Calculate depreciation expenses for five years

Assignment Help Accounting Basics
Reference no: EM132566970

Question - Company purchased an asset for $ 215,000. Its useful life is 5 years and residual value at the end of 5 years will be 15,000.It is expected to produce 450,000 units during its useful life and produced 100,000 units in first year and 75,000 units in second year and 120,000 units in third year, 90,000 units in fourth year and remaining units in last year.

Requirements -

1) Calculate depreciation expenses for 5 years using straight line depreciation, DDB, sum of years' digit method and unit of production method.

2) Assuming That asset was sold at the end of 3rd year for 35,000. Provide journal entry on the sales date under straight line, DDB, sum of years' digit method and unit of production method.

Reference no: EM132566970

Questions Cloud

What fixed manufacturing overhead applied must be : Volume variance was P12,000 favorable and the fixed overhead spending variance was P16,000 unfavorable, fixed manufacturing overhead applied must be
Calculate the firm number of days in payables : Question - Based on the following selected financial information for NORG Limited, calculate the firm's number of days in payables
Determine the percentage of acetic acid in the vinegar : Given the following information, determine the percentage of acetic acid in the vinegar sample. Mass of vinegar sample: 4.00g
What mulvey estimated variable manufacturing overhead cost : What Mulvey's estimated variable manufacturing overhead cost for a month in which scheduled production is 5,000 cases would be
Calculate depreciation expenses for five years : Calculate depreciation expenses for 5 years using straight line depreciation, DDB, sum of years' digit method and unit of production method
How many moles of c2h6 would be required : Consider the following chemical reaction: 2C2H6(g) + 7O2(g) ? 6H2O(g) + 4CO2(g)
201AEE Embedded Microprocessors Group Project Assignment : 201AEE Embedded Microprocessors Group Project Assignment Help and Solution, Coventry University - Assessment Writing Service
Make a classified cash flow statement : Make a classified cash flow statement (classified into operating, investing and Financial activities) for ABC for the year ended 30th June 2018
Describe the elements of the principle of indefeasibility : Describe the elements of the principle of indefeasibility of title and identify why this principle is important in the context of lending and mortgages

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the depreciation expense

On October 1, 2021, Holt company places a new asset into service. What is the depreciation expense for 2021

  What are the relevant data that contribute to the decision

What are the relevant data that contribute to this decision? How does the Balanced Scorecard help with the decision-making process?

  Computing bell income when equity method is applied

Assume the equity method is applied. Compute Bell's income from Demers for the year ended December 31, 2008.

  A local partnership has only two assets cash of 10000 and

a local partnership has only two assets cash of 10000 and land with a cost of 35000. all liabilities have been paid and

  Differentiate between valuation, depreciation, amortization

Write a 350- to 700-word paper in which you differentiate between valuation, depreciation, amortization, and depletion. Is it appropriate to calculate depreciation using two different methods? Why?

  What information is not provided that could assist

What information is provided in the statements that will assist you in making these business decisions? What information is not provided that could assist in managerial decision making?

  What are the main arguments sarah is trying to counter

What are the main arguments Sarah is trying to counter? That is, what are the reasons and rationalizations she needs to address in deciding

  What pretax amount related to the lease

On June 30, 2011, Georgia-Atlantic, Inc., leased a warehouse facility from Builders, Inc. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $562,907 over a three-year lease terms, payable each June 30 and December..

  What is Turnips recognized gain on the distribution

Chang's basis in his Turnip's stock is $20,000, has an individual marginal tax rate of 33%. What is Turnip recognized gain on the distribution

  What was delivered cost of the purchases made during june

What was the delivered cost of the purchases made during June? What was the net delivered cost of these purchases

  Calculate goodwill

Calculate goodwill. How much goodwill is allocated to the controlling interest and how much to the non-controlling interest

  Prepare an updated trial balance after the adjustments

Prepare a fully classified Income Statement from the above information, including adjustments. Prepare a Statement of Changes in Equity

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd