Excel functions and tools used SLN function ROUND function Page Layout VDB function Cell referencing IF function Formatting Some good friends of yours just opened ABC Company, a small home business, on 1 1 19 Theyre using QuickBooks to track their transactions They have a calendar year end They bought a computer, a printer and a used Camry They also purchased a cargo box for the Camry so they could carry tools to the job site (The cargo box is permanently attached to the vehicle ) These assets are only being used in the business (no personal use) They would like you to help them with the depreciation calculations Theyve given you the following information Asset Date placed in service Cost Expected service life (in years) Expected salvage value Computer 1 1 $2,235 3 $0 LaserJet Copier Printer 1 1 2,110 5 $0 2011 Camry 1 1 $16,965 4 $1,500 Cargo Box for the Camry 1 1 $595 4 $200 Required Create a workbook with the name DEPN YOUR NAME (Use your own first initial and last name ) For each asset (the Camry and cargo box count as one asset), calculate depreciation expense, accumulated depreciation, and net book value using both straight line and double declining balance methods for each year of its expected life No decimals Use a separate worksheet for each asset You can put both depreciation methods on the same worksheet Prepare the worksheets so that each one could be copied and used for assets with lives up to 5 years (Assume that depreciation is calculated annually ) You must use IF, SLN and VDB functions Your worksheets should be formatted in a professional way, to include a report header Each worksheet should fit to one page using portrait orientation Choose one Option A On a separate worksheet, determine DDB depreciation for the Camry assuming it was placed in service on 2 1 Use the VDB function (Ignore the cargo box ) Option B On a separate worksheet, prepare an amortization schedule assuming they put 10 down on the Camry and financed the balance over two years (monthly payments) at an annual interest rate of 5

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Excel functions and tools used: SLN function ROUND function Page Layout VDB function Cell referencing IF function Formatting Some good friends of yours just opened

Excel functions and tools used:

SLN function ROUND function Page Layout

VDB function Cell referencing

IF function Formatting

Some good friends of yours just opened ABC Company, a small home business, on 1/1/19. Theyre using QuickBooks to track their transactions. They have a calendar year end.

They bought a computer, a printer and a used Camry. They also purchased a cargo box for the Camry so they could carry tools to the job site. (The cargo box is permanently attached to the vehicle.) These assets are only being used in the business (no personal use). They would like you to help them with the depreciation calculations. Theyve given you the following information

Asset	Date placed in service	Cost	Expected service life (in years)	Expected salvage value
Computer	1/1	$2,235	3	$0
LaserJet Copier/Printer	1/1	2,110	5	$0
2011 Camry	1/1	$16,965	4	$1,500
Cargo Box for the Camry	1/1	$595	4	$200

Required:

Create a workbook with the name DEPN_YOUR NAME. (Use your own first initial and last name.)
For each asset (the Camry and cargo box count as one asset), calculate depreciation expense, accumulated depreciation, and net book value using both straight-line and double declining balance methods for each year of its expected life. No decimals.
1. Use a separate worksheet for each asset.
2. You can put both depreciation methods on the same worksheet.
Prepare the worksheets so that each one could be copied and used for assets with lives up to 5 years. (Assume that depreciation is calculated annually.)
You must use IF, SLN and VDB functions.
Your worksheets should be formatted in a professional way, to include a report header.
Each worksheet should fit to one page using portrait orientation.

Choose one

Option A: On a separate worksheet, determine DDB depreciation for the Camry assuming it was placed in service on 2/1. Use the VDB function. (Ignore the cargo box.)

Option B: On a separate worksheet, prepare an amortization schedule assuming they put 10% down on the Camry and financed the balance over two years (monthly payments) at an annual interest rate of 5%.