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Gates Gems bought a computer on January 1st in the amount of $5,000. It will be used by the company for 3 year and will have a salvage value of $200. What is the annual depreciation expense?

Gates Gems bought a computer on July 1st in the amount of $5,000. It will be used by the company for 3 year and will have a salvage value of $200. What is the depreciation expense that Gates Gems will record?

Karen’s Flower Shop purchased a delivery van in the amount of $12,000 on January 1st. The van has a useful life of 5 years and an estimated salvage value of $800. What is the annual depreciation expense?

Karen’s flower shop purchased a new floral cooler on August 1st in the amount of $8,900. She expects the cooler to last approximately 4 years at which time it’s value will be $1,200. What is the depreciation expense that Karen will record?

Michael’s Diner purchased new booths on January 1st for the seating area. The cost of the booths was $2,570. Michael determined that the booths wouldn’t be worth anything at the end of their useful life, which would be 5 years. What is the annual depreciation expense for the booths?

Michael’s diner purchased a delivery truck on February 1st in the amount of $10,000. The estimated useful life is 6 years and the salvage value is $500. What is the depreciation expense that Michael will record?

Ieshah’s Ice Cream Shoppe purchased a new freezer for the storeroom on October 1st for $6,500. Ieshah expects the freezer to last 5 years. The salvage value is $600. What is the depreciation expense Ieshah will record?

ABC Corporation bought a conference room table on January 1st in the amount of $2,800. It will be used by the company for 5 years and will have a salvage value of $400. What is the annual depreciation expense?

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Kayla4320

Answer:

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Explanation:

anthougo

1. The annual depreciation expense for the computer bought by Gates Gems on January 1st is $1,566.67 ($5,000 - $300)/3.

2. The depreciation expense bought by Gates Gems on July 1st that it will record for the year is $783.33 ($5,000 - $300)/3 x2.

3. The annual depreciation expense for the computer bought by Karen’s Flower Shop on January 1st is $2,240 ($12,000 - $800)/5.

4. The depreciation expense that Karen will record for the first year is $802 ($8,900 - $1,200)/4 x 5/12.

5. The annual depreciation expense for the booths purchased by Michael's Diner on January 1st is $514 ($2,570/5).

6. The depreciation expense that Michael will record for the first year is $1,451.40 ($10,000 - $500)/6 x 11/12.

7. The depreciation expense that Ieshah will record for the first year is $295 ($6,500 - $600)/5 x 3/12.

8. The annual depreciation expense that ABC Corporation will record is $480 ($2,800 - $400)/5.

Thus, the above illustrations demonstrate that depreciation expense is based on time usage as it is prorated when the equipment is not used from the beginning to the end of the fiscal year.

Learn more about depreciation expenses at https://brainly.com/question/25530648

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