need help with the sum of the years please Apr 26 at 11:03...

60.1K

Verified Solution

Question

Accounting

image

image

need help with the sum of the years please

Apr 26 at 11:03 AM Current Attempt in Progress Kingbird Company shows the following entries in its Equipment account for 2021. All amounts are based on historical cost. 2021 Jan. 1 Balance Aug. 10 Purchases 12 Freight on equipment purchased 25 Installation costs Nov. 10 Repairs Equipment 2021 127,800 June 30 Cost of equipment sold 31,390 (purchased prior to 2021) 24,840 770 2,930 480 Your answer is correct. Prepare correcting entry if necessary. (If no entry is required, select "No entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) COMMENTS FILES RUBRIC - Your answer is partially correct. Assuming that depreciation is to be charged for a full year on the ending balance in the asset account, compute the proper depreciation charge for 2021 under each of the methods listed below. Assume an estimated life of 10 years, with no salvage value. The machinery included in the January 1, 2021, balance was purchased in 2019. (Round answers to decimal places, e.g. 45,892.) 13805 (1) Straight-line (2) Sum-of-the-years' digits $ e Textbook and Media List of Accounts Attempts: 1 of 4 used Submit Answer Save for Later COMMENTS FILES RUBRIC

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students