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12345 [234]
2 years ago
7

bridgeport company changed depreciation methods in 2020 from double-declining-balance to straight-line. depreciation prior to 20

20 under double-declining-balance was $89,400,
Business
2 answers:
MrRa [10]2 years ago
8 0

Based on the depreciation prior to 2020, the beginning balance when 2020 began was $146,100

<h3>What was the opening balance?</h3>

The opening balance can be found as:

= Cost of depreciable assets - Accumulated cost under double-declining balance

This gives:

= 235,500 - 89,400

= $146,100

This is the opening balance on the depreciable assets because the net book value of a fixed asset is found by deducting accumulated depreciation from the cost.

The accumulated depreciation in this case was $89,500 so it will be deducted from the $235,500 cost.

The rest of the question is:

Bridgeport Company changed depreciation methods in 2020 from double-declining-balance to straight-line. Depreciation prior to 2020 under double-declining balance was $ 89,500 whereas straight-line depreciation prior to 2020 would have been $ 45,500. Bridgeport's depreciable assets had a cost of $ 235,500 with a $ 36,900 salvage value, and an 7-year remaining useful life at the beginning of 2020.

What is the beginning balance in 2020?

Find out more on double-declining depreciation at brainly.com/question/24296752

#SPJ1

photoshop1234 [79]2 years ago
7 0

The depreciation expense using the straight-line method would have been $44,700

What is the double-declining balance method?

It is a method of depreciating assets where the amount charged each year as depreciation is twice that of the depreciation expense that would have been if the straight-line depreciation method was used.

Depreciation rate using double declining method=100%/useful life*2

the "2" in the formula means double-declining, and the rate of depreciation is 200% of the straight-line method

useful life=assuming it is 5 years

Depreciation rate using double declining method=100%/5*2=40%

What is a straight-line method of depreciation?

It is the method where the depreciation expense per year is the asset cost minus residual value divided by the asset's useful life.

If the depreciation expense using the double-declining balance method in 2020 was $89,400, it means the depreciation expense under the straight-line method would have been half of that(i.e.100%/200%)

depreciation expense(straight-line method)=$89,400*100%/200%

depreciation expense(straight-line method)=$44,700

Find out more about depreciation methods on:brainly.com/question/3729664

#SPJ1

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Answer:

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Explanation:

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Read 2 more answers
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Explanation:

The preparation of the cash flows from operating activities section is shown below:-

Working note:-

Sales                                                            $330

Add Decrease in Accounts Receivables   $7

Cash collected from customers                 $337                              

Cost of goods sold                                      $130

Add Increase in inventory                           $13

Less Increase in accounts payable            $19

Paid cash to suppliers                                 $124

Salary expenses                                           $41

Less Increase in payable salaries                $7

Paid cash to employees                               $34

Insurance expenses                                      $21

Less Decrease in prepaid insurance            $5

Paid cash for insurance                                $16

Income tax expenses                                     $65

Less Increase in income tax payable            $11

Paid cash for income tax                               $54

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Less Decrease in bond expenses                  $2

Paid cash for interest expense                       $11

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Cash collected from customers                    $337

Gain on sale of cash equivalents                  $3

less: Paid cash to suppliers                           $124

less: Paid cash to employees                        $34

less: Paid cash to insurance                           $16

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Net cash provided by operating activities     $101

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