题目
题目

BUSMGT 713 Quiz 5.1

单项选择题

XYZ, Inc. purchased machinery at a cost of $23,000 on January 1, 20XY. The expected useful life is 5 years and the asset is expected to have salvage value of $3,000. XYZ depreciates its assets using the straight-line method. What is the firm's depreciation expense for the year ended December 31, 20XY? 

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思路分析
The problem describes a machinery asset purchased for 23,000 with an expected salvage value of 3,000 and a useful life of 5 years, using straight-line depreciation. First, determine the depreciable base: co......Login to view full explanation

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类似问题

JOHNSON LIFTS- Part 1 of 8 Johnson Lifts is another elevator-manufacturing firm based in Lethbridge, Alberta. On January 1, 2020, Johnson Lifts purchased the same gear machine for its own plant from Montanari Giulio. The final acquisition cost for Johnson for the machine is  $144,000. The CEO of Johnson lifts estimates the useful life of the machine to be 12 years and the salvage value to be $21,000. The financial year-end of the company is December 31st. Answer the following based on the above information on Johnson Lifts. The CEO is calculating the machine’s depreciation expenses assuming that the company chooses the straight-line depreciation method.  Do not use symbols like $ or %, or text such as million, in your answers.  Round to two decimal points.  What is the accumulated depreciation using the straight-line depreciation method at the end of 2023, after recognizing depreciation for 2023?  

An asset was purchased for $120,000 on January 1, Year 1, and originally estimated to have a useful life of 10 years with a salvage value of $10,000.   Straight-line method is used for depreciation. At the beginning of the third year, it was determined that the remaining useful life of the asset was only 4 years with a salvage value of $2,600.  Calculate the third-year depreciation expense using the revised amounts and straight-line method.

Suppose you just bought an asset with a book value of $250,000 that is depreciated using the straight-line method over the project's life of 6 years. The salvage value at the end of the 6 years will be $400. What will be the depreciation expense in year 3?

For a company using the straight-line method of depreciation that changes the estimated useful life from 20 years to 15 years remaining as at the beginning of the year, the accountant should do the following:

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