A B D E 1 Sullivan Ranch Corporation has purchased a new tractor. The following information is given: 2 $ 150,000 10,000 3 Cost: 4 Estimated Residual: $ 5 Estimated Life in years: 4 6 Estimated Life in hours: 1200 7 Actual Hours: 8 Year 1 360 9 Year 2 270 10 Year 3 350 11 Year 4 220 12 Prepare the following Straight Line depreciation schedule by using the excel SLN FUNCTION (fx) to calculate the 13 Depreciation Expense for Years 1-4 in the Depreciation Expense column. Enter formulas or absolute cell references for the remaining cells. 14 15 SULLIVAN RANCH CORPORATION Depreciation Schedule-Straight Line Method End of year amounts 16 17 18 Depreciation Expense =SLN($B$3 =SNL($B$3,$B$4,$B$5) Accumulated Depreciation 19 Year Book Value 20 1 21 2 22 23 4 24 Total 25 Prepare the following Units-of-Production depreciation schedule by entering formulas. 26 Use absolute cell references when appropriate. SULLIVAN RANCH CORPORATION Depreciation Schedule-Units-of-Production Method 27 28 29 End of year amounts Depreciation Expense Accumulated Depreciation 30 Year Book Value 31 1 32 2 33 3 34 4 35 Total 36 Prepare the following Double-Declining-Balance depreciation schedule by using the Excel DDB FUNCTION (fx) to 37 calculate Depreciation Expense for Years 1-4 in the Depreciation Expense column. Enter formulas or absolute cell references for the remaining cells. 38 39 40 SULLIVAN RANCH CORPORATION Depreciation Schedule-Double-Declining-Balance Method End of year amounts 41 42 Accumulated Depreciation Expense 43 Year Book Value Depreciation 44 1 45 2 46 3 47 4 48 Total 49
A B D E 1 Sullivan Ranch Corporation has purchased a new tractor. The following information is given: 2 $ 150,000 10,000 3 Cost: 4 Estimated Residual: $ 5 Estimated Life in years: 4 6 Estimated Life in hours: 1200 7 Actual Hours: 8 Year 1 360 9 Year 2 270 10 Year 3 350 11 Year 4 220 12 Prepare the following Straight Line depreciation schedule by using the excel SLN FUNCTION (fx) to calculate the 13 Depreciation Expense for Years 1-4 in the Depreciation Expense column. Enter formulas or absolute cell references for the remaining cells. 14 15 SULLIVAN RANCH CORPORATION Depreciation Schedule-Straight Line Method End of year amounts 16 17 18 Depreciation Expense =SLN($B$3 =SNL($B$3,$B$4,$B$5) Accumulated Depreciation 19 Year Book Value 20 1 21 2 22 23 4 24 Total 25 Prepare the following Units-of-Production depreciation schedule by entering formulas. 26 Use absolute cell references when appropriate. SULLIVAN RANCH CORPORATION Depreciation Schedule-Units-of-Production Method 27 28 29 End of year amounts Depreciation Expense Accumulated Depreciation 30 Year Book Value 31 1 32 2 33 3 34 4 35 Total 36 Prepare the following Double-Declining-Balance depreciation schedule by using the Excel DDB FUNCTION (fx) to 37 calculate Depreciation Expense for Years 1-4 in the Depreciation Expense column. Enter formulas or absolute cell references for the remaining cells. 38 39 40 SULLIVAN RANCH CORPORATION Depreciation Schedule-Double-Declining-Balance Method End of year amounts 41 42 Accumulated Depreciation Expense 43 Year Book Value Depreciation 44 1 45 2 46 3 47 4 48 Total 49
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 71BPSB: Depreciation Schedules Dunn Corporation acquired a new depreciable asset for $135,000. The asset has...
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Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
Topic Video
Question
Transcribed Image Text:A
B
C
D
E
1 Sullivan Ranch Corporation has purchased a new tractor. The following information is given:
2
3 Cost:
$ 150,000
4 Estimated Residual:
$
5 Estimated Life in years:
10,000
4
6 Estimated Life in hours:
1200
7 Actual Hours:
8
Year 1
360
9
Year 2
270
10
Year 3
350
11
Year 4
220
12
Prepare the following Straight Line depreciation schedule by using the excel SLN FUNCTION (fx) to calculate the
13
Depreciation Expense for Years 1-4 in the Depreciation Expense column. Enter formulas or absolute cell references
for the remaining cells.
14
15
SULLIVAN RANCH CORPORATION
Depreciation Schedule-Straight Line Method
16
17
18
End of year amounts
Depreciation
Expense
Accumulated
Depreciation
19
Year
Book Value
=SLN($B$3
=SNL($B$3,$B$4,$B$5)
20
1
21
22
3
23
4
24
Total
25 Prepare the following Units-of-Production depreciation schedule by entering formulas.
26 Use absolute cell references when appropriate.
SULLIVAN RANCH CORPORATION
Depreciation Schedule-Units-of-Production Method
End of year amounts
27
28
29
Depreciation
Expense
Accumulated
Depreciation
30
Year
Book Value
31
1
32
2
33
3
34
4
35
Total
36
Prepare the following Double-Declining-Balance depreciation schedule by using the Excel DDB FUNCTION (fx) to
37
calculate Depreciation Expense for Years 1-4 in the Depreciation Expense column. Enter formulas or absolute cell
references for the remaining cells.
38
39
40
SULLIVAN RANCH CORPORATION
41
Depreciation Schedule-Double-Declining-Balance Method
42
End of year amounts
Depreciation
Expense
Accumulated
43
Year
Book Value
Depreciation
44
1
45
2
46
3
47
4
48
Total
49
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