Depreciation expense for machine

Assignment Help Accounting Basics
Reference no: EM13859155

In recent years, Farr Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below.

Machine

Acquired

Cost

Salvage 
Value

Useful Life 
(in years)

Depreciation
Method

1

Jan. 1, 2012

$122,000

$35,600

8

Straight-line

2

July 1, 2013

82,000

11,800

5

Declining-balance

3

Nov. 1, 2013

101,500

8,500

7

Units-of-activity

For the declining-balance method, Farr Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 31,000. Actual hours of use in the first 3 years were: 2013, 800; 2014, 6,180; and 2015, 7,780.Compute the amount of accumulated depreciation on each machine at December 31, 2015.

If machine 2 was purchased on April 1 instead of July 1, what would be the depreciation expense for this machine in 2013? In 2014?

Reference no: EM13859155

Questions Cloud

Simulate the overall circuit and plot the frequency : The output of the amplifier has to be connected to a band pass filter with 10KHz center frequency and bandwidth of lkHz. Simulate the overall circuit and plot the frequency response at the output of the amplifier and the output of the filter
Explore gender stereotypes within united states culture : Issues of stereotypes, prejudice, and discrimination are common areas of study within social psychology
Calculate the subtransient fault current seen by circuit : Calculate the subtransient fault current seen by each circuit breaker due to a solid three-phase fault occur at all bus locations. Calculate the subtransient fault current seen by each circuit breaker due to a three-phase fault through an impedance o..
Calculate goodwill : Calculate goodwill. How much goodwill is allocated to the controlling interest and how much to the non-controlling interest
Depreciation expense for machine : If machine 2 was purchased on April 1 instead of July 1, what would be the depreciation expense for this machine in 2013? In 2014?
Describe project that could be created to resolve problem : Consider a company with which you are familiar (other than a company that you used for your project throughout this class). Identify a problem and describe the project that could be created to resolve the problem
Calculate a spring constant value from the dimensions : Calculate a spring constant value from the dimensions of the cantilever and 'cleavelands' method using the data provided
Develop a thesis statement : Determine exactly what point you are going to make and write it down in precise terms
Consider a system needed to store information : Consider a system needed to store information about computers in a computer lab at a university, such as the features and location of each computer. Ascertain the domain classes that might be included within the domain model. Discuss whether or not y..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Brown cow dairy uses the aging approach to estimate bad

brown cow dairy uses the aging approach to estimate bad debt expense. the balance of each account receivables is aged

  An investor sells short 200 shares of stock at 15 per share

an investor sells short 200 shares of stock at 15 per share. the initial margin requirement is 60. the investor earns

  Describe sample transactions from your own experiences to

as you have learned in this weeks readings the accounting equation is assets liabilities owners equity.is the

  All expenses of the maestro and the classical music

selected accounts of the weinstein musical society a nongovernment not-for-profit organization for the year ended

  Z ltd purchased a fixed asset for rs 50 lakhs which has the

z ltd. purchased a fixed asset for rs. 50 lakhs which has the estimated useful life of 5 years with the salvage value

  This wage rate is expected to be flat over a five year

the city of chicago is considering a railroad track improvement project that is expected to provide benefits in the

  Company total contribution margins

Determine which expenses are mixed and, by use of the high low method, seperate each mixed expense into its variable and fixed components. state the cost formula for each mixed expense.

  What would be the reduction in watson stockholders equity

Watson Corporation owned 600,000 shares of Nixon Corporation stock. On December 31, 2012, when Watson's account "Investment in Common Stock of Nixon Corporation" had a carrying value of $5 per share, Watson distributed these shares to its stockhol..

  Calculate the amount of net income

Compute the amount of net income that ABC Company would report inits 2007 income statement after all the above transactions arerecorded and all necessary adjusting entries are made at December31, 2007. Don't use decimals in your answer.

  What do you think are the major barriers to upward

what do you think are the major barriers to upward communication in an organization? justify your responses with

  The equity of webster corporations balance sheet shows the

the equity of webster corporations balance sheet shows the following preferred stock-- 5 cumulative 10 par value 15

  Susan ortiz operates a covered parking structure that can

susan ortiz operates a covered parking structure that can accommodate up to 600 cars. susan charges 6 per hour for

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