Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Requirement. For each depreciation method prepare a depreciation schedule showing asset cost de connected dopeciation and book for the units of production method, round depreciation

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Requirement. For each depreciation method prepare a depreciation schedule showing asset cost de connected dopeciation and book for the units of production method, round depreciation of unilla three decaces Before completing the straightene depreciation scheda Galate the straight line decreciation rate One Use 156) Depreciation 1 5 15 Complete me straight Line Depreciation Schedule. Begin by ring out the schedule through 2015 and the complete thereby entering the amounts through 2022 Straight-Line Depreciation Schedule Depreciation Depreciable Depreciation Accumulated Asset Date Asset Cost Rate Cost Expense Depreciation Book Value January 1, 2018 270.000 December 31, 2018 TE 1 5 15 Complete the Straight-Line Depreciation Schedule. Begin by filling out the schedule through 2019, and the complete the schedule by entering the amounts 2002 Straight-Line Depreciation Schedule Depreciation Depreciable Depreciation Accumulated Asset Date Asset Cost Rate Cost Expense Depreciation Book Value January 1, 2018 270,000 December 31, 2018 15 Docember 31, 2019 1/5 December 31, 2020 1/5 December 31, 2021 115 December 31, 2022 15 Before completing the units of production (UOP) depreciation schedule the direction expere per un order to Depreciate CO output Deprecation porn Com the sta of Production Direction Scheme Den ty tiling out the schedule 2010, and encore che la mar 22 wres Units of Production Depreciation Schedule Depreciation Number of Depreciation Accumulated Asset Date As Cost Per Unit Units Expense Depreciation Book Value ay 1, 2013 270 000 Dec1.2010 December 31, 2011 Dec 31 2000 Docomot3001 Do 2022 Before completing the double-declining balance (DDB) schedule, calculate the double-declining balance rate. SL Depreciation DDB rate rate multiplier DDB rate X Complete the Doutle-Dadining Bande Depreciation Schede. Begin by iting out the schade through 2010, and then compte en Dreams 2002 Double Declining Balance 0B) Depreciation Schedule DOB Asset Book Depreciation Accumulated Assal Date Asset Cost Rate Value Expense Depreciation Book Value January 1, 2010 270.000 Decom 31.2018 December 2010 Dec 31 2000 December 31, 2021 December 31, 2002 atid und More Info X bach year del On January 1, 2018, Chyler Enterprises, Ino, paid $254,200 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $900 for transportation charges, S900 for insurance for the equipment while in transit $11,600 sales tax, and $2,400 for a special platform on which to place the equipment in the plant. Management of Chyler Enterprises, Inc., estimates that the equipment will remain in service for five years and have a residual value of $30,000. The equipment will produce 60,000 units the first year, with annual production decreasing by 10,000 units during each of the next four years (1,0, 50,000 units in year 2: 40,000 units in year 3; and so on, for a total of 200,000 units). In trying to decide which depreciation mothod to use, Chyler Enterprises, Inc., requested a depreciation schedule for each of the three depreciation methods (straight-line, units of production, and double-declining balance). cial st 0 Print Done Time Remaining:01 reciation round de Xpreach year of Requirements line depro e apreciation 1. For each depreciation method, prepare a depreciation schedule showing asset cost, depreciation expense, accumulated depreciation, and asset book value for each year of the asset's life. For the units of production method, round depreciation per unit to three decimal places 2. Chyler Enterprises, Inc., prepares financial statements using the depreciation method that reports the highest income in the early years of asset use. For income tax purposes, the company uses the depreciation method that minimizes income taxes in the early years. Consider the first year Chyler Enterprises, Inc uses the equipment. Identify the depreciation methods that meet Chyler Enterprises objectives, assuming the income tax authorities permit the use of any method. 3. Show how Chyler Enterprises, Inc., would report equipment on the December 31, 2018, balance sheet for each depreciation method D 1 Cost 70,000 Print Done Imaining: 1.3 More Info pach year On January 1, 2018, Chyler Enterprises, Inc. paid $254,200 for equipment used in manufacturing automotive supplies In addition to the basic purchase price, the company paid $900 for transportation chargos, 8900 for insurance for the equipment while in transit, $11,600 sales tax, and $2,400 for a special platform on which to place the equipment in the plant, Management of Chylor Enterprises, Inc., estimates that the equipment will remain in service for five years and have a residual value of $30,000. The equipment will produce 60,000 units the first year with annual production decreasing by 10,000 units during each of the next four years (1.0., 50,000 units in year 2: 40,000 units in year 3; and so on, for a total of 200,000 units). In trying to decide which depreciation method to uso, Chylor Enterprises, Inc. requested a depreciation schedule for each of the three depreciation methods (straight-line, units of production, and double-declining balance), Print Done 1.5 Complete the Straight-Line Depreciation Schedule. Begin by filing out the schedule though 2019, and then complete the schedule by entering the amount tough 2002 Straight-Line Depreciation Schedule Depreciation Depreciable Depreciation Accumulated Asset Date Asset Cost Rate Cost Expense Depreciation Book Value January 1 2018 270.000 December 31, 2018 1/5 December 31, 2019 15 December 31, 2020 175 December 31, 2021 175 December 31,2022 115 Before completing the units of production (UOP) depreciation schedule, calculate the depreciation expense perunt. (Round deration per unit to three decal Before completing the units of production (UOP) depreciation schedule, calculate the depreciation expense per unit. Round depreciation per unit to the decimalom) Deprecate Total unit co Output Depreciation per un Complete the Units of Production Depreciation Sch ale Begin by filling Compito the Units of Production Depreciation Schedule. Begin by illing out the schedule tvough 2018, and then complete too schedule by entering the amount through a recipe three decimal place Units of Production Depreciation Schedule Depreciation Number of Depreciation Accumulated Asset Date Asset Cost Per Unit Units Expense Depreciation Book Value January 1 2018 270 000 December 312018 December 31, 2019 December 31, 2000 December 31, 2021 December 31, 2022 Before completing the double-declining balance (DDB) schedule, calculate the double-declining balance rate. SL Depreciation DDB rate rate multiplier DDB rate Complete the Dutch Balance Depreciation Schedule Begin by out the schedule through 2010, and then chochote bang theo Double Declining Balance (DOG) Depreciation Schedule DDB Asset Book Depreciation Accumulated Asset Date Asset Cost Rate Value Expense Depreciation Book Value January 1, 2018 270.000 December 31, 2018 Deober 31.2010 December 31.2020 December 31, 2021 December 31, 2002 Requirement 3. Show how Chyler Enterprises, Inc., would report equipment on the December 31, 2018, balance sheet for each depreciation method December 31, 2018: SL UOP DDB Equipment Loss: Accumulated depreciation Not equipment

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Auditing Cases An Active Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

2nd Edition

9781266566899

Students also viewed these Accounting questions