A schedule of machinery owned by Micco Co. is presented below:EstimatedEstimatedSalvage ValueLife in YearsMachine X$600,000$40,00014Machine Y800,00080,000Machine Z300,00060,000Micco computes depreciation by the composite method.The composite life (in years) for these assets is15.610.08.9Total Cost8.6106

Name: A schedule of machinery owned by Micco Co. is presented below:Estimat
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: A schedule of machinery owned by Micco Co. is presented below:EstimatedEstimatedSalvage ValueLife in YearsMachine X$600,000$40,00014Machine Y800,00080,000Machine Z300,00060,000Micco computes depreciation by the composite method.The composite life (i

Introduction: The application of a totally straight depreciation rate as well as average usable life…

Business

Accounting

A schedule of machinery owned by Micco Co. is presented below: Estimated Estimated Salvage Value Life in Years Machine X $40,000 Machine Y 80,000 Machine Z 300,000 60,000 Micco computes depreciation by the composite method. 15.6 The composite life (in years) for these assets is 10.0 8.9 Total Cost 8.6 $600,000 800,000 14 10 6

A schedule of machinery owned by Micco Co. is presented below: Estimated Estimated Salvage Value Life in Years Machine X $40,000 Machine Y 80,000 Machine Z 300,000 60,000 Micco computes depreciation by the composite method. 15.6 The composite life (in years) for these assets is 10.0 8.9 Total Cost 8.6 $600,000 800,000 14 10 6

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The equipment of DEF Company has the following data:Cost 1,100,000Salvage value 100,000Useful life 4 years20,000 units10,000 hoursDate acquired 01/01/x1Required: Determine the depreciation expense in 20x1 under the following methods:1. Sum-of-the-years’ digits method.2. Double declining balance method.3. Units of input method (DEF used 3,000 working hours for the product it manufactured for the year 20x1).4. Units of output method (DEF used 2,000 units of the product for the year 20x1).
A schedule of machinery owned by ABC Co. is presented below: Estimated Estimated Useful Life in Cost Salvage Value Years Machine A 320,000 20,000 12 Machine B 390,000 30,000 10 Machine C 225,000 15,000 6 ABC computes depreciation by the composite method. (Round off your answer to one decimal place only.) The composite rate of depreciation (in percent) for these assets is The composite life (in years) for these assets is
The following is a schedule of machinery owned by PERSEVERANCE Manufacturing Company. Estimated Estimated Total Salvage Life in Cost Value Years Machine A P 600,000 P110,000 20 Machine B 315,000 30,000 10 Machine C 84,000 0 15 Machine D 107,000 7,000 5 P1,106,000 PERSEVERANCE computes depreciation on a straight-line basis. Based on the information presented, compute the: (1) Composite life of these assets (in years). (2) Composite depreciation rate.
The equipment of DEF Company has the following data:Cost 1,100,000Salvage value 100,000Useful life 4 years20,000 units10,000 hoursDate acquired 01/01/x1Required: Determine the depreciation expense in 20x1 under the following methods:1. Units of output method (DEF used 2,000 units of the product for the year 20x1).
Dickinson Inc. owns the following assets. Asset 00Cost00 0Salvage0 Estimated Useful Life A $70,000 $7,000 10 years000 B 50,000 5,000 5 years000 C 82,000 4,000 12 years000 Compute the composite depreciation rate and the composite life of Dickinson’s assets.
A schedule of machinery owned by Crane Company is presented below: Estimated Estimated Total Cost Salvage Value Life in Years Machine X $584000 $38000 14 Machine Y 780000 78000 10 Machine Z 280000 58000 6 Crane computes depreciation by the composite method.The composite rate of depreciation (in percent) for these assets is A.)13.64 B.)10.11 C.)8.42 D.)8.89
There are list of assets of Multiverse Corporation: Estimated Date of Cost per Estimated salvage Depreciation purchase (acquisition) Assets Quantity unit ($) useful life value per Method unit ($) Land July, 1 2011 1 2,000,000 October, 1 Building 4 1,700,000 20 years 100,000 Straight Line 2012 March, 1 Units of Vehicle 1 240,000 100,000 km 40,000 2018 activity October, 1 Declining Machine 4 120,000 4 years 8,000 2018 Balance Declining Equipment June, 1 2019 4 100,000 4 years Balance Information about all assets in the company during 2021 as follow: A building was sold for $ 1,100,000 Three units of machine were sold at a price of @$ 30,000 April, 1 April, 30 June, 1 Two units of equipment were retired because they were not functioning properly September, 30 A vehicle was exchanged for a new vehicle. At the time of exchange, an old vehicle is valued at $ 64,000. The new vehicle has an estimated residual value of $ 10,000 and an estimated useful life of 200,000 km. New vehicle are…
Dickinson Inc. owns the following assets. Asset Cost Salvage Estimated Useful Life A $70,000 $7,000 10 years B 50,000 5,000 5 years C 82,000 4,000 12 years Compute the composite depreciation rate and the composite life of Dickinson’s assets.
Sebastian Company provided the following data pertaining to the total cost, residual value, and estimated life, respectively, of its machinery: Machinery A – 5,500,000; 500,000; 20 Machinery B – 2,000,000; 200,000; 15 Machinery C – 400,000; 0; 5 Sebastian computes depreciation on the straight line method. I What is the composite life of the assets? 13.3 16.0 18.0 19.8 II.. What is the composite rate of the assets? 5.70 6.18 6.25 6.78 III. What is the periodic depreciation of the assets? 450,300 488,220 493,750 535,620
Question. A schedule of machinery owned by Micco Co. is presented below: Total cost Salvage value Life in years Machine X Machine Y Machine Z 2. 10.0 Micco computes depreciation by the composite method. The composite life (in years) for these assets is 1. 15.6 3. 8.9 600,000 800,000 300,000 4. 8.6 40,000 80,000 60,000 14 10 6
Atlas Company acquired PPE on January 1, 2022 consisting of: Cost Residual Value Useful Life (yrs)Building P10,000,000 350,000 25Machinery 4,500,000 120,000 8Equipment 2,030,000 80,000 15 4. What is the composite rate of the assets’ depreciation? a. 15.6%b. 22.25% c. 22.4% d. 25.1%5. What is the composite life of the PPEs acquired? a. 22 yearsb. 25 years c. 16 years d. 18 years
Hilarious Company provided the following data pertaining to machinery on the date of revaluation: CostReplacement cost Machinery 4, 500, 000 7, 200, 000 Accumulated depreciation 900, 000 Age of asset 3 years Revised Life of the asset 10 years Required: Appreciation or revaluation increase Carrying amount Depreciated replacement cost Revaluation surplus What is the original life of the asset? Prepare the journal entry to record the revaluation Prepare the entry to record the annual depreciation subsequent to revaluation Prepare the entry to record the piecemeal realization of the revaluation surplus