1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
Life skill class
lozanna [386]
C. A teacher (it is always good to consult an adult regarding rumors or school wrong-doings)

5 0
3 years ago
Which of the following statements is correct?
Eddi Din [679]

Answer:

The correct answer is D

Explanation:

Under the periodic inventory system, the companies evaluate the COGS (Cost of goods sold) at the end of the accounting year or the fiscal period. And the details of the goods on hand which are not available, in this system.

And under the perpetual inventory system, this offer better control over the inventories rather than the periodic inventory system. And this system requires the COGS (Cost of goods sold) to be acknowledged at the time of sale and it contain the more accurate value of goods on hand.

Therefore, the statement which is correct is that the perpetual inventory system, offer better control over inventories.

5 0
3 years ago
Navel County Choppers, Inc., is experiencing rapid growth. The company expects dividends to grow at 22 percent per year for the
Thepotemich [5.8K]

Answer:

Stock price is $68.65

Explanation:

The following image shows the stock price:

4 0
3 years ago
Sheddon Industries produces two products. The products' identified costs are as follows: Product A Product B Direct materials $
bekas [8.4K]

Answer:

The cost per unit for product B is<em> $ 15 per unit</em>

Explanation:

Only Manufacturing Costs are used in Product Costing. Thus to find the Cost Per Unit of Product B, we Prepare a Manufacturing Cost Summary for Product B.

<u>Step 1 Prepare a Manufacturing Cost Summary for Product B</u>

Direct materials                                                                      $ 15,000

Direct labor                                                                             $24,000

Overhead costs($24,000/$36,000) × $54,000                   $36,000

Total Cost for Product B                                                        $75,000

<u>Step 2 Calculate the Cost Per Unit for Product B</u>

Cost Per Unit = Total Cost / Number of Units Produced

                       =  $75,000 / 5,000 units

                       = $ 15 per unit

<u />

3 0
3 years ago
Read 2 more answers
Which is not an intensity level of distribution?
nika2105 [10]
A.exclusive it’s not an intense level of distribution
4 0
3 years ago
Other questions:
  • (1) Cash balance per bank, July 31, $8,338.
    13·1 answer
  • A print advertisement for nivea skin lotion uses pastel colors and script-type fonts to make it appear feminine. these tangible
    11·2 answers
  • Suppose that a country experiences growth strongly biased toward its export, cloth, Group of answer choices this will tend to im
    9·1 answer
  • According to the law of supply, what happens to the quantity that the suppliers create when the prices increase? According to th
    8·2 answers
  • An expansion at Fey, Inc., would increase sales revenues by $150,000 per year and cash operating expenses by $47,000 per year. T
    13·1 answer
  • John sat down with the project sponsor to gather information needed before drawing up the project plan. He knew the budget, the
    14·2 answers
  • QUESTION 20 Zhang Industries sells a product for $700. Unit sales for May were 400 and each month's sales are expected to exceed
    15·1 answer
  • Allocative efficiency is concerned with:
    14·1 answer
  • True False All other variables held constant, investments paying simple interest have to pay significantly higher interest rates
    13·1 answer
  • When the supply of credit is fixed, an increase in the price level stimulates the demand for credit, which, in turn, reduces con
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!