Financial Accounting: Tools for Business Decision Making, 8th Edition
8th Edition
ISBN: 9781118953808
Author: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Publisher: WILEY
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Question
Chapter 9, Problem 9.6E
(a)
To determine
Straight-line
To Compute: the revised annual depreciation on each asset in 2017.
(b)
To determine
To record: the
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Victor Mineli, the new controller of Sheridan Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings:
Type ofAsset
Â
DateAcquired
Â
Cost
Â
AccumulatedDepreciation,Jan. 1, 2022
Â
Useful Life (in years)
Â
Salvage Value
Â
Â
Â
Â
Old
Â
Proposed
Â
Old
Â
Proposed
Building
Â
Jan. 1, 2014
Â
$922,000
Â
$170,400
Â
40
Â
58
Â
$70,000
Â
$35,400
Warehouse
Â
Jan. 1, 2017
Â
118,000
Â
22,340
Â
25
Â
20
Â
6,300
Â
2,660
All assets are depreciated by the straight-line method. Sheridan Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor’s proposed changes. (The “Proposed” useful life is total life, not remaining life.)
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New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.
Compute the revised annual depreciation on each asset in 2022.…
Victor Mineli, the new controller of Crane Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings:
Type ofAsset
Â
DateAcquired
Â
Cost
Â
AccumulatedDepreciation,Jan. 1, 2022
Â
Useful Life (in years)
Â
Salvage Value
Â
Â
Â
Â
Old
Â
Proposed
Â
Old
Â
Proposed
Building
Â
Jan. 1, 2014
Â
$737,000
Â
$134,400
Â
40
Â
58
Â
$65,000
Â
$36,700
Warehouse
Â
Jan. 1, 2017
Â
121,000
Â
23,290
Â
25
Â
20
Â
4,550
Â
5,100
All assets are depreciated by the straight-line method. Crane Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor’s proposed changes. (The “Proposed” useful life is total life, not remaining life.)
1. Compute the revised annual depreciation on each asset in 2022.
2. Prepare the entry to record depreciation on the building in 2022.
Victor Mineli, the new controller of Cullumber Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings:
Type ofAsset
Â
DateAcquired
Â
Cost
Â
AccumulatedDepreciation,Jan. 1, 2022
Â
Useful Life (in years)
Â
Salvage Value
Â
Â
Â
Â
Old
Â
Proposed
Â
Old
Â
Proposed
Building
Â
Jan. 1, 2014
Â
$984,500
Â
$182,900
Â
40
Â
58
Â
$70,000
Â
$36,600
Warehouse
Â
Jan. 1, 2017
Â
168,500
Â
32,490
Â
25
Â
20
Â
6,050
Â
4,400
All assets are depreciated by the straight-line method. Cullumber Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor’s proposed changes. (The “Proposed” useful life is total life, not remaining life.)
Â
Compute the revised annual depreciation on each asset in 2022. (Round answers to 0 decimal places, e.g. 125.)
Â
Â
Building
Â
Warehouse
Revised annual depreciation
Â
$enter a…
Chapter 9 Solutions
Financial Accounting: Tools for Business Decision Making, 8th Edition
Ch. 9 - Prob. 1QCh. 9 - Prob. 2QCh. 9 - Prob. 3QCh. 9 - Prob. 4QCh. 9 - Prob. 5QCh. 9 - Prob. 6QCh. 9 - Prob. 7QCh. 9 - Prob. 8QCh. 9 - Prob. 9QCh. 9 - In the fourth year of an assets 5-year useful...
Ch. 9 - Prob. 11QCh. 9 - Prob. 12QCh. 9 - Prob. 13QCh. 9 - Prob. 14QCh. 9 - Prob. 15QCh. 9 - Prob. 16QCh. 9 - Prob. 17QCh. 9 - Prob. 18QCh. 9 - Prob. 19QCh. 9 - Prob. 20QCh. 9 - Prob. 21QCh. 9 - Prob. 22QCh. 9 - Give an example of an industry that would be...Ch. 9 - Prob. 24QCh. 9 - Prob. 25QCh. 9 - Prob. 26QCh. 9 - Prob. 27QCh. 9 - Prob. 9.1BECh. 9 - Prob. 9.2BECh. 9 - Prob. 9.3BECh. 9 - Prob. 9.4BECh. 9 - Prob. 9.5BECh. 9 - Prob. 9.6BECh. 9 - Prob. 9.7BECh. 9 - Prob. 9.8BECh. 9 - Prob. 9.9BECh. 9 - Prob. 9.10BECh. 9 - Prob. 9.11BECh. 9 - Prob. 9.12BECh. 9 - Prob. 9.13BECh. 9 - Prob. 9.14BECh. 9 - Prob. 9.1DIECh. 9 - Prob. 9.2ADIECh. 9 - Prob. 9.2BDIECh. 9 - Prob. 9.3DIECh. 9 - Match the statement with the term most directly...Ch. 9 - Prob. 9.5DIECh. 9 - Prob. 9.1ECh. 9 - Prob. 9.2ECh. 9 - Prob. 9.3ECh. 9 - Prob. 9.4ECh. 9 - Prob. 9.5ECh. 9 - Prob. 9.6ECh. 9 - Prob. 9.7ECh. 9 - Prob. 9.8ECh. 9 - Prob. 9.9ECh. 9 - Prob. 9.10ECh. 9 - Prob. 9.11ECh. 9 - Prob. 9.12ECh. 9 - Prob. 9.13ECh. 9 - Prob. 9.14ECh. 9 - Prob. 9.15ECh. 9 - Prob. 9.16ECh. 9 - Prob. 9.17ECh. 9 - Prob. 9.18ECh. 9 - Prob. 9.19ECh. 9 - Prob. 9.20ECh. 9 - Prob. 9.1APCh. 9 - Prob. 9.2APCh. 9 - Prob. 9.3APCh. 9 - Prob. 9.4APCh. 9 - Prob. 9.5APCh. 9 - Prob. 9.6APCh. 9 - Prob. 9.7APCh. 9 - Prob. 9.8APCh. 9 - Prob. 9.9APCh. 9 - Prob. 9.1CACRCh. 9 - Prob. 9.2CACRCh. 9 - Prob. 9.1EYCTCh. 9 - Prob. 9.2EYCTCh. 9 - Prob. 9.3EYCTCh. 9 - Prob. 9.4EYCTCh. 9 - Prob. 9.6EYCTCh. 9 - Prob. 9.7EYCTCh. 9 - Prob. 9.8EYCTCh. 9 - Prob. 9.9EYCTCh. 9 - Prob. 9.10EYCTCh. 9 - CONSIDERING PEOPLE, PLANET, AND PROFIT The March...Ch. 9 - Prob. 9.1IFRSCh. 9 - Prob. 9.2IFRSCh. 9 - Prob. 9.3IFRSCh. 9 - Prob. 9.4IFRS
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