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please help me with this question, make sure to answer all for a up vote and a good comment. i dont have any questions left
please help me with this question, make sure to answer all for a up vote and a good comment. i dont have any questions left for this month so plz help. thanks!
Banko Inc. manufactures sporting goods. The following information applies to a machine purchased on January 1 , Year 1 : During Year 1, the machine produced 54,000 units and during Year 2, it produced 56,000 units. Required Determine the amount of depreciation expense for Year 1 and Year 2 using each of the following methods: Morris Inc recorded the following transactions over the life of a piece of equipment purchased in Year 1 : Required a. Use a horizontal statements model to show the effects of these transactions on the elements of the financial statements. The event is recorded as an example. b. Determine the amount of depreciation expense to be reported on the income statements for Years 1 through 5. c. Determine the book value (cost-accumulated depreciation) Morris will report on the balance sheets at the end of Year 1 thro Year 5 d. Determine the amount of the gain or loss Morris will report on the disposal of the equipment on October 1 , Year 6. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Use a horizontal statements model to show the effects of these transactions on the elements of the financial statements. The first event is recorded as an example. (Use + for increase, - for decrease, and leave the cell blank if the element is not affected. In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), or a financing activity (FA). If an element was not affected by the transactions, leave the cell blank.) a. Use a horizontal statements model to show the effects of these transactions on the elements of the financial statements. The first event is recorded as an example. b. Determine the amount of depreciation expense to be reported on the income statements for Years 1 through 5. c. Determine the book value (cost - accumulated depreciation) Morris will report on the balance sheets at the end of Year 1 through Year 5 d. Determine the amount of the gain or loss Morris will report on the disposal of the equipment on October 1 , Year 6. Complete this question by entering your answers in the tabs below. Determine the amount of depreciation expense to be reported on the income statements for years 1 through 5 . (Round your answers to nearest dollar amount.) Use a horizontal statements model to show the effects of these transactions on the clements of the financial staternents. The first event is recorded as an example. D. Determine the amount of depreciation expense to be reported on the income statements for Years 1 through 5. c. Determine the book value (cost - accumulated depreciation) Morris will report on the balance sheets at the end of Year 1 through Year 5. 1. Determine the amount of the gain or loss Momis will report on the disposal of the equipment on October 1. Year 6 . Complete this question by entering your answers in the tabs below. Determine the book value (cost - accumulated depreciation) Morris will report on the balance sheets at the end of year 1 through Year 5. (Round intermediate calculations and final answers to nearest dollar amount.) a. Use a horizontal statements model to show the effects of these transactions on the elements of the financial statements. The first event is recorded as an example. b. Determine the amount of depreciation expense to be reported on the income statements for Years 1 through 5. c. Determine the book value (cost - accumulated depreciation) Morris will report on the balance sheets at the end of Year 1 through Year 5 d. Determine the amount of the gain or loss Morris will report on the disposal of the equipment on October 1, Year 6. Complete this question by entering your answers in the tabs below. Determine the amount of the gain or loss Morris will report on the disposal of the equipment on october 1, Year 6. (Round intermediate calculations and final answer to nearest dollar amount.) Morris Inc. recorded the following transactions over the life of a piece of equipment purchased in Year 1 : Jan. 1, Year 1 Purchased equipment for $14,600 cash. The equipment was estimated to have a five-year life and $6,560 salvage value and was to be depreciated using the straight-1ine method. Dec. 31, Year Recorded depreciation expense for Year 1. Sept. 30, Year Undertook routine repairs costing $800. Dec. 31, Year Recorded depreciation expense for Year 2. Jan. 1, Year 3 Made an adjustment costing $2,690 to the equipment. It iaproved the quality of the output but did not affect the life and salvage value estimates. Dec. 31, Year Recorded depreciation expense for Year 3. June. 1 , Year 4 Incurred $392 cost to ofl and clean the equiptent. Dec. 31, Year Recorded depreciation expense for Year 4. Jan. 1, Year 5 Had the equipment completely overhauled at a cost of $7,270. The overhaul was estimated to extend the total 11fe to seven years. The salvage value did not change. Dec. 31, Year Recorded depreciation expense for Year 5 . Oct. 1 , year 6 Received and accepted an offer of $15,700 for the equipment Step by Step Solution
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