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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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b. investing activities

Explanation:

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1. Operating cash flow: all cash generated from the business activities of an organization.

2. Financing cash flow: all payments made by an organization and profits from issuance of debts and equity.

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Generally, investing activities comprises of purchasing physical assets, investing in securities and the sale of assets or securities associated with the company.

<em>Hence, a company that purchases equipment for $32,000 cash should show the transaction on the statement of cash flows under investing activities.</em>

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<em>If the benefits for the unemployed increase they will be discouraged to return to the labor force</em>. It implies the government should keep the welfare benefits at a level from where unemployed individuals can cover basic needs only but encourage them to find a job to be productive for the economy.

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