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Oksanka [162]
3 years ago
5

On April 1, 2019, Sheffield Corp. purchased new machinery for $459000. The machinery has an estimated useful life of five years,

and depreciation is computed by the sum-of-the-years'-digits method. The accumulated depreciation on this machinery at March 31, 2021, should be
Business
1 answer:
astra-53 [7]3 years ago
3 0

Answer:

$275,400

Explanation:

Accumulated depreciation is the amount of depreciation which is accumulated against each years depreciation and carried until the disposal of the asset. This account will be closed on the disposal of the asset with cost of the asset.

Cost of Machinery = $459,000

Useful life = 5 years

In sum of the year method we add all the years and calculate the respective depreciation based on the year of depreciation as follow

Sum of Years = 5 + 4 + 3 + 2 + 1 = 15

As only only 2 years depreciation is accrued and accumulated from April 1, 2019 to March 31, 2021.

Accumulate depreciation = $459,000 x (5+4) / 15 = $275,400

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3 years ago
In one ancient civilization, hunters shared fresh meat with other individuals in a group without an explicit timeframe or agreem
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According to the FBI Bank Crime​ Statistics, there were nearly​ 4,000 bank robberies in the United States in 2014. The FBI claim
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Before a large corporation makes any investment decision, they carry out a cost benefit analysis. In other words, before the banks install clear acrylic partitions, they will decide if the cost of installing those partitions offset the costs of the robberies. The problem with this reasoning is that all banks have insurance against robberies, so if they are robbed the insurance company pays them. So installing the partitions do not represent a lot of benefits for the bank, but they are expensive and represent a large investment. The only way that banks install them is that insurance companies force them to do so.

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3 years ago
A) Give an example of a deferred expense.
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Payment of a Term Insurance Policy

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3 years ago
The following cost data pertain to the operations of Quinonez Department Stores, Inc., for the month of September. Corporate hea
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Answer:

$41,960

Explanation:

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