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Nitella [24]
3 years ago
7

Sheridan Company acquired a plant asset at the beginning of Year 1. The asset has an estimated service life of 5 years. An emplo

yee has prepared depreciation schedules for this asset using three different methods to compare the results of using one method with the results of using other methods. You are to assume that the following schedules have been correctly prepared for this asset using (1) the straight-line method, (2) the sum-of-the-years'-digits method, and (3) the double-declining-balance method.
Year Straight-line Sum-of-the-years'-digits Double-declining-balance
1 $11,880 $19,800 $26,400
2 $11,880 $15,840 $15,840
3 $11,880 $11,880 $9,504
4 $11,880 $7,920 $5,702
5 $11,880 $3,960 $1,954
Total $59,400 $59,400 $59,400
(a) What is the cost of the asset being depreciated?
(b) What amount, if any was used in the depreciation calculations for the salvage value for this asset?
(c) Which method will produce the highest charge to income in Year 1?
(d) Which method will produce the highest charge to income in Year 4?
(e) Which method will produce the highest book value for the asset at the end of the Year 3?
(f) If the asset is sold at the end of Year 3, which method would yield the highest gain (or lowest loss) on disposal of the asset?
Business
1 answer:
Brrunno [24]3 years ago
4 0
Hi! I don’t know what any of this means but I just wanted to tell you that I hope you have an amazing day and god/allah/etc bless you :)
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Answer: ART

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4 0
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Which is more useful to the financial​ manager? ​(Select the best answer​ below.) A. The cash flow statement because it recogniz
KonstantinChe [14]

Answer:

D. The income statement because it recognizes revenues at the time of sale​ (whether payment has been received or​ not) and recognizes expenses when they are incurred.

Explanation:

The income statement in accordance to the accrual basis and matching concept recognizes revenues at the time of sale​ (whether payment has been received or​ not) and recognizes expenses when they are incurred.

The business exists for a profit motive and it is the income statement that reveals whether or not the company is doing so, on a monthly, quarterly and annual basis.

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