Ellen's Antiques reported the following in its December 31, 2013, balance sheet: In a disclosure note, Ellen's indicates that it uses straight-line depreciation over eight years and estimates salvage value at 10% of cost.
Required:
Compute the average age of Ellen's equipment at 12/31/2012.

Question

Ellen's Antiques reported the following in its December 31, 2013, balance sheet:  In a disclosure note, Ellen's indicates that it uses straight-line depreciation over eight years and estimates salvage value at 10% of cost.
Required:
Compute the average age of Ellen's equipment at 12/31/2012.

Quizplus · Accepted Answer

The Answer of Ellen's Antiques reported the following in its December 31, 2013, balance sheet:  In a disclosure note, Ellen's indicates that it uses straight-line depreciation over eight years and estimates salvage value at 10% of cost.
Required:
Compute the average age of Ellen's equipment at 12/31/2012.

Ellen's Antiques Reported the Following in Its December 31, 2013