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HI please tell me what is missing Return to Nicole's Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at
HI please tell me what is missing
Return to Nicole's Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NGS. The machine was purchased at the beginning of the year at a cost of $5,600. The estimated useful life was five years, and the residual value was $500. Assume that the estimated productive life of the machine is 17,400 hours. Expected annual production is: year 1, 4,700 hours; year 2, 2,800 hours; year 3, 4,000 hours; year 4, 2,100 hours; and year 5, 3,800 hours. Required: 1. Complete a depreciation schedule for each of the alternative methods. (Enter all values as positive amount. Round your final answers to nearest whole dollar amount.) a. Straight-line Answer is complete and correct Accumulated Depreciation Depreciation Expense ook Value Year 5,600 At acquisition 1,020 $ 1 1,020 4,580 2.040 3,560 1,020 2 1,020 3,060 2,540 1,020 1,520 4 4,080 500 5 1,020 5,100 Return to . Ie OOWIny dimvumS were iorecast iOi yedi S. Jdies Revenues, p4o,uuu, CUSI UI GO0US JUIU, PJU,Uuu, vLne upelauny Expenses, $4,600; and Interest Expense, $860. Create an income statement for year 3 for each of the different depreciation methods, ending at Income before Income Tax Expense. (Don't forget to include a loss or gain on disposal for each method.) (Do not round intermediate calculations. Round depreciation expense to the nearest whole number.) Answer is complete but not entirely correct NICOLE'S GETAWAY SPA (Forecasted) Income Statement For the Year Ended December 31, Year 3 Double- Straight- Line Units-of- Production Declining- Balance Sales revenue 48,000 $ $ 48,000 $ 48,000 Cost of goods sold 36,000 36,000 36,000 $ 12,000 $ 12,000 $ Gross profit 12,000 Operating expenses: $ 4,600 $ 4,600 $ Other operating expenses 4,600 806 Depreciation expense 1,020 1,172 Loss (Gain) on disposal (140) 171 1,190 5,943 ($ 6,596 X Total operating expenses 5,480 6,228 $ 5,460 $ 6,594( Income from operations (860) Interest expense (860) (860) Income before income tax expense $ 4,600 5,368 5,734Step by Step Solution
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