Solve blanks please and show steps to solve thank you Required informationUse the following information for the Quick Studies below. (Algo)[The following information applies to the questions displayed below.]On January 1, the Matthews Band pays $65,600 for sound equipment. The band estimates it will use this equipment forfive years and perform 200 concerts. It estimates that after five years it can sell the equipment for $2,000. During the firstyear, the band performs 55 concerts.QS 8-4 (Algo) Straight-line depreciation LO P1Compute the first-year depreciation using the straight-line method.CostChoose Numerator:77:|Straight-Line DepreciationChoose Denominator:PrevAnnual DepreciationExpenseDepreciation expense12of 7MacBook AirNext >F10F11

The straight line methods the depreciation is uniform and periodic during the economic life of the…

Answered: Use the following information for the…

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 7E

See similar textbooks

Similar questions

Required information [The following information applies to the questions displayed below.] On January 2, 2018, the Matthews Band acquires sound equipment for concert performances at a cost of $67,400. The band estimates it will use this equipment for five years, during which time it anticipates performing about 200 concerts. It estimates that after four years it can sell the equipment for $2,00O. During year 2018, the band performs 55 concerts. Matthews Band uses straight-line depreciation but realizes at the start of the second year that due to concert bookings beyond expectations, this equipment will last only a total of three years. The salvage value remains unchanged. Compute the revised depreciation for both the second and third years. Book value at point of revision Remaining depreciable cost Depreciation per year for years 2 and 3
ok nces Braxton Technologies, Incorporated, constructed a conveyor for A&G Warehousers that was completed and ready for use on January 1, 2024. • A&G paid for the conveyor by Issuing a $150,000, four-year note that specified 8% Interest to be paid on December 31 of each year, and the note is to be repald at the end of four years. • The conveyor was custom-bullt for A&G, so Its cash price was unknown. By comparison with similar transactions It was determined that a reasonable Interest rate was 12%. . Required: 1. Prepare the Journal entry for A&G's purchase of the conveyor on January 1, 2024. 2. Prepare an amortization schedule for the four-year term of the note 3. Prepare the Journal entry for A&G's third Interest payment on December 31, 2026. 4. If A&G's note had been an installment note to be paid in four equal payments at the end of each year beginning December 31, 2024, what would be the amount of each Installment? 5. By considering the installment payment of requirement 4, prepare…
broadband service company borrowed $ 2 mil lion for new equipment and repaid the loan in amounts of $ 200,000 in years 1 and 2 plus a lump sum amount of $ 2.2 million at the end of year 3 . What was the interest rate on the loan ? 6.17 A permanent endowment at the University of Alabama is to award scholarships to engineering students two times per year ( end of June and end of December ) . The first awards are to be made beginning 5-1 / 2 years after the $ 20 million lump sum donation is made . If the interest from the endowment is to fund 100 students each semester ( i.e. , twice a year ) in the amount of $ 5000 each semester , what semiannual rate of return must the endowment fund earn ? Identify three possible difficulties with rate of return analyses compared to PW , AW , or FW analyses .
2. REAL sells certain building naming rights and advertising opportunities within the REAL campus to various organizations. We have just received a cheque of $100,000 from "Sponsor A" in December 2023 for a brand new 2-year sponsorship agreement that starts in January 2024. The cheque amount covers the first 3 months and the remaining 21 months will be paid 100,000 every quarter until the end of the contract. a. Please prepare the journal entries that are needed for December 2023. b. Please prepare the journal entries that are needed for January 2024.
Payment amounts at the end of each of the next five years are $10,450, $8,500, $9,675, $12,500, and $11,635. Discount rate is 10.875%.We need to determine the cost in today's dollars of the equipment Saul purchased today. I really need the formulas on how you got to the answers =PV(D17,D13,-D15) I got the first on I do not understand the rest for the Present value and how the answer comes up with $38, 652.76 I have different ways and still do not understand.
