Question
PLEASE SHOW YOUR WORK! Hadley Company purchased an asset with a list price of $132,140. Hadley paid $729 of transportation-in cost, $655 to train an
PLEASE SHOW YOUR WORK!
Hadley Company purchased an asset with a list price of $132,140. Hadley paid $729 of transportation-in cost, $655 to train an employee to operate the equipment, and $503 to insure the asset against theft after it has been set up in the factory. The asset was purchased under terms 1/20/n30 and Hadley paid for the asset within the discount period. Based on this information, Hadley would capitalize the asset on its books at what dollar amount? $_______________
132140+655 is 132795 then minus 132795*.01 (1327.95) and you get 131467.1 = wrong
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Dillard Company starts the year with $10,000 in its cash account, $10,000 in its equipment account, $2,000 in accumulated depreciation and $18,000 in its retained earnings account. During the year Dillard sells the equipment for $8,570. After the sale of equipment is recorded, the retained earnings account will have a balance of $________.
18000-1430 (which was from 10000 of equip minus 8570)-2000 is 14570 = wrong
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Duncan Company purchased a machine that cost $79,433, has an estimated residual value of $2,403, and has an estimated useful life of 8 years.
Using the double declining balance methid, what is the depreciation expense for year 2?_______
2*(79433-2403/8) 19257.5 = wrong
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Uber Inc purchased a car for $43,100. The car has a salvage value of $2,800 and is estimated to be in use for 150,000 miles. What is the accumulated depreciation at the end of Year 2 assuming mileage used in year 1 was 13,310, year 2 was 16,670, and year 3 was 18,040? $_______
43100-2800/150000=0.2686666666666667, 13310*0.2686666666666667 is 3576 and 16670*0.2686666666666667 is 4479 then add 3576+4479 for final answer of 8055 = wrong
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On January 1, Year 1, Randall Moving Company paid $27,600 cash to purchase a truck. The truck was expected to have a five year useful life and an $4,900 salvage value. If Randall uses the straight-line method, thebook value at the end of Year 2 is $_______
27600-4900 / 5 * 3 = 9080 then 27600-9080 is final answer of 18520 = right or wrong?
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