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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

White Mountain Supply Company purchases warehouse shelving for $18,600. Shipping charge were $370. and assembly and setup amounted to $575. The shelves are expected to last for 7 years and have a scrap value of $900. Using the straight-line method of depreciation.

a. What is the annual depreciation expense of the shelving?

b. What is the accumulated depreciation after the third year?

c. What is the book value of the shelving after the fifth year?

(a)

To determine

To calculate: The annual depreciation of the warehouse shelving when the warehouse shelving purchased cost is $18,600.

Explanation

Given Information:

The cost of the warehouse shelving is $18,600 and the shipping and the setup charges were $370 and $575, respectively. The scrap value of warehouse shelving is $900 and expected to last 7 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 warehouse shelving is $18,600 and the shipping and the setup charges were $370 and $575, respectively

(b)

To determine

To calculate: The accumulated depreciation after third year of the warehouse shelving when the warehouse shelving purchased cost is $18,600.

(c)

To determine

To calculate: The book value after the fifth year of the warehouse shelving when the warehouse shelving purchased cost is $18,600.

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