Financial Accounting Connect Access Code 4th Edition

ISBN 13
978-1259730917
ISBN 10
1259730913
Authors
David Spiceland, Don Herrmann, Wayne Thomas
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Quiz Practice
685697
Accounting Chapter 7 Homework Correct End Year Amounts Depreciation Accumulated Book
Student Name: Instructor Class: McGraw-Hill/Irwin Problem 07-05 Requirement 1: University Car Wash Straight Line Calculation Depreciable Depreciation X Cost Rate 246,000 1/6 246,000 1/6 246,000 1/6 246,000 1/6 246,000 1/6 246,000 1/6 Year 1 2 3 4 5 6 = Total End of Year Amounts Depreciation Accumulated Book Expense Depreciation Value 41,000 41,000 229,000 41,000 82,000 188,000 41,000 123,000 147,000 41,000 164,000 106,000 41,000 205,000 65,000 41,000 246,000 24,000 246,000 Correct! Correct! Requirement 2: University Car Wash Double-declining-balance Year 1 2 3 4 5 6 Calculation Beginning Depreciation Book Value X Rate 270,000 0.33333 180,000 0.33333 120,000 0.33333 80,000 0.33333 53,333 0.33333 35,556 0.33333 = Total End of Year Amounts Depreciation Accumulated Book Expense Depreciation Value 90,000 90,000 180,000 60,000 150,000 120,000 40,000 190,000 80,000 26,667 216,667 53,333 17,778 234,444 35,556 11,556 246,000 24,000 246,000 Correct! Correct! Requirement 3: University Car Wash Activity-based Year 1 2 3 4 5 6 Total Calculation Hours Depreciation X Used Rate 3,100 $ 20.50 1,100 $ 20.50 1,200 $ 20.50 2,800 $ 20.50 2,600 $ 20.50 1,200 $ 20.50 12,000 Correct! = End of Year Amounts Depreciation Accumulated Book Expense Depreciation Value 63,550 63,550 206,450 22,550 86,100 183,900 24,600 110,700 159,300 57,400 168,100 101,900 53,300 221,400 48,600 24,600 246,000 24,000 246,000 Correct! Correct! Given Data P07-05: UNIVERSITY CAR WASH Cost of new car wash machines Estimated residual value Machine life in years Machine life in hours Actual use per year Year 1 2 3 4 5 6 Hours Used 3,100 1,100 1,200 2,800 2,600 1,200 $ $ 270,000 24,000 6 12,000 Student Name: Instructor Class:
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