Compute depreciation expense for 2011

Assignment Help Financial Accounting
Reference no: EM13512459

On January 1, 2007, the company purchased equipment for $100,000. Originally, the equipment had a 12-year expected useful life and $4,000 residual value. The company uses straight-line depreciation. On January 1, 2011, the company realized that the equipment would have a total useful life of 15 years instead of 12 years and that the residual value would be $15,000 instead of $4,000. Compute depreciation expense for 2011. Note: If you need some hints on how to do this exercise, look back at Chapter 11.

Reference no: EM13512459

Questions Cloud

What is the direction of the net momentum : Two vehicles are approaching an intersection. One is a 2400 kg pickup traveling at 18.0 m/s from east to west (the - x direction), What is the direction of the net momentum
Explain hcl solution after the addition of titrant : Find the pH during the titration of 20.00mL of 0.1000M triethylmine, Kb=5.2x10^-4, with 0.1000M HCl solution after the addition of 10.00mL of titrant
Find the next overtone frequency : In an organ pipe open at one end and closed at the other, the fundamental frequency emitted is 240 Hz. find the next overtone frequency
Prepare a direct labour budget by quarters : Prepare a direct labour budget by quarters for the 6 months ending June 30, 2012.
Compute depreciation expense for 2011 : On January 1, 2007, the company purchased equipment for $100,000. Originally, the equipment had a 12-year expected useful life and $4,000 residual value.
Compute the cash collections from january sales : Compute the cash collections from January sales in January, February, and March.
Define how many grams of water would be produced : 2Na + 2H2O ----> 2NaOH + H2 . If 7.2g of Na undergoes reaction with water and the resulting hydrogen is bruned in oxygen to produce water, how many grams of water would be produced
What is the desired units of ending direct materials : If 52,000 direct materials units are required in production and there are 7,000 units of beginning direct materials, what is the desired units of ending direct materials?
Prepare an income statement for the month ending : After its first month of operation, the following amounts were taken from the accounting records of Polaris Realty Inc. as of November 30, 2011.

Reviews

Write a Review

Financial Accounting Questions & Answers

  What journal entry would be made for the days worked

Explain. What journal entry would be made for the days worked and what entry would be made when the wages are paid on Saturday?

  Compounding interest on investment

You're trying to save to buy a new $170,000 Ferrari. You have $40,000 today that can be invested at your bank. The bank pays 5.3 percent interest on its accounts. how long will it be before you have enough to the buy the car?

  Are the disclosures included in the swiss annual report

Are the disclosures included in the swiss annual report really "unnecessary"? Explain. What social, economic, and institutional factors in switzerland might be causing the inclusion of these disclosures?

  What is the total amount of federal and state unemployment

stable employment experience, the company’s state rate has been reduced to 2%. What is the total amount of federal and state unemployment tax for Preston Co.?

  The question is on accounting basics about closing process

the question is on accounting basics about closing process in accounting cycle.indicate which of the following accounts

  Journal entreis to record first semiannual interest payment

Prepare journal entreis to record the first semiannual interest payment, assuming it uses the straight-line method of amortization

  Create a one page memorandum explaining marquettes

Create a one page memorandum explaining Marquettes estimated tax needs for its current year, providing the necessary supporting authorities.

  What types of estimates did m and s discuss in 2010

Were there changes in accounting policies reported by M&S during the two years covered by its income statements (2009-2010)? If so, describe the nature of the change and the year of change.

  Multiple choice questions on variable costsfixed costs and

multiple choice questions on variable costs.fixed costs and variable costs 1. which of the following is an example of a

  Illustrate what would burger queen net income be

Burger Queen Restaurant had the following information available related to its operations from last year : Sales (150,000 units) $500,000 Variable costs 200,000 Contribution margin $300,000 Fixed costs $150,000 If sales increased by 30% illustrat..

  The procter amp gamble company pampg the financial

the procter amp gamble company pampg the financial statements of pampg are presented in appendix 5b or can be accessed

  Find out the net present value for each machine

Find out the net present value for each machine and decide which machine should be purchased if the required rate of return is 10 percent. Ignore taxes

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