Assume Plain Ice Cream Company, Incorporated, in Ithaca, NY, bought a new ice cream production kit (pasteurizer/hom cooler, aging vat, freezer, and filling machine) at the beginning of the year at a cost of $22,000. The estimated useful life years, and the residual value was $2,000. Assume that the estimated productive life of the machine was 10,000 hours. A usage was 4,000 hours in Year 1; 3,000 hours in Year 2; 2,000 hours in Year 3; and 1,000 hours in Year 4. Required: 1. Complete a separate depreciation schedule for each of the alternative methods. a. Straight-line. b. Units-of-production. c. Double-declining-balance. Complete this question by entering your answers in the tabs below. Reg 1A Year Req 1B Complete a depreciation schedule using the straight-line method. Depreciation Accumulated Expense Depreciation Net Book Value At acquisition 1 2 3 4 Req 1C

Assume Plain Ice Cream Company, Incorporated, in Ithaca, NY, bought a new ice cream production kit (pasteurizer/hom cooler, aging vat, freezer, and filling machine) at the beginning of the year at a cost of $22,000. The estimated useful life years, and the residual value was $2,000. Assume that the estimated productive life of the machine was 10,000 hours. A usage was 4,000 hours in Year 1; 3,000 hours in Year 2; 2,000 hours in Year 3; and 1,000 hours in Year 4. Required: 1. Complete a separate depreciation schedule for each of the alternative methods. a. Straight-line. b. Units-of-production. c. Double-declining-balance. Complete this question by entering your answers in the tabs below. Reg 1A Year Req 1B Complete a depreciation schedule using the straight-line method. Depreciation Accumulated Expense Depreciation Net Book Value At acquisition 1 2 3 4 Req 1C

Name: Assume Plain Ice Cream Company, Incorporated, in Ithaca, NY, bought a
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Description: Assume Plain Ice Cream Company, Incorporated, in Ithaca, NY, bought a new ice cream production kit (pasteurizer/homogenizer,cooler, aging vat, freezer, and filling machine) at the beginning of the year at a cost of $22,000. The estimated useful life

