hope to finish before 2pm,please see attachment, I will decide the best answer tomorrow,

hope to finish before 2pm,please see attachment, I will decide the best answer tomorrow,

ATTACHMENT PREVIEW

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4 questions

Depreciation:
A.
Is always considered a period cost.
B.
Could be a product cost or a period cost depending on the use of the asset.
C.
Is usually based on the declining-balance method.
D.
Per books is usually higher than MACRS in the early years of an asset’s
life.

2. Janson Corporation Co.’s trial balance included the following account balances
at December 31, 2013:
What amount should be included in the current liability section of Janson’s
December 31, 2013, balance sheet?
A.
$63,000.
B.
$41,000.
C.
$61,000.
D.
$101,000.

Ellen’s Antiques reported the following in its December 31, 2013, balance sheet:
In a disclosure note, Ellen’s indicates that it uses straight-line depreciation over
eight years and estimates salvage value at 10% of cost.

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Required:
Compute the average age of Ellen’s equipment at 12/31/2013

Nanki Corporation purchased equipment on January 1, 2011, for $650,000. In
2011 and 2012, Nanki depreciated the asset on a straight-line basis with an
estimated useful life of eight years and a $10,000 residual value. In 2013, due to
changes in technology, Nanki revised the useful life to a total of six years with no
residual value. What depreciation would Nanki record for the year 2013 on this
equipment?
A.
$108,333.
B.
$106,667.
C.
$122,500.
D.
None of the above is correct.

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