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Problem - The Hilton Skating Club used straight-line depreciation for a used Zamboni ice-resurfacing machine that cost $51,000, under the assumption it would have a four-year life and a $6,500 trade-in value. After two years, the club determined that the Zamboni still had three more years of remaining useful life, after which it would have an estimated $4,300 trade-in value.
Required -
1. Calculate the Zamboni's book value at the end of its second year.
2. Calculate the amount of depreciation to be charged during each of the remaining years in the Zamboni's revised useful life.
Cost of goods sold, commercial sales department 378,000. Prepare an income statement showing departmental gross profit and total operating income
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According to its records, the inventory balance at year-end was $796,290. Prepare a schedule to determine the correct inventory amount
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