4. A university owns the rights to a clinical patent. The stipulated payments derived from the patent are $ 10,000 per year, starting at the end of this year, and then decrease by 5% per year for the rest of the patent's life, which is 15 years. A pharmaceutical company offers to purchase the patent rights from the university for a one-time payment of $ 174,642 to be made at the end of year 10. Find the Internal Rate of Return on this offer from the perspective of the university, and from the perspective of the pharmaceutical company .
At the start of Year 1, the City Peacock leases 30 computers for use by various officials in school administration and public safety at a total cost of $90,000 per year. The first lease payment is made immediately. The contracts are for 5 years, the expected life of the computers. After that period, the city will return them to the lessor. What reporting is appropriate for the city of the first year? Assume the city has an annual incremental borrowing rate of 8%
On January 1, 2020, Indian river groves began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2021. Expenditures for the construction were as follows: Jan 1, 2020. Sept 1, 2020. Dec 31, 2020 March 31,2021. $1800,000 Aug 31, 2021. $600,000 $1800,000 $1800,000 $1200,000 Indian river groves borrowed $800,000 at 10% interest rate from a bank on Jan 1, 2020 specifically to finance this construction. In addition, it as has two other debt outstanding throughout the entire construction. A) $1500,000, 8%, 10 years bonds payable and B) $3,200,000, 10%, 5 years note payable. Fiscal year-end is Dec 31. I Instruction: A. What are the weighted-average accumulated expenditures for 2020 and 2021, respectively? B. How much interest should be capitalized in 2020? Show your calculation.
8-18 QZY, Inc. is evaluating new widget machines offered by three companies. The chosen machine will be used for 3 years. Company Company Company A B C First cost $15,000 $25,000 $20,000 Maintenance and operating 1,600 400 900 Annual benefit 8,000 13,000 9,000 Salvage value 3,000 6,000 4,500 (a) Construct a choice table for interest rates from 0% to 100%. (b) MARR = 15%. From which company, if any, should you buy the widget machine? Use rate of return analysis. Only use Excel please
1. A business man wishes to set aside semiannual payments to purchase machinery after two years (two years from now). The machinery's estimated cost is Birr 8000. Each payment earns interest at 12%compounded semiannually. a) Find the semiannual payment b) Find the total interest earned c) Prepare a sinking fund schedule 2. Strong steel company operates two steel mills with different production capacities. Mill I can produces 1000 tons per day of AAA steel, 3000 tons per day of AA steel, 5000 tons of per day of A steel. Mill F can produce 2000 tons per day of each grade of steel. The company has made a contract with the construction firm to provide 24,000 tons of AAA steel, 32,000 tons of AA steel and 40,000 tons of A steel. The cost of running mill I is $1,400 per day and mill F is $ 1000 per day. (2 pt each) a) Formulate linear programming model? b) How many amount of mill I and F should be produced? Solve by using graphical method? & Simplex Solution Method 3. A person deposits Birr…
A library shelving system has a first cost of $21,000 and a useful life of 15 years. The annual maintenance is expected to be $2,200. The annual benefits to the library staff are expected to be $9,100. If the effective annual interest rate is 9.5%, what is the benefit-cost ratio of the shelving system? O 2.03 1.86 O 1.81 O 2.54
Prepare the journal entry for the following transaction. Apr. 15 Last year, Titan Corporation's board of directors appropriated $150,000 for the purchase of a new storage facility over a three- year period. This year's appropriation for $50,000 was made on this date. If an amount box does not require an entry, leave it blank. POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Apr. 15 2

SEE MORE QUESTIONS

Recommended textbooks for you

Excel Applications for Accounting Principles

Accounting

ISBN:

9781111581565

Author:

Gaylord N. Smith

Publisher:

Cengage Learning

Excel Applications for Accounting Principles

Accounting

ISBN:

9781111581565

Author:

Gaylord N. Smith

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS