Question
Please help me with the question below. Current Year 2022 Original Year Placed in Service Useful Life Description Cost Salvage Value 2019 5 Shovel 50
Please help me with the question below.
Current Year | 2022 | |||
Original | ||||
Year Placed in Service | Useful Life | Description | Cost | Salvage Value |
2019 | 5 | Shovel | 50 | 10 |
2021 | 5 | Garden fork | 50 | 10 |
2019 | 5 | Rake | 50 | 10 |
2019 | 5 | Dutch hoe | 50 | 10 |
2020 | 5 | Garden fork | 50 | 10 |
2018 | 7 | Lawn Shears | 20 | 5 |
2016 | 7 | Pruners | 80 | 10 |
2019 | 5 | Trowel | 20 | 5 |
2020 | 5 | Chain Saw | 650 | 50 |
2019 | 5 | Power Trimmer | 650 | 50 |
2017 | 10 | Trailer for Equipment | 2,000 | 200 |
2020 | 5 | Push Lawnmower 1 | 1,100 | 150 |
2019 | 7 | Dump Trailer | 15,000 | 3,500 |
2019 | 5 | Truck 1 | 35,000 | 3,000 |
2021 | 5 | Truck 2 | 35,000 | 3,000 |
2020 | 5 | Riding Lawnmover | 4,500 | 500 |
2020 | 5 | Push Lawnmower 2 | 500 | 100 |
1. Which truck had higher straight-line depreciation expense than double-declining balance depreciation expense in 2022?
a) Truck 1 b) Truck 2 c) Dump Trailer
2- Which method calculated the most depreciation expense for the Trailer for Equipment in 2022? a) Sum-of-the-Years Digits b)Double Declining Depreciation c) Straight-Line Depreciation
3-Overall, for 2022, which depreciation method had the least depreciation expense? a) Straight-Line Depreciation b) Sum-of-the-Years Digits c) Double Declining Depreciation 4- The lab presumes the depreciation expense for the year 2022. If we replace 2023 for 2022 in cell B1, we can compute the depreciation expense for the year 2023. What is the straight-line depreciation for 2023 assuming no assets are added or disposed during the year?
a) 15,988 b) 14,168 c) 15,917 d) 23,166
The lab presumes the depreciation expense for the year 2022. If we replace 2023 for 2022 in cell B1, we can compute the depreciation expense for the year 2023. What is the double declining balance depreciation for 2023 assuming no assets are added or disposed during the year? a) 14,168 b) 15,988 c) 15,917 d) 23,166
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