A B C DE E 56,000 81,000 246,000 208,000 S 28,000 6,000 18,000 28,000 5 8 10 8 DDB SL SL DDB S 24,000 5,300 5,000 22,800
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- For each of the following depreciable assets, determine the missing amount. Abbreviations for depreciation methods are SL for straight-line and DDB for double-declining-balance. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Asset A B C D E Cost 68,000 93,000 258,000 214,000 Residual Value $ 34,000 13,000 24,000 34,000 Service Life Depreciation (Years) Method 5 8 10 8 DDB SL SL DDB Depreciation (Year 2) $ 39,000 5,900 10,000 23,400For each of the following depreciable assets, determine the missing amount. Abbreviations for depreciation methods are SL for straight-line and DDB for double-declining-balance. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Asset A B C D E Cost Residual Value 29,000 58,000 83,000 248,000 209,000 $ 6,000 19,000 29,000 Service Life (Years) 5 8 10 8 Depreciation Method DDB SL SL DDB Depreciation (Year 2) $ 36,000 5,400 7,000 22,900Calculate the total cost, total depreciation, and annual depreciation (in $) for the following assets by using the straight-line method. (Round your answers to the nearest cent.) Cost ShippingCharges SetupCharges TotalCost SalvageValue EstimatedUseful Life(years) TotalDepreciation AnnualDepreciation $88,500 $625 $2,500 $ $7,000 7 $ $
- For each of the following depreciable assets, determine the missing amount. Abbreviations for depreciation methods are SL for straight-line and DDB for double-declining-balance. Residual Service Life Depreciation Depreciation Asset Cost Value (Years) Method (Year 2) A $28,000 5 DDB $24,000 B 56,000 8 SL 5,300 C 81,000 6,000 SL 5,000 D 246,000 18,000 10 22,800 E 208,000 28,000 8 DDBVorst depreciates Asset A on the double-declining-balance method. How much depreciation expense should Vorst record in 2020 for Asset A? a. 32,000 b. 25,600 c. 14,400 d. 6,400Which of the following is considered when depreciating an asset under the cost model? The cost of the asset. The change in the fair value of the asset. The useful life of the asset. Both a and b. Which of the following depreciation methods will most likely result in the highest amount of reported profit in the early years of an asset’s useful life? Straight line 150% declining balance Double declining balance Sum-of-the-years’ digits The most commonly used depreciation method is the straight-line method. replacement method. depreciation method based on revenue. inventory method.
- Which of the following methods is used to amortize intangible assets over their useful lives? a. a declining balance methodb. straight linec. annual review for impairmentd. intangible assets are not amortizedCalculate the Total Cost, total, depreciation and annual depreceation for the following assets by using the line method. (Round to Straight nearest Cent) Cost 76,400 1,500 Shipping Charges Annust Total Cost Salunge Value Useful Depreciation Depreistion 4,500 life ↑ years 11Swifty Industries presents you with the following information.Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year convention. (Round answers to 0 decimal places, e.g. 45,892.) Description DatePurchased Cost SalvageValue Lifein Years DepreciationMethod AccumulatedDepreciation to12/31/21 Depreciationfor 2022 Machine A 2/12/20 $146,800 $17,000 10 SYD $34,220 $20060 Machine B 8/15/19 81370 21,630 5 SL 29,870 11948 Machine C 7/21/18 67,200 23,500 8 DDB (A) (B) Machine D (C) 225,570 71,070 5 SYD 72,100 (D)
- Swifty Industries presents you with the following information.Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year convention. (Round answers to 0 decimal places, e.g. 45,892.) Description DatePurchased Cost SalvageValue Lifein Years DepreciationMethod AccumulatedDepreciation to12/31/21 Depreciationfor 2022 Machine A 2/12/20 $146,800 $17,000 10 (a) $34,220 (b) $ Machine B 8/15/19 (c) 21,630 5 SL 29,870 (d) Machine C 7/21/18 67,200 23,500 8 DDB (e) (f) Machine D (g) 225,570 71,070 5 SYD 72,100 (h)Consider the following data on an asset:Cost of the asset. I $ 120,000Useful life. N 5 yearsSalvage value. S $30.000Compute the annual depreciation allowances and the resulting book valtu.:s.using the following methods:(a) The straight-line depreciation method(b) TI1e declining-balance method1. Dirt depreciates asset A on the double-declining-balance method. How much depreciation expense should Dirt record in 20X8 for asset A? 2. Dirt depreciates asset A on the double-declining-balance method. How much depreciation expense should Dirt record in 20X9 for asset A?
