User Account

All Pages

Calculate the depreciation expense

Assignment Help Accounting Basics
Reference no: EM133070931

Question - Gilles Corp. purchased a piece of equipment on February 1, 2020, for $100,000. The equipment has an estimated useful life of eight years, with a residual value of $25,000, and an estimated physical life of 10 years, with no salvage value. The equipment was delivered to Gilles's factory floor, installed, and in working condition, on March 1, 2020. On April 1, 2020, Gilles's staff used the equipment to produce the first saleable units.

a. Calculate the 2020 depreciation expense if Gilles uses straight-line depreciation and prepares financial statements in accordance with IFRS.

b. Calculate the 2020 depreciation expense if Gilles prepares financial statements in accordance with ASPE. Do not round intermediate calculations and round the final answer to the nearest dollar.

Reference no: EM133070931

Questions Cloud

Should john purchase the new machine : A Ltd currently has a financial leverage of 30%, with total assets of $250 000. Should John purchase the new machine
How many short boards and how many long boards max make : Assume the markets for both types of surfboards are unlimited. How many Short boards and how many Long boards should Max make each month
Explain to the nurse manager why this seemingly easy change : Explain to the nurse manager why this seemingly easy change was met with such resistance. Is there anything the nurse manager can do at this stage to address
Organization or culture before and after the shift : Describe the organization or culture before and after the shift. Has the shift been successful or did the shift fail?
Calculate the depreciation expense : Calculate the 2020 depreciation expense if Gilles uses straight-line depreciation and prepares financial statements in accordance with IFRS
Explain which steps were best followed : If you believe that your organization did follow the steps, explain which steps were best followed and the benefits of following these steps.
Culture of innovation and creativity afton : Describe the ideal qualities of a leader who inspires a culture of creativity and innovation.
Creating small business : Entrepreneurs brimming with optimism and enthusiasm launch businesses destined for failure because their founders never stop to define a workable strategy
Moral dilemmas-choosing between two rights : We talked about the impact culture and ethics can have on individual and organizational performance. Research several ethical frameworks.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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