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Assume Plain Ice Cream Company, Incorporated, in Ithaca, NY, bought a new ice cream production kit (pasteurizer/homogenizer, cooler, aging vat, freezer, and filling machine) at the beginning of the year at a cost of $22,000. The estimated useful life was four years, and the residual value was $2,000. Assume that the estimated productive life of the machine was 10,000 hours. Actual annual usage was 4,000 hours in Year 1; 3,000 hours in Year 2; 2,000 hours in Year 3; and 1,000 hours in Year 4. Required: 1. Complete a separate depreciation schedule for each of the alternative methods. a. Straight-line. b. Units-of-production. c. Double-declining-balance. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Year At acquisition 1 2 3 4 Req 1C Complete a depreciation schedule using the straight-line method. Depreciation Accumulated Expense Net Depreciation Book Value
Assume Plain Ice Cream Company, Incorporated, in Ithaca, NY, bought a new ice cream production kit (pasteurizer/homogenizer, cooler, aging vat, freezer, and filling machine) at the beginning of the year at a cost of $24,000. The estimated useful life was four years, and the residual value was $2,580. Assume that the estimated productive life of the machine was 10,200 hours. Actual annual usage was 4,080 hours in Year 1; 3,060 hours in Year 2; 2,040 hours in Year 3; and 1,020 hours in Year 4. Required: 1. Complete a separate depreciation schedule for each of the alternative methods. a. Straight-line. b. Units-of-production. c. Double-declining-balance. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Complete a depreciation schedule using the units-of-production method. Note: Use two decimal places for the per unit output factor. Do not round intermediate calculations. Year Depreciation Expense At acquisition 1 2 3 4 Accumulated Depreciation Net…
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Assume Plain Ice Cream Company, Incorporated, in Ithaca, NY, bought a new ice cream production kit (pasteurizer/homogenizer, cooler, aging vat, freezer, and filling machine) at the beginning of the year at a cost of $28,000. The estimated useful life was four years, and the residual value was $2,560. Assume that the estimated productive life of the machine was 10,600 hours. Actual annual usage was 4,240 hours in Year 1; 3,180 hours in Year 2; 2,120 hours in Year 3; and 1,060 hours in Year 4. Required: 1. Complete a separate depreciation schedule for each of the alternative methods. a. Straight-line. b. Units-of-production. c. Double-declining-balance. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Complete a depreciation schedule using the straight-line method. Year Depreciation Expense At acquisition 1 2 3 Accumulated Depreciation Net Book Value
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Homy Ice Cream Company bought a new ice cream maker at the beginning of the year at a cost of $8,600. The estimated useful life was four years, and the residual value was $800. Assume that the estimated productive life of the machine was 12,000 hours. Actual annual usage was 4,000 hours in year 1; 3,700 hours in year 2; 2,700 hours in year 3; and 1,600 hours in year 4. Required: 1-a. Complete a separate depreciation schedule by using Straight-line method. (Round your answers to the nearest dollar amount. Make sure that the carrying amount at the end of year 4 is equal to the residual value. Depreciation expense for the last period should be calculated as Carrying value of 3rd year minus residual value.) Year Depreciation Expense Accumulated Depreciation Carrying Amount At acquisition 1 2 3 4 1-b. Complete a separate depreciation schedule by using Units-of-production method. (Round your answers to the nearest dollar amount Make sure that the carrving amount at the end of vear 4 is equal…
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PlasticWorks Corporation bought a machine at the beginning of the year at a cost of $15,500. The estimated useful life was five years, and the residual value was $2,500. Assume that the estimated productive life of the machine is 13,000 units. Expected annual production was: year 1, 4,000 units; year 2, 4,000 units; year 3, 2,500 units; year 4, 1,300 units; and year 5, 1,200 units. Required: 1. Complete a depreciation schedule for each of the alternative methods. (Enter all values as positive amount.) a. Straight-line. Book Income Statement Balance Sheet Depreciation Expense ferences Year Accumulated Cost Book Value Depreciation At acquisition 1 2 3 4 b. Units-of-production. Income Statement Balance Sheet Depreciation Expense Accumulated Year Cost Book Value Depreciation At acquisition 1 3. 4 c. Double-declining-balance. Income Statement Balance Sheet Accumulated Book Value Depreciation Expense Cost Year Depreciation At acquisition 3. 4 < Prev Mc Graw Hill O Type here to search
Solar Innovations Corporation bought a machine at the beginning of the year at a cost of $29,000. The estimated useful life was five years and the residual value was $3,500. Assume that the estimated productive life of the machine is 10,000 units. Expected annual production was year 1, 2,000 units; year 2, 3,000 units; year 3, 2,000 units; year 4, 2,000 units; and year 5, 1,000 units. Required: Complete a depreciation schedule for each of the alternative methods.a. Straight-line.b. Units-of-production.c. Double-declining-balance. Which method will result in the highest net income in year 2? Does this higher net income mean the machine was used more efficiently under this depreciation method?
Solar Innovations Corporation bought a machine at the beginning of the year at a cost of $39,000. The estimated useful life was five years and the residual value was $4,000. Assume that the estimated productive life of the machine is 20,000 units. Expected annual production was year 1, 4,600 units; year 2, 5,600 units; year 3, 4,600 units; year 4, 4,600 units; and year 5, 600 units. Required: 00:57:57 1. Complete a depreciation schedule for each of the alternative methods. a. Straight-line. b. Units-of-production. c. Double-declining-balance. eBook2. Which method will result in the highest net income in year 2? Does this higher net income mean the machine was used more efficiently under this depreciation method? Complete this question by entering your answers in the tabs below Does this higher net income mean the machine was used more efficiently under this depreciation method? Yes No Req 2A Req 2B