Archie Co. purchased a framing machine for $55,000 on January 1, 2021. The machine is expected to have a four-year life, with a residual value of $2,000 at the end of four years.
Using the sum-of-the years'-digits method, depreciation for 2022 and book value at December 31, 2022, would be: (Do not round intermediate calculations.)
a) $16,500 and $16,500 respectively.
b) $16,500 and $14,500 respectively.
c) $15,900 and $17,900 respectively.
d) $15,900 and $15,900 respectively.
Answers: 1
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Business, 22.06.2019 08:40
During january 2018, the following transactions occur: january 1 purchase equipment for $20,600. the company estimates a residual value of $2,600 and a five-year service life. january 4 pay cash on accounts payable, $10,600. january 8 purchase additional inventory on account, $93,900. january 15 receive cash on accounts receivable, $23,100 january 19 pay cash for salaries, $30,900. january 28 pay cash for january utilities, $17,600. january 30 firework sales for january total $231,000. all of these sales are on account. the cost of the units sold is $120,500. the following information is available on january 31, 2018. depreciation on the equipment for the month of january is calculated using the straight-line method. the company estimates future uncollectible accounts. at the end of january, considering the total ending balance of the accounts receivable account as shown on the general ledger tab, $4,100 is now past due (older than 90 days), while the remainder of the balance is current (less than 90 days old). the company estimates that 50% of the past due balance will be uncollectible and only 3% of the current balance will become uncollectible. record the estimated bad debt expense. accrued interest revenue on notes receivable for january. unpaid salaries at the end of january are $33,700. accrued income taxes at the end of january are $10,100
Answers: 2
Business, 22.06.2019 12:10
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Archie Co. purchased a framing machine for $55,000 on January 1, 2021. The machine is expected to ha...
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