Solution-Compute amount of accumulated depreciation on each

Compute amount of accumulated depreciation on each machine

Assignment Help Accounting Basics

Reference no: EM132196207

Question - In recent years, Sheridan Company has purchased three machines. Because of the FRequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each method for each machine, and various methods have been sued. Information concerning the machines is summarized in the table below.

Machine	Acquired	Cost	Salvage Value	Useful Life (in years)	Depreciation Method
1	Jan. 1, 2015	$133,000	$45,000	8	Straight-line
2	July 1, 2016	86,500	10,500	5	Declining-balance
3	Nov. 1, 2016	68,200	8,200	6	Units-of-activity

For the declining-balance method, Sheridan Company uses the double-declining rate. For the units-of activity method, total machine hours are expected to be 30,000. Actual hours of use in the first 3 years were: 2016, 620; 2017, 5,300; and 2018, 6,900.

Compute the amount of accumulated depreciation on each machine at December 31, 2018.

If machine 2 was purchased on April 1 instead of July 1, what would be the depreciation expense for this machine in 2016? In 2017?

Reference no: EM132196207

Questions Cloud

Find the sum of the first and second decimal digits : Write a C++ program that prompts the user to enter a positive decimal number, then the program finds the sum of the first and second decimal digits.

Inputs the worlds population at the end of last year : Write a C++ program that inputs the world's population at the end of last year. Assume population is growing at a rate of 1.12%.

Display the number of words in the file : Write a c++ program that prompts user for file name and displays the number of words in the file.

How much cash does each partner receive in final settlement : A local partnership is liquidating and has only two assets. If the land is sold for $25,000, how much cash does each partner receive in a final settlement

Compute amount of accumulated depreciation on each machine : In recent years, Sheridan Company has purchased three machines. Compute the amount of accumulated depreciation on each machine

Find the volume of a cylinder using any integration method : Write a C++ program to find the volume of a cylinder using any integration method, such as trapezoidal, midpoint, rectangular, Simpson's, etc.

Write a c program which will flip a single bit in a number : Write a C program which will flip a single bit in a number entered by the user using the binary representation of the number.

Find the sum and mean and range of n numbers : Write a C program to find the sum, mean, and range of n numbers. The user inputs the value of n followed by n 64-bit unsorted values.

Write a c program that finds voltage drop and power : Write a C program that finds voltage drop and power dissipated by a resistance (R) when a current (I) flows through it.

User Account

All Pages

Compute amount of accumulated depreciation on each machine

Reference no: EM132196207

Reference no: EM132196207

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT