Using Excel to Calculate Double-Diminishing-Balance Depreciation PROBLEM Audio Systems purchased a delivery truck on January 1, 024. The company has a December 31 year end. Additional nformation concerning the truck follows. Purchase price of truck Residual value Useful life $80,000 8,000 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem and work area as indicated. Using the diminishing-balance method and assuming the depreciation rate Is equal to double the straight-line rate, calculate the depreciation: 4 years a. For each year of the truck's life Rate

Using Excel to Calculate Double-Diminishing-Balance Depreciation PROBLEM Audio Systems purchased a delivery truck on January 1, 024. The company has a December 31 year end. Additional nformation concerning the truck follows. Purchase price of truck Residual value Useful life $80,000 8,000 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem and work area as indicated. Using the diminishing-balance method and assuming the depreciation rate Is equal to double the straight-line rate, calculate the depreciation: 4 years a. For each year of the truck's life Rate

Name: Using Excel to Calculate Double-Diminishing-BalanceDepreciationPROBLE
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Description: Using Excel to Calculate Double-Diminishing-BalanceDepreciationPROBLEMAudio Systems purchased a delivery truck on January 1,2024. The company has a December 31 year end. Additionalinformation concerning the truck follows.Purchase price of truckStude

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Maybe a guide for this one. 9. XYZ Co. purchased a truck on January 1, 2016, for $48,000. The company decided to depreciate the truck over a five-year period using the straight-line method. The company estimated its residual value at $3,000. Show how the costs should be presented on the balance sheet and income statement for the full year ended June 30, 2018. Label the statements properly.
Q2: The costs occurred in March has been allocated to each cost center. The cost of machines is 3.950.000 TL and the accumulated depreciation of machines is 1.927.700 TL. The useful life of machine is 10 years and Declining Balance Method is chosen. The depreciation cost of machines will be allocated on the base of machine hours. The allocated cost of service cost centers will be re-distributed according to Step Ladder Method. First apportioned center will be chosen according to total cost. Infirmary and Cafeteria will be allocated on the base of number of workers, Generator on the base of kwh and Maintenance and Repair on the base of maintenance and repoir hour. The allocation keys of each item are as follows: Cost Production Departments Service Departments Centers/Costs Pasta Cutting Drying Maintenance Total Gristmill Generator Infirmary Cafeteria & Repair Press 17.000 Cost Direct Material 25.000 18.000 60.000 Direct Labor 36.000 27.000 17.000 80.000 Factory Overhead Indirect 3.000…
Q2: The costs occurred in March has been allocated to each cost center. The cost of machines is 3.950.000 TL and the accumulated depreciation of machines is 1.927.700 TL. The useful life of machine is 10 years and Declining Balance Method is chosen. The depreciation cost of machines will be allocated on the base of machine hours. The allocated cost of service cost centers will be re-distributed according to Step Ladder Method. First apportioned center will be chosen according to total cost. Infirmary and Cafeteria will be allocated on the base of number of workers, Generator on the base of kwh and Maintenance and Repair on the base of maintenance and repoir hour. The allocation keys of each item are as follows: Cost Production Departments Service Departments Centers/Costs Pasta Cutting Drying 18.000 Maintenance Total Gristmill Generator Infirmary Cafeteria & Repair Press 17.000 27.000 Cost Direct Material 25.000 60.000 Direct Labor 36.000 17.000 80.000 Factory Overhead Indirect 3.000…
A elearning.act.edu.om Muscat LLC purchased a machine on 1st January, 2019 for OMR 250,000. The rate of depreciation is 20% p.a. under straight line method. Replacement Cost of the machine on 31st December,2019 was OMR 350,000 and on 31st December, 2020 was OMR 500,000. The company wishes to follow Current Cost Accounting rather than the Historical Cost Accounting. a. What is the amount of Depreciation Adjustment? b. What is the amount of Additional Depreciation? C. What is the amount of Back Log Depreciation?
