Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. you're running a potato chip company in early 2023

You're running a potato chip company in early 2023. You have decided to review the...

60.1K

Verified Solution

Question

Accounting

image
You're running a potato chip company in early 2023. You have decided to review the residual value and useful life of your main assembly line. The assembly line cost $900,000 on January 1, 2013, with an estimated residual value of $45,000 (using straight-line depreciation). It was expected to last 20 years. The equipment is now being revised to an expected total life of 25 years (or 15 years remaining) and the residual value to $60,000. Instructions (a) Calculate the assembly line's carrying amount at Dec 31, 2022. (b) As a result of this revision, will the depreciation expense for 2023 and subsequent years be higher or lower? Why? (You do not have do show any detailed calculations.) (c) Will the company need to revise prior years' depreciation expense? Why or why not

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

Q

Let x be a random variable representing percentage change in neighborhood population in the past few...

Statistics
Q

List at least two mineral corticoids and describe their general chemical structure, their target cells and...

Biology
Q

Provide three examples of a biological organism converting one form of energy into another*.  For each example, include: 1.What...

Biology
Q

Use Theorem 3.5.1 to find the general solution to each of the following systems. Then find...

Advance Math
Q

Which of the following best describes how the greenhouse effect works A B C D...

Biology
Q

6 If m CDF 3x 14 mZFDE 5x 2 and mZCDE 10x 18 find each...

Geometry
Q

Chronic pain is often defined as pain that occurs constantly and flares up frequently is...

Statistics
Q

tion 5 Unsaved 2 15 In the Metro Atlanta area how many phone numbers are...

Algebra
Q

7 5 2x 6 8 175 23 6 8 9 2x 3 17 2 3x

Algebra
Q

For Cullumber Company, actual sales are $1,060,000, and break even sales are $848,000 Question 12...

Accounting
Q

which of the following pieces of information is not required to implement the residual operating...

Accounting
Q

The current spot exchange rate is $0.0893/P. Consider an American put option on P 475,000.00...

Finance