A legal office using the straight-line method of depreciation purchased office furniture costing 36,00 . and put it into use May 1 . The furniture is expected to have a useful life of 10 years and an estimated resale value of 2,400 . Compute the depreciation expense for May 1 through December 31 of the first tax year and all 12 months of the second and third years.
Q. 2Wanda's restaurant buys all of its non-food items at a local warehouse store. On a recent trip to the warehouse store, the restaurant owner spent 126.83 just for paper products. If paper products were only 22 of the entire purchase, find the total amount spent on that trip?
Q. 3An accounting firm using the sum-of-the-years-digits method of depreciation purchased office furniture costing 9,00 . and put it into use on April 1 . The furniture is expected to have a useful life of 10 years and an estimated resale value of 600 . Compute the book value at the end of the second year.
Q. 4A video store both rents and sells DVD movies and also sells blank DVD disks. During the week between Christmas and New Year, the store had rentals of 4,896, movie sales of 6,513, and blank disk sales of 2,191 . What percent of the total revenue was from movie rentals?
Q. 5An accounting firm using the sum-of-the-years-digits method of depreciation purchased office furniture costing 9,00 . and put it into use on April 1 . The furniture is expected to have a useful life of 10 years and an estimated resale value of 600 . Compute the depreciation expense for April 1 through December 31 of the first tax year and all 12 months of the second year.
Q. 6Nancy saves 120 per week which represents 8 of her total weekly salary. Find her total weekly salary.
Q. 7A real estate office using the double-declining-balance method of depreciation purchased office furniture costing 9,00 . and put it into use on April 1 . The furniture is expected to have a useful life of 10 years and an estimated resale value of 600 . Compute the book value at the end of the third year.
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