51 feelgood corp purchased equipment on january 1 2011 for 275 000 it was estimated 4306209

51 feelgood corp purchased equipment on january 1 2011 for 275 000 it was estimated 4306209

51) FeelGood Corp. purchased equipment on January 1, 2011 for $275,000. It was estimated that the equipment would have a residual value of $25,000 at the end of its useful life. The asset's useful life was estimated at 5 years or 10,000 units of output. The company has a December 31 year end. Assuming the double-declining-balance depreciation method is used, what is the net book value (carrying value) of the asset on December 31, 2012?

A) $66,000

B) $99,000

C) $110,000

D) $165,000

52) Historic Pieces Inc. purchased equipment on January 1, 2012 for $275,000. It was estimated that the equipment would have a residual value of $25,000 at the end of its useful life. The asset's useful life was estimated at 5 years or 10,000 units of output. The company has a December 31 year end. Assuming the company uses straight-line depreciation, what is the depreciation expense for 2012?

A) $27,500

B) $50,000

C) $55,000

D) $60,000

53) Bountiful Limited purchased equipment on January 1, 2009 for $275,000. It was estimated that the equipment would have a residual value of $25,000 at the end of its useful life. The asset's useful life was estimated at 5 years or 10,000 units of output. The company has a December 31 year end. Assuming the company uses straight-line depreciation, what is the net book value of the asset on December 31, 2012?

A) $125,000

B) $75,000

C) $55,000

D) $50,000

54) Fantasmic Moulds purchased equipment on January 1, 2009 for $275,000. It was estimated that the equipment would have a residual value of $25,000 at the end of its useful life. The asset's useful life was estimated at 5 years or 10,000 units of output. The company has a December 31 year end.

Additional Information

Year

Units of Output

2009

2,100

2010

2,000

2011

1,700

2012

2,300

2013

1,900

Assuming the company uses the units-of-production depreciation method, what is the depreciation expense for 2009?

A) $25.00

B) $27.50

C) $52,500

D) $57,750

55) Fantasy Limited purchased equipment on January 1, 2009 for $275,000. The asset's useful life was estimated at 5 years or 10,000 units of output, with no residual value. The company has a December 31 year end.

Additional Information

Year

Units of Output

2009

2,100

2010

2,000

2011

1,700

2012

2,300

2013

1,900

Assuming the company uses the units-of-production depreciation method, what is the depreciation expense for 2009?

A) $25.00

B) $27.50

C) $52,500

D) $57,750

56) AccountingPro purchased equipment on January 1, 2009 for $275,000. The asset's useful life was estimated at 5 years or 10,000 units of output, with no residual value. The company has a December 31 year end.

Additional Information

Year

Units of Output

2009

2,100

2010

2,000

2011

1,700

2012

2,300

2013

1,900

Assuming the company uses the units-of-production depreciation method, what is the depreciation rate per unit for 2013?

A) $25.00

B) $27.50

C) $47,500

D) $52,250

57) Billu Limited purchased equipment on January 1, 2009 for $275,000. It was estimated that the equipment would have a residual value of $25,000 at the end of its useful life. The asset's useful life was estimated at 5 years or 10,000 units of output. The company has a December 31 year end.

Additional Information

Year

Units of Output

2009

2,100

2010

2,000

2011

1,700

2012

2,300

2013

1,900

 

Assuming the company uses the units-of-production depreciation method, calculate the accumulated depreciation at the end of 2012.

A) $57,500

B) $63,250

C) $202,500

D) $222,750

58) Ceila Manufacturing purchased equipment on January 1, 2011 for $275,000. It was estimated that the equipment would have a residual value of $25,000 at the end of its useful life. The asset's useful life was estimated at 5 years or 10,000 units of output. The company has a December 31 year end. Assuming the company uses the double-declining-balance depreciation method, what is the depreciation expense for 2012?

A) $66,000

B) $99,000

C) $110,000

D) $165,000

59) ReelGood Corp. purchased equipment on January 1, 2012 for $275,000. It was estimated that the equipment would have a residual value of $25,000 at the end of its useful life. The asset's useful life was estimated at 5 years or 10,000 units of output. The company has a December 31 year end. Assuming the double-declining-balance depreciation method is used, what is the net book value (carrying value) of the asset on December 31, 2012?

A) $66,000

B) $99,000

C) $110,000

D) $165,000

60) Welcome Corporation purchased equipment for $267,000. The equipment is estimated to have a useful life of 10 years and a residual value of $27,000. Welcome uses straight-line depreciation and has a December 31 year end. On January 1, 2012, the net book value of the equipment is $211,000. What is the date of purchase of the equipment?

A) January 1, 2008

B) September 1, 2008

C) September 30, 2008

D) September 1, 2009

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