Calculate depreciation using double declining balance method

Assignment Help Financial Accounting
Reference no: EM132887479

On January 1, 2000, a piece of equipment was purchased at a cost of $26,000 and has an estimated salvage of $4,000. The estimated useful of the equipment is five years.

Problem 1: Calculate the depreciation for 2000 & 2001 using the following methods:

a. The straight-line method

b. The double declining balance method

Reference no: EM132887479

Questions Cloud

Prepare general journal entries to record the payroll : Prepare general journal entries to record the payroll and record the payment of the payroll. Cumulative yearly earnings prior to current pay period.
Would you support this changed in the law : Demonstrate that they are job-related necessities (a harder burden of proof). If you were asked for your informed opinion, would you support this changed
Can the value assignable to television rights be amortized : Can the value assignable to television rights be amortized? If so, what is the expected life? Over what life should the value assigned to players be amortized
Philadelphia research study : Discuss the work of W. E. B. Dubois as contributing to conflict criminology, especially the Philadelphia research study.
Calculate depreciation using double declining balance method : Calculate the depreciation for 2000 & 2001 using the double declining balance method. On January 1, 2000, a piece of equipment was purchased at cost of $26,000.
The positivist school of criminology : Discuss the significance of Frances Alice Kellor's research on women criminals.
Explain the lower of cost or market rule : What is the difference between the Retail Method and Gross Profit Method for calculating ending inventory? Explain the lower of cost or market (LCM) rule.
What hr approach does tesla currently adopt : What HR approach does Tesla currently adopt. interaction between its principal environment, key stakeholders andworkers
Record in general journal from the bad debt : Record in general journal from the bad debt using the allowance method. Wrote off the $600 in Jim Pearson's account on Nov 1, 2001.

Reviews

Write a Review

Financial Accounting Questions & Answers

  How much is the additional premium

How much is the additional premium that XYZ, Inc. shareholders require to be compensated for financial risk? Show your work

  Prepare a contribution income statement for the year

Prepare a contribution income statement for the year ended December 31, 2008. Contribution Income Statement and Operating Leverage

  Discuss the difference between authorized and issued

Discuss the difference between authorized, issued, and outstanding shares. How does this relate to the concept of treasury stock?

  What amount should west report as bonds payable

On January 2, 20X4, West Co. issued 9% bonds in the amount of $500,000, which mature on January 2, 20X24. The bonds were issued for $469,500 to yield 10%. Interest is payable annually on December 31. West uses the interest method of amortizing bond d..

  What net income for the accounting period is

What Net income for the accounting period is? subtracted from retained earnings./ does not impact retained earnings./ Added to retained earnings

  How much would be the maturity value

Annual premium payment of $50,000 for 30 years, how much would be the maturity value after 30 years if the expected rate of return is assumed to be 9% p.a.?

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Prepare journal entries for marcey

Prepare journal entries for Marcey Co. for: Accounts receivable in the amount of $1,000,000 were assigned to Utley Finance Co. by Mars as security for a loan of $850,000. Utley charged a 3% commission on the accounts; the interest rate on the note is..

  How many burgers and how many packs of cigarettes

How many burgers and how many packs of cigarettes does Steve consumer to maximize his utility? 1.3. When a new tax raises the price of a burger to $3, what is his new optimal bundle? Illustrate your answer in a graph.

  Why is unearned revenue a liability and not asset

Why is unearned revenue a liability and not asset? What are the criteria for recording contingencies? Why is it important to classify a portion of long-term debt on a yearly basis as a current liability?

  How many of the may contracts are currently open

How many of the May contracts are currently open? Contracts. How many of these contracts should you sell if you wish to deliver 100,000 bushels of corn in May? Contracts

  Annual interest rate implicit in this agreement

On April 1, 2016, John Vaughn purchased appliances from the Acme Appliance Company for $1,700. In order to increase sales, Acme allows customers to pay in installments and will defer any payments for six months. John will make 18 equal monthly paymen..

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