation of the financial and results of the op...

Q: In retail we are always adjusting our operations to ensure financial goals are met. Aside from adjus...

A: Adjusting entries are prepared at the end of the period to make adjustments to the balances of the a...

Q: On January 1, 2016, Saul Company issued convertible bonds with a face amount of P 5,000,000 for P 6,...

A: It is the amount liable to the bondholders by the issuer of bonds. This bonds payable will be report...

Q: 9. the BIR is under the supervision of the: A. Department of Budget B. Bureau of Customs 10. Which o...

A: 9.Answer: C. Department of Finance. The Bureau of Internal Revenue (Filipino: Kawanihan ng Rentas In...

Q: Problem 11-12 (Algo) Effect of transactions on liquidity measures LO 1 Selected balance sheet acc...

A: Current Ratio - Current Ratio shows the company's liquidity. This ratio indicates how much short ter...

Q: Mr. S sold a pig named Peachy to Ms. B for P5,000. No condition or period was contemplated. After th...

A: Mr. S sold the pig to Ms. B without any condition. After the completion of sale but before delivery ...

Q: A taxpayer gives the following reasons in refusing to pay a tax. Which of these reasons is not accep...

A: An Individual who is eligible to pay taxes on his) her income towards the government, as being the r...

Q: nurtry Corporation sells a product for $150 per unit. The product's current sales are 12,600 units a...

A: The margin of safety is calculated as difference between current sales and break even sales.

Q: Exe (3-a) Return on total assets. (3-b) Based on return on total assets, did Simon's operating effic...

A: Lets understand the basics. Return on total assets indicates the ability of company to generate earn...

Q: Current Attempt in Progress Concord Manufacturing owns equipment that cost €66,600 when purchased on...

A: A journal entry is an accounting entry which is used to record a business recorded in the accounting...

Q: Chavez Wholesale Inc. changed its method of valuing inventory from the average cost method to the FI...

A: To generate a journal entry, you enter transaction records into your company's books. Your journal e...

Q: How much could BTU Oil & Gas Fracking afford to spend on new equipment every start of the year for ...

A: To find out the Annual payment amount, formula is= Fi1+in - 1 Here, F= Accumulation of the sum of th...

Q: a. Determine the number of days past due for each of the preceding accounts as of July 31. If an acc...

A: In this question, we will Determine: 1)The number of days past due for each of the preceding account...

Q: CABADBARAN CORP., produces non-fat yogurt which it sells to restaurants and ice cream shops. The pro...

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...

Q: Accrued salaries payable of $98000 were not recorded at December 31, 2020. Office supplies on hand o...

A: Accounting errors are mistake that affects the results reported by financial reporting. It may have ...

Q: KALIBO CORP. prepared the following absorption-costing income statement for the year ended May 31, 2...

A: The income statement is prepared to record the revenues and expenses of the current period and furth...

Q: Super Pharma Company had the following transactions: 1. Issued capital stock for $935,000. 2. Purch...

A: Journal entries are the basic method for recording financial transactions in the books of accounts. ...

Q: Which of the following accounts would appear ona budgeted balance sheet? Multiple Cholce All of the ...

A: Solution: In a Balance sheet, Assets, liabilities and Equity accounts are represented. However reven...

Q: What role do management accounting principles and practices play in assisting managers in solving re...

A: Firm managers must manage people while also knowing the real world. To assure the firm's performance...

Q: E9-6 (Algo) Computing and Recording Straight-Line Depreciation [LO 9-3] Yazzie Incorporated bought a...

A: Given, =A machine at the beginning of the year at a cost of $42,000. =The estimated useful life was ...

Q: tractor A $ 300, 000 tractor B inital cost • life , ammual operations ft00,006 ID yours | $ 35,00 10...

A: Answer) Calculation of Benefit Cost Ratio of Tractor A Benefit Cost Ratio = Present value of Benefit...

Q: The computation of pension expense includes all the following except Select one: 13 а. interest on p...

A: “Since you have asked multiple question, we will solve the first question for you. If you want any s...

Q: Mr. S obliged himself to deliver to Mr. B 50 sacks of sugar for P20,000. Mr. S was not able to compl...