The following data are accumulated by Waiola Company in evaluating the purchase of $120,000 of equipment, having a 4-year useful life: Year Net Income Net Cash Flow Year 1 $45,000 $75,000 Year 2 28,000 58,000 Year 3 19,500 49,500 Year 4 (7,000) 37,000 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Assuming that the desired rate of return is 6%, determine the net present value for the proposal. If required, round to the nearest dollar.Net present value fill in the blank 1 of 1$
Respond to the requirements in each situation. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a) V Your answer is correct. On January 1, 2020, Bramble Inc. sold computer equipment to Marin Co. The sales price of the equipment was $512,000 and its carrying amount is $413,000. Record any journal entries necessary for Bramble from the sale of the computer equipment in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 1/1/20 Cash 512,000 Gain on Disposal of Equipment 99000 Equipment 413,000 eTextbook and Media
A metal 3D printer was purchased and placed in service by Acme Prototypes. Its cost basis is $250,000, and it has an estimated market value (MV) of $35,000 at the end of an estimated useful life of 8 years. Compute the book value (BV) at the end of year 5 by using SL method. Show computations.
The following data are accumulated by Geddes Company in evaluating the purchase of $120,000 of equipment, having a four-year useful life: Net Income Net Cash Flow Year 1 $49,500 $79,500 Year 2 29,000 59,000 Year 3 16,500 46,500 Year 4 6,500 36,500 This information has been collected in the Microsaft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. K) Open spreadsheet a. Assuming that the desired rate of return is 15%, determine the net present value for the proposal. If required, round to the nearest dollac. Net present value b. Would management be likely to look with favor on the propesal? the net present value indicates that the return on the proposal is than the minimum desired rate of retum of 15%
In this exercise, you will create a depreciation schedule for Furniture Resellers as of 12/31/2016 using an Excel table. You will then sort, filter, and analyze the data in the table. These fixed assets, with associated data as of 12/31/2015, were acquired prior to the current year. Fixed Asset Date of Cost Salvage Value Useful Life Accumulated Acquisition (years) Depreciation Machinery 1/1/2007 $8,200 $700 10 $6,750 Garage Equipment 1/1/2009 $11,000 S200 $8,400 Computers 1/1/2013 $4,000 so $2,400 Furniture Resellers also acquired lobby furniture on 1/1/2016. The lobby furniture had a cost of $2,000, an estimated salvage value of $400, and an estimated useful life of eight years. 1. Open a Blank Workbook and save the file in your Chapter 06 folder as: EA6-A2-Depreciation-[YourName] 2. Enter appropriate bank reconciliation headers in the range A1:A2; apply italic formatting. 3. Enter the fixed-asset data in the range A4:F7; for the accumulated depreciation, enter the title but not the…
- Blossom Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2025. The terms of acquisition for each truck are described below. 1. 2. 3. 4. 1. Your answer is partially correct. 2. Prepare the appropriate journal entries for the above transactions for Blossom Corporation. (Round present value factors to 5 decimal places, e.g. 0.52587 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) 3. Truck #1 has a list price of $54,750 and is acquired for a cash payment of $50,735. Truck #2 has a list price of $58,400 and is acquired for a down payment of $7,300 cash and a zero-interest-bearing note with a face amount of $51,100. The note is due April 1, 2026. Blossom would…
Marin Express reports the following costs and expenses in June 2022 for its delivery service. Indirect materials used Depreciation on delivery equipment Dispatcher's salary Property taxes on office building CEO's salary Gas and oil for delivery trucks Delivery service (product) costs Period costs eTextbook and Media $5,380 $ 9,400 4,200 740 10,080 1,840 Drivers' salaries Determine the total amount of (a) delivery service (product) costs and (b) period costs. Advertising Delivery equipment repairs Office supplies Office utilities Repairs on office equipment $13,440 3,880 252 546 840 158
Don Williams is General manager of Carib Systems who received a proposal to replace the Version 1 with Version 2 Point of Sales (POS) equipment at the company. Williams collects data about the proposal on Version 1 and Version 2 as follows: Version 1 POS Version 2 POSOriginal cost $425,000 $170,000Useful life 5 years 3 yearsCurrent age 2 years 0 yearsRemaining useful life 3 years 3 yearsAccumulated depreciation…