Calculate the depreciation expense

Assignment Help Financial Accounting
Reference no: EM132975836

Question - Orange Corporation purchased a vehicle on Jan 1, 2019 for $115,000. The estimated life of the vehicle is 10 years and estimated residual value is $3,000. Calculate the depreciation expense for 2019 and 2020, if they use the double-diminishing-balance method of depreciation? Write the journal entry for the 2019 depreciation expense.

Reference no: EM132975836

Questions Cloud

What do you mean by Tally Accounting : What do you mean by Tally Accounting? Define the skills that are needed for an accountant job role? Explain Departmental Accounting
What is definition of data visualization : What is your definition of data visualization? What are the key components of data visualization? What techniques do you hope to learn from this course?
What type of fraud did Sharolyn Grant commit : Christmases were a "little bigger," with gifts like $100 remote-control cars for her sons. What type of fraud did Sharolyn Grant commit
Identify two implications of leaving workplace issues : Identify two implications of leaving workplace issues unresolved and How will a project status report be used to respond to concerns raised by stakeholders
Calculate the depreciation expense : The estimated life of the vehicle is 10 years and estimated residual value is $3,000. Calculate the depreciation expense for 2019 and 2020
Explain workforce diversity : It is important for service organizations to include customer needs and requirements in assessing their effectiveness. Why is this so? Discuss
Record the journal entry Costello should make in this case : The staff failed to transfer inventory to cost of goods sold when sales were made. Record the journal entry Costello should make in this case
Explain concepts to facilitate audience comprehension : Explain specialized terms or concepts to facilitate audience comprehension. Create documentation appropriate to the stakeholder.
Calculate the value of the firm equity : Please calculate the value of the firm's equity. Assume that the firm decided to issue additional debt in the amount of $100M

Reviews

Write a Review

Financial Accounting Questions & Answers

  Calculate the weighted average cost of capital

The beta of the company is 1.4, a risk free rate of 9% and the return on the market is 18%. Calculate the weighted average cost of capital

  What is the amount in the land account related

What is the amount in the Land account related to this construction project? Gwenllian, Inc. purchased land in 2019. An existing structure was demolished

  What is this project internal rate of return

This investment requires an initial outlay of $110,000 and will generate net cash inflows of $16,000 per year for 11 years. What is project internal rate

  Calculate how much capital Steven will need

Steven, age 41, earns $85,000 annually; and his wage replacement ratio has been determined to be 75%. Calculate how much capital Steven will need

  How much would be willing to pay for the share

How much would you be willing to pay for the share? You also expect to be able to sell the share for $7.65 right after you receive the final year 3 dividend.

  Record all journal entries on december first

Record all journal entries on December 1st. On December 1st Bell Tire had a new engine put into an 18-wheeler that is used to transport large inflatable

  What is the present value of the bonds on the issue date

On January 2, 2008, Sanborn Corporation issued 20 year bonds with a face value of $200,000 and 8% face interest, payable semi-annually. The bonds were issued to yield an effective interest rate of 10% (the market rate). What is the present value of t..

  What tax consequences be aware of regarding accounts

What tax consequences should he be aware of regarding each of these accounts when it comes time to decide where to withdraw money

  Complete the following schedule of cash payments

Noncash assets were sold for $115,000. The income ratios of the partners Kale D., Croix D., and Marais K. are 2:3:3, respectively. Complete the following schedule of cash payments for Grafton Company.

  What lump sum settlement

What lump sum settlement, if paid today, would have the same present value as the $5,900 monthly annuity? Assume a 4.5 percent discount rate.

  Which of the debt instruments would be reported

Which debt instruments would be reported on the balance sheet as a long-term investment? A debt instrument that matures in 5 years and the investor intends

  Make concord locomotive journal entry related to investment

The investment enables Concord Locomotive to exert significant influence over Lopez. Prepare Concord Locomotive's journal entries related to this investment.

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