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  • Indicate How Much Depreciation Expense Should Be Recorded Each Year For This Equipment by Completing The Table

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    Lara Lewis Achilles
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    The document provides information on calculating depreciation expense for equipment over 6 years using the straight-line method. It gives the cost, salvage value, depreciable amount, useful life, and annual depreciation amount. It also includes a table to record the depreciation expense, accumulated depreciation, and carrying amount for each year from 2012 to 2018.

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    10-4 and 11-4

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    The document provides information on calculating depreciation expense for equipment over 6 years using the straight-line method. It gives the cost, salvage value, depreciable amount, useful life, and annual depreciation amount. It also includes a table to record the depreciation expense, accumulated depreciation, and carrying amount for each year from 2012 to 2018.

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    © All Rights Reserved
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    11 views4 pages

    Indicate How Much Depreciation Expense Should Be Recorded Each Year For This Equipment by Completing The Table

    Uploaded by

    Lara Lewis Achilles
    The document provides information on calculating depreciation expense for equipment over 6 years using the straight-line method. It gives the cost, salvage value, depreciable amount, useful life, and annual depreciation amount. It also includes a table to record the depreciation expense, accumulated depreciation, and carrying amount for each year from 2012 to 2018.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 4

    Indicate how much depreciation expense should be recorded each year for this equipmen

    cost
    $ 120,000

    Salvage value
    $
    12,000

    Depreciable
    amount
    $
    108,000

    Useful life

    Annual
    Dep
    6 $ 18,000

    Year
    2012
    2013

    Depreciation Accumulated
    Carrying
    Expense
    dep
    Amount
    $
    18,000 $
    18,000 $
    102,000
    $
    18,000 $
    36,000 $
    84,000

    2014
    2015
    2016
    2017
    2018

    $
    $
    $
    $
    $

    14,400
    14,400
    14,400
    17,900
    17,900

    $
    $
    $
    $
    $

    50,400
    64,800
    79,200
    97,100
    115,000

    $
    $
    $
    $
    $

    69,600
    55,200
    40,800
    22,900
    5,000

    h year for this equipment by completing the table.

    2014
    Carring
    Amount
    $

    84,000 $

    Salvage
    value

    Depreciable
    Amount

    12,000 $

    72,000

    Remaining
    life

    Annual
    Dep

    5 $ 14,400

    2017
    Carring
    Salvage
    Amount
    value
    $
    40,800 $
    5,000

    Depreciable
    Amount
    $
    35,800

    Remaining
    life
    2

    Annual
    Dep
    $ 17,900

    1. Journalize the January transactions.


    10-Jan Union Dues Payable
    Cash

    12-Jan Fica Taxes Payable


    Federal Income Taxes Payable
    Cash

    $
    $

    15-Jan US Saving Bonds


    Cash

    17-Jan State Income Taxes Payable


    Cash

    20-Jan State Unemployment Taxes Payable


    Federal Unemployment Taxes Payable
    Cash

    $
    $

    Salaries and Wages Expense


    Salaries and Wages Payable
    FICA Taxes Payable
    Federal Income Taxes Payable
    State Income Taxes Payable
    Union Dues Payable
    United Fund Contribution Payable

    870.00
    $

    870.00

    1,964.60

    360.00

    108.95

    2,243.35

    760.00
    1,204.60

    360.00

    108.95

    1,954.40
    288.95

    $ 58,000.00
    $ 48,663.00
    $ 4,437.00
    $ 2,158.00
    $
    454.00
    $
    400.00
    $ 1,888.00
    $ 48,663.00

    2. Journalize the adjustment pertaining to employee compensation at January 31.


    31-Jan Salaries and Wages Payable
    Cash

    $ 48,663.00
    $ 48,663.00

    uary 31.

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