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AlladinOne [14]
3 years ago
5

Sadler Corporation purchased equipment to be used in manufacturing. The purchase was made at the beginning of 2015 by paying cas

h of $150,000. The equipment has an estimated residual value of $10,000 and an expected useful life of 10 years. At the beginning of 2017, Sadler concluded that the total useful life of the equipment will be 8 years rather than 10, and that the residual value will be zero. Sadler uses the straight-line method for depreciation.
Prepare the journal entry to record depreciation on the equipment for 2016.
Business
1 answer:
il63 [147K]3 years ago
6 0

Answer:

The journals entry to record depreciation on the equipment for 2016 will be:

Debit Depreciation expense $14,000

Credit Accumulated depreciation $14,000

<em>(To record depreciation expense for Year 2016)</em>

Explanation:

Under straight-line method, depreciation expense is (cost - residual value) / Estimated useful life = ($150,000 - $10,000) / 10 years = $14,000 yearly depreciation expense. This applies to Years 2015 and 2016.

The change in the estimate in Year 2017 will not affect the depreciation expense for 2016 based on the previous parameters,

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AJAX

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Beats Electronics has been able to outperform Audio-Technica, Bose, JBL, Skullcandy, Sennheiser, and Sony in the high-end, premi
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The main reason for the success of the Beats Electronics is: <u>B. it created a perception that owning its products was cool.</u>

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Bonita Industries had the following bank reconciliation at March 31, 2020: Balance per bank statement, 3/31/20 $74600 Add: Depos
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$50,400

Explanation:

Cash Balance as per bank statement                        $62,900

[$69700+$25300-$20400+$87600-$99300]

Less: Outstanding checks at April 30, 2020              <u>$12,500</u>

Adjusted Cash balance per bank                               <u>$50,400</u>

So, the cash balance per books at April 30, 2020 is $50,400

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An accrual refers to an event where the: 31)
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