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ACCT216 Week 5 Homework Suppose the Colorado Avalanche

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ACCT216
Week 5 Homework


Suppose the Colorado Avalanche purchased a new Zamboni machine to scrape the ice off the rink between periods. The Zamboni cost $100,000 and has a useful life of three years and a residual value of $5,000 when it is sold to a minor league hockey team. The Zamboni is anticipated to drive 352 miles the first year, 375 miles the second year, and 435 miles the third year when the team anticipates winning the Stanley Cup.

Required:
1. Compute the first years depreciation using the following methods:
a. Straight-line
b. Double-declining balance
c. Units-of-production method.
2. Which method do you think is the most representative of accurate depreciation of the Zamboni?
Submitted: 4 years ago.
Category: Multiple Problems
Expert:  Neo replied 4 years ago.
Good day!

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Customer: replied 4 years ago.

Hello! Neo,

Could you please help me with this matter.

Thank you,

Carmen L. Echevarria

ACCT216

Week
6 Homework







During March 2011, JZ
Inc. completed the following transactions:



a.
3/1/11 - Purchased a new piece of equipment for
$75,000 signing a six month, 7% note payable.



b.
3/10/11 - Issued 10,000 shares of $2.00 par
stock at $9.00 per share.



c.
3/15/11 - Received an invoice for their
telephones for $375.00 that will be paid next month.



d.
3/16/11 - Sold $450,000 in product sales and
accrued 6% for warranty liability.



e.
3/30/11 - Received a summons that the company
was being sued for terminating the office manager last month. The attorneys have advised the company that
they will be liable to the employee for back pay of $4,700.



f.
3/31/11 - Purchased 400 shares of Treasury stock
at $7.00 per share



g.
3/31/11 - Accrued interest on the note signed
3/1/11.





Required:



1.
Prepare the journal entries for the above
transactions.

Expert:  Neo replied 4 years ago.
Good day!

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Thank you so much! :)

Customer: replied 4 years ago.



ACCT216

Week
6 Homework







During March 2011, JZ Inc. completed the following transactions:



a.
3/1/11 - Purchased a new piece of equipment for $75,000 signing a six month, 7% note payable.



b.
3/10/11 - Issued 10,000 shares of $2.00 par stock at $9.00 per share.



c.
3/15/11 - Received an invoice for their telephones for $375.00 that will be paid next month.



d.
3/16/11 - Sold $450,000 in product sales and accrued 6% for warranty liability.



e.
3/30/11 - Received a summons that the company was being sued for terminating the office manager last month. The attorneys have advised the company that they will be liable to the employee for back pay of $4,700.



f.
3/31/11 - Purchased 400 shares of Treasury stock at $7.00 per share



g.
3/31/11 - Accrued interest on the note signed 3/1/11.


Required:

1.
Prepare the journal entries for the above
transactions.

Expert:  Neo replied 4 years ago.

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