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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Calculate the total cost, total depreciation, and annual depreciation for the following assets by using the straight-line method.

Estimated
Cost ShippingCharges SetupCharges TotalCost SalvageValue Useful Life (years) Depreciation Total Annual

$16,900 $310 0 _______$1,900 4 ___ _______

To determine

To calculate: The total cost, total depreciation and annual depreciation of the asset when the asset purchased cost is $16,900.

Explanation

Given Information:

The cost of the asset is $16,900 and the shipping and the setup charges were $310 and $0 respectively. The salvage value of asset is $1,900 and expected to last 4 years.

Formula used:

The steps to calculate annual depreciation by straight line method are as follows:

Step 1: Calculate the total cost.

Step 2: Calculate the total amount of depreciation by subtracting salvage value from the total cost by using the formula,

Total amount of depreciation=Total costSalvage cost

Step 3: Calculate the annual depreciation by dividing estimated useful life from the total amount of depreciation given by the formula,

Total amount of annual depreciation=Total depreciationestimated useful life

Calculation:

Consider the provided cost of asset is $16,900 and the shipping and the setup charges were $310 and $0, respectively

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