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BBA2201 Columbia Southern Unit 7 Business Accounting Questions

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Unit 7 Test • Question 1 5 out of 5 points On January 1, 2017, Anodel, Inc. acquired a machine for $1,080,000. The estimated useful life of the asset is five years. Residual value at the end of five years is estimated to be $56,000. Calculate the depreciation expense per year using the straight-line method. Selected Answer: $204,800 Correct Answer: $204,800 • Question 2 5 out of 5 points On June 30, 2016, Colora Printers purchased a printer for $59,000. It expects the printer to last for four years and have a residual value of $8,000. Compute the depreciation expense on the printer for the year ended December 31, 2016, using the straight-line method. (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) Selected Answer: $6,375 Correct Answer: $6,375 • Question 3 5 out of 5 points On January 1, 2017, Zade Manufacturing Corporation purchased a machine for $40,900,000. Zade's management expects to use the machine for 27,000 hours over the next six years. The estimated residual value of the machine at the end of the sixth year is $47,000. The machine was used for 3,900 hours in 2017 and 5,400 hours in 2018. What is the depreciation expense for 2017 if the corporation uses the units-of-production method of depreciation? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) Selected Answer: $5,900,973 Correct Answer: $5,900,973 • Question 4 5 out of 5 points Hasting ...
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