Solution-Calculate amount reported in company general

Calculate amount reported in company general account

Reference no: EM132059913

Questions -

Q1. Correia Merchandising's equipment, all of which was purchased on June 1, cost $95,000, with an estimated residual or salvage value of $5,000, and a useful life of five years.

Assuming that Correia Merchandising uses the double-declining-balance depreciation method, calculate the dollar amount reported in the company's general ledger equipment account at the end of its first year ended May 31.

a. $113,000

b. $57,000

c. $95,000

d. $133,000

e. $77,000

Q2. Correia Merchandising's equipment, all of which was purchased on June 1, cost $95,000, with an estimated residual or salvage value of $5,000, and a useful life of five years.

Assuming that Correia Merchandising uses the double-declining-balance depreciation method, calculate the dollar amount reported in the company's general ledger accumulated depreciation, equipment account at the end of its first year ended May 31.

a. $57,000

b. $36,000

c. $18,000

d. $38,000

e. $77,000

Reference no: EM132059913

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Calculate amount reported in company general account

Reference no: EM132059913

Reference no: EM132059913

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