Kansas Enterprises purchased equipment for $60,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $5,000 at the end of five years.
Using the double-declining balance method, depreciation expense for 2022 would be:

A) $22,000.

B) $13,200.

C) $14,400.

D) $24,000.

Answer: C

Kansas Enterprises purchased equipment for $60,000 on January 1, 2021. The equipment is expected to have a five-year life, with a residual value of $5,000 at the end of five years.

Using the double-declining balance method, the book value at December 31, 2022, would be:

A) $21,600.

B) $24,800.

C) $36,000.

D) $45,600.

Answer: A

A machine has a cost of $15,000, an estimated residual value of $3,000, and an estimated useful life of four years. The machine is being depreciated on a straight-line basis. At the end of the second year, what amount will be reported for accumulated depreciation?

A) $9,000.

B) $6,000.

C) $7,500.

D) $3,000.

Answer: B

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Saturday, October 10, 2020

Kansas Enterprises purchased equipment for $60,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $5,000 at the end of five years. Using the double-declining balance method, depreciation expense for 2022 would be:

Kansas Enterprises purchased equipment for $60,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $5,000 at the end of five years.
Using the double-declining balance method, depreciation expense for 2022 would be:

Using the double-declining balance method, the book value at December 31, 2022, would be:

A machine has a cost of $15,000, an estimated residual value of $3,000, and an estimated useful life of four years. The machine is being depreciated on a straight-line basis. At the end of the second year, what amount will be reported for accumulated depreciation?

Assuming a current ratio of 1.2 and an acid-test ratio of 0.80, how will the purchase of inventory with cash affect each ratio?

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Saturday, October 10, 2020

Kansas Enterprises purchased equipment for $60,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $5,000 at the end of five years. Using the double-declining balance method, depreciation expense for 2022 would be:

Kansas Enterprises purchased equipment for $60,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $5,000 at the end of five years.Using the double-declining balance method, depreciation expense for 2022 would be:

Using the double-declining balance method, the book value at December 31, 2022, would be:

A machine has a cost of $15,000, an estimated residual value of $3,000, and an estimated useful life of four years. The machine is being depreciated on a straight-line basis. At the end of the second year, what amount will be reported for accumulated depreciation?

Assuming a current ratio of 1.2 and an acid-test ratio of 0.80, how will the purchase of inventory with cash affect each ratio?

Kansas Enterprises purchased equipment for $60,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $5,000 at the end of five years.
Using the double-declining balance method, depreciation expense for 2022 would be: