Calculate the depreciation expense on the factory building

Assignment Help Accounting Basics
Reference no: EM132677584

A summary of the property, plant and equipment owned by the entity is presented below:

 

Factory
building

Machinery
& equipment

Small
tools

Patterns

Total cost

P4,800,000

P1,400,000

P82,000

P53,000

Est. residual value

300,000

80,000

5,000

nil

Est. useful life

40 yrs.

20 yrs.

8 yrs.

4 yrs.

Question 1: Calculate the depreciation expense on the factory building in 20X1 and 20X2 under the straight-line method. Assume that the factory building was purchased on April 1, 20X1.

Question 2: Calculate the depreciation expense on the machinery and equipment in 20X2 under the double-declining balance method.

Question 3: Calculate the depreciation expense on the factory building in 20X3 (third year of service life) under the SYD method. Assume that the factory building was purchased on January 1, 20X1.

Reference no: EM132677584

Questions Cloud

Agency managed and personal social media accounts : Brief description/examples of the types of social media platforms that social impact organizations might use, what the features are, how the features are used
MSIS 212 Managerial Decision Making Assignment : MSIS 212 Managerial Decision Making Assignment Help and Solution, University of Massachusetts Boston - Assessment Writing Service
Should mxm build the plant and why : Should MXM build the plant? They are concerned that the chemical waste from the plant might contaminate the water in the river
Determine the impact of globalization and technology changes : Determine the impact of globalization and technology changes, strategic models, vision and mission statements, and stakeholders on a corporation's success.
Calculate the depreciation expense on the factory building : Calculate the depreciation expense on the factory building in 20X3 (third year of service life) under the SYD method. Assume that the factory building
How do we persuade top management : How do we persuade top management that gender pay equality is important?
You will plan to conduct audit of sales organization : In this assignment, you will plan to conduct an audit of a sales organization and hold a sales meeting to discuss your findings.
Define project parameters : Explain at least three different documents or other sources of information and justify how they could be used to define project parameters.
Determine impact of globalization and technology changes : Determine the impact of globalization and technology changes, strategic models, vision and mission statements, and stakeholders on a corporation's success.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Average unemployment rate by month found

A retail store has recently hired you as a consultant to advise on economic conditions. One important indicator that the retail store is concerned about is the unemployment rate. The retail store has found that an increase in the unemployment rate..

  What is the real cost of equity implied

In 2009, the median price-to-earnings ratio for the S&P 500 was 11.1. what is the real cost of equity implied by the equity-denominated key value driver formula

  Managerial accounting helps manger to improve performance

how either financial accounting helps external stakeholders make informed decisions or how managerial accounting helps manger to improve operational

  What is bela basis in her new residence

Within two months of the sale, Bela moved into a new residence she purchased for $700,000. What is Bela's basis in her new residence

  What is the amount of the additional funds needed

The company forecasts that sales will increase by 20%. What is the amount of the additional funds needed (or the external funds needed)?

  What is meant by the term break-even point

The break-even point and break-even analysis are defined and illustrated by this video about Southwest Airlines. A manager describes how break-even analysis.

  In which month should advertising costs be expensed

The furniture company paid $3,000 for advertising that ran in the local newspaper in November 2011. In which month should advertising costs be expensed

  Federal taxation 2012

Search the Internet for at least four (4) stories about major charitable contributions by individuals, including Bill Gates, Warren Buffett, Steve Jobs, and at least one (1) other individual.

  What decision mere will make

What decision Mere will make regarding whether or not she will report the bribes by applying the ethical theories of teleology, deontology

  Calculate gross profit and the gross profit ratio for year

Net sales for the year were $500,000 and cost of goods sold was $295,000 for the company's, Calculate gross profit and the gross profit ratio for the year

  Prepare journal entries to record the issuance

On December 18, 2014, the company issued its 11%, 20-year debenture bonds in the principal amount, Prepare journal entries to record the issuance

  Discuss why it is necessary for accountants to assume that

discuss why it is necessary for accountants to assume that an economic entity will remain a going concern. if an entity

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