1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
LUCKY_DIMON [66]
3 years ago
7

Cheetah Copy purchased a new copy machine. The new machine cost $100,000 including installation. The company estimates the equip

ment will have a residual value of $25,000. Cheetah Copy also estimates it will use the machine for four years or about 8,000 total hours. Actual use per year was as follows:
Year Hours Used
1 3,000
2 2,000
3 1,200
4 2,800

Required:
Prepare a depreciation schedule for four years using the straight-line method.
Business
1 answer:
Zina [86]3 years ago
5 0

Answer:

Results are below.

Explanation:

Giving the following information:

Purchase price= $100,000

Salvage value= $25,000

Useful life= 4 years

<u>To calculate the annual depreciation, we need to use the following formula:</u>

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (100,000 - 25,000) / 4

Annual depreciation= $18,750

<u>Year 1:</u>

Annual depreciation= 18,750

Accumulated depreciation= 18,750

Book value= 100,000 - 18,750= 81,250

<u>Year 2:</u>

Annual depreciation= 18,750

Accumulated depreciation= 18,750*2= 37,500

Book value= 100,000 - 37,500= 62,500

<u>Year 3:</u>

Annual depreciation= 18,750

Accumulated depreciation= 18,750*3= 56,250

Book value= 100,000 - 56,250= 43,750

<u>Year 4:</u>

Annual depreciation= 18,750

Accumulated depreciation= 18,750*4= 75,000

Book value= 100,000 - 75,000= 25,000

You might be interested in
When creating a budget, you should use...
Norma-Jean [14]

Answer:

The correct answer is letter "D": Net pay because it takes into account any deductions to you income.

Explanation:

Individuals' budgets must be based on their <em>net income</em>. <em>Calculating their net income implies subtracting federal taxes from the gross income of employees' pay stubs</em>. The amount represents the money that will be sent to the workers' bank account or their checks which means that amount is what they will have in their pockets.

5 0
3 years ago
dditional Information Accrued sales salaries amount to $2,400. Prepaid selling expenses of $2,100 have expired. A physical count
saul85 [17]

Answer:

A) Adjusting entries:

Dr Sales salaries expense 2,400

    Cr Sales salaries payable 2,400

Dr Selling expenses 2,100

    Cr Prepaid selling expenses 2,100

Dr Cost of goods sold 3,700

    Dr Merchandise inventory 3,700

B) prepare the closing entries

Dr Sales revenue 550,900 (net = $557,000 - $19,900 - $6,200)

    Cr Income summary 550,900

Dr Income summary 484,200

    Cr Cost of goods sold 239,700 (net = $236,000 + $3,700)

    Cr Sales salaries expense 62,400 (net = $60,000 + $2,400)

    Cr Selling expense 44,100 (net = $42,000 + $2,100)

    Cr Utilities expense 21,000

    Cr Administrative expense 117,000

Dr Income summary 66,700 (= $550,900 - $484,200)

    Cr Retained earnings 66,700

Dr Retained earnings 45,000

    Cr Dividends 45,000

   

7 0
3 years ago
Which characteristic describes the privatization of social security
Softa [21]

Answer:

C

Explanation:

6 0
3 years ago
His lesson starts on time (change into negative)​
Dmitrij [34]

Answer:

His lesson started late

Explanation:

3 0
3 years ago
Read 2 more answers
Marginal cost is equal to average total cost when a. average variable cost is falling. b. marginal cost is at its minimum. c. av
atroni [7]

Answer: C

Explanation: average total cost is at its minimum

3 0
2 years ago
Other questions:
  • A company can sell any mix of Product A and Product B at full capacity. The company has 100,000 hours of capacity. The demand fo
    11·1 answer
  • What is a saturated market like for sellers
    7·1 answer
  • has a target debt−equity ratio of 1.35. Its WACC is 8.3 percent, and the tax rate is 35 percent. If the company’s cost of equity
    9·1 answer
  • During the first week of January, an employee works 45 hours. For this company, workers earn 150% of their regular rate for hour
    12·2 answers
  • Chelsea Milling Company makes Jiffy packaged baking mixes. It was established in 1930. It has never spent one cent on advertisin
    8·1 answer
  • Schnusenberg Corporation just paid a dividend of D0 = $0.75 per share, and that dividend is expected to grow at a constant rate
    6·1 answer
  • "modern technology is developed from traditional technology".Explain​
    5·1 answer
  • Provide the name of the financial institution and the account name
    8·2 answers
  • The cost of a plant asset includes the following? depreciation expense disposal cost purchase price cost to prepare it for use
    7·1 answer
  • If the world price for good a is above the domestic price for good a without trade, then consumer surplus will ________ and prod
    10·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!