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Temka [501]
3 years ago
8

Lundy Company purchased a depreciable asset for $99,000 on January 1. The estimated salvage value is $18,000, and the estimated

useful life is 9 years. The double-declining balance method will be used for depreciation. What is the depreciation expense for the second year on this asset?
Business
1 answer:
Mariulka [41]3 years ago
7 0

Answer:

$16, 988.4

Explanation:

The asset has a useful life of 9 years. the straight-line rate of depreciation is 1/9 X 100 = 11 per cent

the cost of the asset is $99,000

First-year depreciation under double-declining will be

Straight-line method rate x 2= 22 %

= 22/100 x 99,000

=0.22 x 99,000

=21,780

the book value after the first year will be 99,000 -21, 780

= 77,220

Depreciation expense for the second year = 22 % of 77,220

=22/100 x 77,220

=$16, 988.4

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3 years ago
A physical count of merchandise inventory on November 30 reveals that there are 82 units on hand. Assuming that the specific ide
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After computing the cost of inventory that was sold, The Cost of Goods sold is given as $1,334.30.

<h3 /><h3>The calculations related to the exercise are as follows:</h3>

From the information provided (see full question attached),

Inventory at hand as at November 1:

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Purchases:

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If at the end of the period there are 25 units each form the purchases above and 7 from the existing inventory as at Nov. 1st, then the cost of goods sold is:


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5 0
2 years ago
Bradford Company derived the following cost relationship from a regression analysis of its monthly manufacturing overhead cost:
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Answer:

Bradford's estimated variable manufacturing overhead cost is $127,200

Explanation:

The cost function=$83,000+$12M

where M stands for machine hours required to produce the expected output in the month under review.

Each one-six unit case of Bradford's single product requires two machine hours,hence 5,300 cases would require 10,600 hours(5,300*2hrs).

Total estimated variable manufacturing overhead=cost per machine hour*expected number of machine hours

cost per machine hour is $12 as seen in the cost function

estimated variable manufacturing overhead=$12*10,600=$127,200

3 0
3 years ago
Tiptoe shoes had annual revenues of $201,000, expenses of $111,700, and dividends of $24,400 during the current year. the retain
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Entry to close the income summary account at the end of the year:


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4 0
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