Watson Tax Planning Service has the following plant assets: Communications Equip

Question

Watson Tax Planning Service has the following plant assets: Communications Equipment: Cost, $6,880 with useful life of eight years: Furniture: Cost, $22,800 with useful life of 12 years; and Computer: Cost, $13,600 with useful life of four years. (Assume residual value of all the assets is zero.) Watson's monthly depreciation expense calculated using the straight - line method is(Round any intermediate calculations to two decimal places, and your final answer to the nearest cent.) OA. $71.67 O B. $513.33 O C. $283.33 O D. $158.33

Explanation / Answer

1 Calculation of Depreciation Using SLM: Equipment Furniture Computer A Acquisition Cost 6880 22800 13600 B Useful Life 8 12 4 TotalPA A/B Depreciation PA 860 1900 3400 6160 12 Monthly Dep 513.3333 Answer is B 2 It is automated system of directly deposits. Anwer is C 3 Qty Rate Amt Beginning Inventory Purchases-Jan 31 200 60 12000 Purchases-Feb 28 150 25 3750 Total 350 15750 Weighted Average Cost 45.00 (15750/350) Clsoing Units 150 45.00 6750 Answer is B

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