Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please Highlight the answer Zinn Company purchased a machine on January 2 that cost $32,000. Salvage or residual value is $2,000, and the estimated useful

Please Highlight the answer
Zinn Company purchased a machine on January 2 that cost $32,000. Salvage or residual value is $2,000, and the estimated useful life is 5 years or 200,000 output units. 45,000 output units were made the first year.
17) Depreciation expense for the first year using straight line is
A) $6,000,000
B) $60
C) $6,000
D) $600,000
18) Depreciation for the first year using double declining balance is
A) $12,800,000
B) $12.80
C) $12,800
D) $128,000
19) Depreciation for the first year using units of output (production) is
A) $6,750
B) $67,600
C) $67.50
D) $6,750,000
20) Over the assets useful life the total amount of depreciation calculated by all depreciation methods is
A) The same amount in total
B) Different according to the color the asset is painted
C) Different according to whether the month ends in a y
D) Different if there are sunspots

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Frank Woods Business Accounting Volume 2

Authors: Frank Wood, Alan Sangster

10th Edition

0273693107, 978-0273693109

More Books

Students also viewed these Accounting questions