Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have been hired by Patterson Planning Corp., an events planning company that recently had a fire in which some of the accounting records were

You have been hired by Patterson Planning Corp., an events planning company that recently had a fire in which some of the accounting records were damaged. In reviewing the fixed asset records, you find three depreciation schedules that are not labeled. They are listed in the following table. One of the assets has a depreciation rate of $4.50 per hour.

image text in transcribed

image text in transcribedFor each of the depreciation schedules shown on the Patterson Planning Corp. panel, fill in the following information. Leave any cells blank that cannot be determined from the depreciation schedule.

image text in transcribedReview the depreciation schedules on the Patterson Planning Corp. panel, then answer the following questions. How would you adjust Schedule B if, at the beginning of Year 3, the asset was estimated to have 5 more years of life remaining, but with a residual value that was $2,000 lower?

The total depreciation for this asset now will be_____________________ . The depreciation amount for Year 3 will be _______________

Patterson Planning Corp. Year Schedule A Schedule B Schedule C 1 $12,000.00 $10,125.00 $9,000.00 2 7,200.0013,500.00 6,750.00 3 4,320.00 13,500.00 7,650.00 4 2,592.0013,500.00 6,750.00 5 888.003,375.004,500.00 6 7 7,200.00 4,950.00 Total $27,000.00 $54,000.00 $46,800.00 Patterson Planning Corp. Year Schedule A Schedule B Schedule C 1 $12,000.00 $10,125.00 $9,000.00 2 7,200.0013,500.00 6,750.00 3 4,320.00 13,500.00 7,650.00 4 2,592.0013,500.00 6,750.00 5 888.003,375.004,500.00 6 7 7,200.00 4,950.00 Total $27,000.00 $54,000.00 $46,800.00

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

Financial Accounting

Authors: Kermit D. Larson, William W. Pyle

4th Edition

0256067813, 978-0256067811

More Books

Students also viewed these Accounting questions

Question

Identify ways to increase your selfesteem.

Answered: 1 week ago