A: IN Contract Act when one party tells to deliver his terms and bindings according to agreement to oth...

Q: RUE OR FALSE? Tax assessments made by the BIR must be in writing containing the law and facts as th...

A: Taxation- Taxation refers to the imposition of a tax on persons and other types of organizations, as...

Q: On March 1, 2014, Medium Corp. issued at 103 excluding accrued interest, 1,000 of its 15% , P 1,000 ...

A: A bond is a fixed-income instrument that represents a loan made by an investor to a borrower.

Q: Record the following transactions in the General Journal of KBC Decorating Co., making note of the f...

A: HST is payable to the government when goods are sold to the customer and HST is collected from him. ...

Q: On September 30, 2019, STONE REACH Co., Inc. was awarded the contract to build a 1,000 room hotel fo...

A: Contract accounting is acknowledged as the accounting method utilized in order to record the revenue...

Q: An invoice amounting to P20,000 dated Feb , had the following terms, 5/10, 3/20, n/30. Compute the d...

A: Note: 5/10, n/30: Here, 5 represents the discount rate if payment is made within ten days. And if pa...

Q: s) level before the additional investment. Req G2 to G4 >

A: Residual income refers to the income remaining at an individual after he or she has paid all of his ...

Q: 5. This is a class of asset that are not essentials in the on going operations of the business. A. F...

A: A valuable resource that a person, company, or country owns or controls with the purpose of profitin...

Q: At the beginning of the current season on April 1, the ledger of Riverbed's Discorama showed Cash $1...

A: A Journal is a register in which all business transactions are recorded in the order in which they o...

Q: A manufacturing company plans to replace an existing production line with a newer and more energy ef...

A: Savings in expenses refers to the amount by which a particular expense or a set of expenses are redu...

Q: D. The équivalent units for conversion costs equaled 47,500' units. The beginning inventory consiste...

A: FIFO stands for First-in First-out. It states that the inventory purchased first would be sold first...

Q: 5. For each of the following independent situations, fill in the missing data. In all cases, the sta...

A: Variance refers to those deviation which is used to determine the difference between the actual unit...

Question

$440,000
$176,000
$176,000
$264,000
1
$264,000
$105,600
$281,600
$158,400
2
$158,400
$63,360
$344,960
$95,040
10
3
$95,040
$38,016
$382,976
$57,024
11
4
$57,024
$17,024
$400,000
$40,000
12
Multiple Choice
=+89-C9
+E8-C9
+$B$2-D9
+B9-D9
5
8.

Which of the following formulas would be INCORRECT in cell E9?
C
D
E
1
2 Cost
3 Salvage
4 Life (in years)
$440,000
$40,000
January 1 book Depreciation
Year
Accumulated
December 31
7
value
Expense
Depreciation
book value
8
1
$440,000
$176,000
$176,000
$264,000
$264,000
$105,600
$281,600
$158,400
10
3
$158,400
$63,360
$344,960
$95,040
11
4
$95,040
$38,016
$382,976
$57,024
12
$57,024
$17,024
$400,000
$40,000
Multiple Choice
+89-C9
56

