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Business Math Homework 17
MACRS
table.
 Complete the following table given this information: (Do not round intermediate calculations.)
From the following facts, complete a
depreciation schedule by using the straight-line method: (Input all amounts as positive values.)
Prepare
the depreciation schedule, using the declining balance (twice the
straight-line rate).
(Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required.)
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Homework Chapter 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 Need A Tutor? Need Homework Help? For the
first 2 years, calculate the depreciation expense for a $7,000 car.
This is a nonluxury car.   
Lena Horn
bought a Toyota Tundra on January 1 for
$35,400 with an estimated life of 5 years.
The residual value of the truck is $5,900. Assume a straight-line method of depreciation. a. What will be the book value of the truck at the end of year 4?  b. If the Tundra was bought the first year on April 12, how much depreciation would be taken the first year? 
Jim Clinnin purchased a used RV with 18,000 miles
for $45,900.
Originally the RV sold for $65,000 with a residual value of $19,000. After subtracting the residual value, depreciation allowance per mile was $0.74. How much was
Jim’s purchase price over or below the book value? (Input the amount as positive value.)
Shearer's Foods, part of the $374 billion global snack food industry, employs 3,300 people in Brewster, Ohio. If Shearer's purchased a packaging unit for $185,000 with a life expectancy of 695,000 units and a residual value of $46,000, what is the depreciation expense for year 1 if 75,000 units were produced? Depreciation expense $15,000 Lena Horn bought a Toyota Tundra on January 1 for $30,000 with an estimated life of 5 years. The residual value of the truck is $5,000. Assume a straight-line method of depreciation. a. What will be the book value of the truck at the end of year 4? b. If the Tundra was bought the first year on April 12, how much depreciation would be taken the first year? a. Book value $10,000 b. Depreciation $3,750 Jim Company bought a machine for $36,000 with an estimated life of 5 years. The residual value of the machine is $6,000. Assume straight-line depreciation. a. Calculate the annual depreciation. b. Calculate the book value at the end of year 3. a. Annual depreciation $6,000 b. Book value $18,000 Jim Company bought a machine for $36,000 with an estimated life of 5 years. The residual value of the machine is $6,000. This machine is expected to produce 120,000 units. In year 1, it produced 19,000 units, and in year 2, 38,000 units. Assuming the units-of-production method, calculate the first 2 years' depreciation expense. Year 1 $4,750 Year 2 $9,500 Jim Clinnin purchased a used RV with 19,000 miles for $46,900. Originally the RV sold for $70,000 with a residual value of $20,000. After subtracting the residual value, depreciation allowance per mile was $0.86. How much was Jim's purchase price over or below the book value? (Input the amount as positive value.) Purchase price was below the book value by $6,760. Whole Foods, the world's leader in natural and organic foods, is celebrating 18 consecutive years on Fortune's "100 Best Companies to Work For" list. A store opens in Houston, Texas, in April 2015 at a new Voss location. A commercial oven for $7,985 with a 5-year life and residual value of $1,100 was purchased for the store. What is the depreciation expense in year 2 for the oven? Use the straight-line method. Depreciation expense $1,377 Perry Wiseman of Truckers Accounting Service in Omaha, Nebraska, likes to use the straight-line method. The cost of his truck was $108,000, with a useful life of 3 years and a residual value of $35,000. What would be the book value of the truck after the first year? (Round your answer to the nearest dollar amount.) Book value $83,667 A delivered price (including attachments) of a crawler dozer tractor is $135,000 with a residual value of 35%. The useful life of the tractor is 7,700 hours. a. What is total amount of depreciation allowed? b. What is the amount of depreciation per hour? (Round your answer to the nearest cent.) c. If the tractor is operated five days a week for an average of 7.25 hours a day, what would be the depreciation for the first year? d. If the hours of operation were the same each year, what would be the total number of years of useful life for the tractor? (Round "years" to the nearest whole number.) a. Total amount $87,750 b. Amount of depreciation $11.40 per hour c. Depreciation for the first year $21,489 d. Total number of years: 4 years Assume a piece of equipment was purchased July 26, 2015, at a cost of $72,000. The estimated residual value is $5,400 with a useful life of 5 years. Assume a production life of 60,000 units. a. Compute the depreciation expense for years 2015 and 2016 using straight-line. (Do not round intermediate calculations.) b. Compute the depreciation expense for years 2015 and 2016 using units-of-production (in 2015, 5,000 units were produced and in 2016, 18,000 units were produced). (Do not round intermediate calculations.) a. 2015: $5,550 2016: $13,320 b. 2015: $5,550 2016: $19,980 |
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