Calculate the annual depreciation expense

Assignment Help Accounting Basics

Reference no: EM132213338

Question: Mean Beans, a local coffee shop, has the following assets on January 1, 2017. Mean beans prepares annual financial statements and has a December 31, 2017 year-end.

a) on january 1, 2017, purchased equipment costing 15,000 with an estimated life of five years. Means Beans will scrap the equipment after five years for 0.

b) on July 1, 2017, purchased furniture costing 12,000 with an estimated life of ten years. Mean Beans estimates that it can sell the furiture for 2,000 after ten years.

c) on Janurary 1, 2015, Means Beans had purchased a car costing 25,000 with an estimated life of eight years. Mean Beans esimated it can sell the car for 5,000 after eight years.

Required: For each transaction, calculate the annual depreciation expense and record the adjusting enrty on December 31, 2017

For the car, determine the accumlated depreciation as of December 31, 2017.

For the car, determine the carrying amount as of December 21,2017

Reference no: EM132213338

Questions Cloud

Find the count of all postive numbers in an array a : Write a recursive method that finds the count of all postive numbers in an array 'a' in a method called countOfPositives in a class called RecursiveArray.

A program to implement the median value find algorithm : Write a recursive program to implement the median value find algorithm in I-D unsorted array A[n]: randomly choose an element A[i] and check its rank r.

Write a recursive method that parses a hex number : Write a recursive method that parses a hex number as a string into a deicmal integer. The method header is: public static int hex2Dec(String hexString).

Write a regularexpression that matches all the words : Write a RegularExpression that Matches all the words in list A and NONE of the words in List B.

Calculate the annual depreciation expense : Mean Beans, a local coffee shop, has the following assets on January 1, 2017. Mean beans prepares annual financial statements and has a December 31, 2017.

Take an integer parameter and print to the screen sequence : Write a recursive voided function name printSquares that takes an integer parameter and print to the screen the sequence from 0 to that number.

What amount of adoption credit is permitted : Using the information in question a), assume that their modified AGI was $222,000 in 2017. What amount of adoption credit is permitted in 2017?

Display an error message on the terminal : Write a script check1 that prompts for user input of a vector X and displays an error message on the terminal unless every element is nonzero.

Compute micro taxable income by showing the adjustments : Compute Micro's taxable income by showing the adjustments to book income to arrive at taxable income. (Amounts to be deducted should be indicated with a minus).

User Account

All Pages