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

P11.2 (LO 1,2) (Deprec. for partial periods - SL, Act., SYD, and Declining-Balance) The cost of equip. purchased by Charleston, Inc., on June 1, 2020, is $89,000. It is estimated that the machine will have a $5,000 salvage value at the end of it's service life. It's service life is estimated at 7 years, it's total working hours are estimated at 42,000, and it's total production is estimated at 525,000 units. During 2020, the machine was operated 6,000 hours and produced 55,000 units. During 2021, the machine was operated 5,500 hours and produced 48,000 units. Instructions: Compute deprec. expense on the machine for the year ending Dec. 31, 2020, and the year ending Dec. 31, 2021, using the following methods. A. Sum-of-the-years'-digits. B. Declining-balance (twice the straight-line rate).
P11.2 (LO 1, 2) (Deprec. for partial periods - SL, Act., SYD, and Declining - Balance) The cost of equip. purchased by Charleston, Inc. on June 1, 2020, is $89,000. It is estimated that the machine will have a $5,000 salvage value at the end of it's service life. It's service life is estimated at 7 years, it's total working hours are estimated at 42,000, and it's total production is estimated at 525,000 units. During 2020, the machine was operated 6,000 hours and produced 55,000 units. During 2021, the machine was operated 5,500 hours and produced 48,000 units. Instructions: Compute deprec. expense on the machine for the year ending Dec. 31, 2020, and the year ending Dec. 31, 2021, using the following methods. a. Straight-line. b. Units-of-output. c. Working hours. d. Sum-of-the-years'-digits. e. Declining-balance (twice the straight-line rate).
You purchased a piece of equipment that cost 129,250.00The expected useful life is 6.00 The estimated salvage value is 12,250.00Estimated units of production are 175,500.00Year Units Produced1 35,000.002 35,000.003 30,000.004 30,000.005 25,000.006 25,000.00 180,000.00REQUIRED1. Compute the depreciation schedules below based on:a. Straight Lineb. Units of productionsc. Double Declining Balance
PQ16.03 Equipment with a cost of $450,000 has an estimated salvage value of $30,000 and an estimated life of 4 years or 10,000 hours. It is to be depreciated by the declining balance method. What is the amount of depreciation for the first full year, during which the equipment was used 2,700 hours?
An item's initial cost is P 800,000, and its market worth after 5 years is P 507,630. Determine the equipment's estimated salvage value using the Double Declining balance Method a.) P 98,717.36 b.) P 97,178.36 c.) P 91,787.36 d.) P 97,871.36
9. Compute for the depreciation in the first year using double declining method. a. 40,000 c. 72,000 b. 36,000 d. 80,000 10. How much is the book value of the equipment as of end of second year using output method of depreciation? a. 360,000 c. 301,500 b. 341,500 d. 230,000
7) The following data apply to a non-current asset: £ Net realisable value 5,000 Historic cost 6,000 Net present value in use 7,500 Replacement cost 10,000 What is the deprival value? A) £5,000 B) £6,000 C) £7,500 D) £10,000
1. The cost of a machine is RM7000 and its salvage value is RM800 at the end of 9 years. No use excel. Calculate the depreciation and the book value for the 4th year using the straight-line method. (D = RM688.89 , BV4 = RM4244.44)
H7. On January 1, 2016, Wheeler, Inc. purchased some equipment for $3,900. The equipment had an estimated life of five years and an expected residual value of $200. On July 1, 2018, the equipment was sold for $1,000. Wheeler uses straight-line depreciation. What was the amount of the loss or gain recognized in the sale? Group of answer choices $1,000 gain $1,850 gain $1,050 loss $3,900 loss Please show all step by step calculation
Jackel Industries presents you with the following information. Description 00 Date Purchased 00 Cost 00 Salvage Value 00 Life in Years 00 Depreciation Method 00 Accumulated Depreciation to 12/31/21 00 Depreciation for 2022 Machine A 2/12/20 $142,500 $16,000 10 (a) $33,350 (b) Machine B 8/15/19 (c) 21,000 5 SL 29,000 (d) Machine C 7/21/18 75,400 23,500 8 DDB (e) (f) Machine D 10/15/(g) 219,000 69,000 5 SYD 70,000 (h) Instructions Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year convention.
Cost of equipment $64,000, salvage value $10,000, current year deprciation $5000, Total accumulatated depreciation at the end of the year is $31,000. What is the remainder of useful life? a) 7.8 b) 12.8 c) 4.6 or d) 10.8 not sure if I rewrote the question and infor correctly..
how much Depreciation Expense should Bean record in total for all of it's long-term assets on December 31st? 2/1/20 $ 3,410,000 purchased $ 2,950,000 net identifiable 4/30/20 $ 101,400 patent 17 legal life 9 useful life 7/1/20 $ 120,000 legal fee 10 life of trademark 9/1/20 $ 57,000 experimental purposes 10/1/20 $ 88,000 new part 8 useful life 0 salvage value $ 208,000 book value straight line 12/31/20 $ 13,400 original cost $ 4,800 book value $ 12,500 new machine $ 20,200 fair value URGent solve please