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WINSTONCH [101]
3 years ago
13

Jing Company was started on January 1, Year 1 when it issued common stock for $36,000 cash. Also, on January 1, Year 1 the compa

ny purchased office equipment that cost $16,000 cash. The equipment was delivered under terms FOB shipping point, and transportation cost was $2,100. The equipment had a five-year useful life and a $5,800 expected salvage value. Using double-declining-balance depreciation, what the amount of depreciation expense and the amount of accumulated depreciation, respectively, that would appear on the December 31, Year 3 financial statements
Business
1 answer:
san4es73 [151]3 years ago
5 0

Answer:

$716 and $12,300

Explanation:

Original Cost = $16,000 + $2,100

Original Cost = $18,100

Double decline rate = 100/5*2

Double decline rate = 40%

First Year Depreciation = $18,100*40%

First Year Depreciation = $7,240

Second Year Depreciation = $18,100*60%*40%

Second Year Depreciation = $18,100*0.60*0.40

Second Year Depreciation =  $4,344

Third Year Depreciation = ($18,100 - $7,240 -  $4,344 -$5,800)

Third Year Depreciation =  $716

Accumulated Depreciation = $7,240 +  $4,344 + $716

Accumulated Depreciation = $12,300

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3 0
3 years ago
Last year, the Miller Company reported a return on assets of 15 percent and an asset turnover of 1.6. In the current year, the c
Tema [17]

Answer:

b. Asset turnover decreased, therefore, total assets had to increase. If total assets increased, yet the return on assets also increased, then net income also had to increase.

Explanation:

The options are as follows

a. Asset turnover decreased, therefore, total assets had to decrease. If total assets decreased, yet the return on assets also increased, then net income also had to increase.

b. Asset turnover decreased, therefore, total assets had to increase. If total assets increased, yet the return on assets also increased, then net income also had to increase.

c. Asset turnover decreased, therefore, total assets had to decrease. If total assets decreased, yet the return on assets also increased, then net income also had to decrease.

d. Asset turnover decreased, therefore, total assets had to increase. If total assets increased, yet the return on assets also increased, then net income also had to decrease.

Let us assume the sales is $100,000

So, the asset turnover equal to

Asset turnover = Sales ÷ Total Assets

1.6 = $100,000 ÷ Total assets

Total assets = $62,500

Now the return on assets equal to

Return on assets = Profit ÷ Total Assets

15% = Profit ÷ $62,500

So, the profit is $9,375

Now in the current year

The asset turnover equal to

Asset turnover = Sales ÷ Total Assets

1.2 = $100,000 ÷ Total assets

Total assets = $83,333.33

Now the return on assets equal to

Return on assets = Profit ÷ Total Assets

19% = Profit ÷ $83,333.33

So, the profit is $15,833.33

Now the increase in asset and profit is

Increase in asset = ($83,333.33 - $62,500) ÷ (62500)

= 33.33%

And, the increase in profit is

= ($15,833.33,- $9,375) ÷ ($9,375)

= 68.89%

As we can see that the increase in asset decreased but at the same time the increase in profit increases that results in increases in total assets and the increment in return on assets.

3 0
3 years ago
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