User Account

All Pages

Determine depreciation for the second year

Assignment Help Accounting Basics
Reference no: EM132677913

Question (a) A machine was purchased for $360,000 on October 1, 2019. It has an estimated useful life of ten years and an estimated residual value of $20,000. Depreciation for 2020, using the double declining-balance method, is

Question (b) On January 3, 2019, a vehicle was purchased for $60,000. It has an estimated useful life of six years and a residual value of $9,000. It is expected to be driven 150,000 kilometers over its useful life. The asset was driven 32,000 kilometers in the second year. Depreciation for the second year, using the units-of-production method is

Question (c) On September 1, 2020, equipment is purchased for a list price of $10,000 with terms 2/10 n30. A shipping cost of $560 is charged on the sale. All amounts are subject to HST of 15%. The equipment's cost is $

Question (d) On January 2, 2019, a machine costing $200,000 was acquired. The machine had a residual value of $30,000, and an estimated useful life of eight years. The company elected to depreciate the machine using the straight-line method. Prepare the journal entry to record the sale of the machine on December 1, 2020 for $110,000 cash.

Reference no: EM132677913

Questions Cloud

Discuss four disadvantages of public-private partnership : Discuss four disadvantages of Public-private partnership.
Create all of the journal entries relating to the property : Create all of the 2020 journal entries relating to the property assuming instead that the fair value model is used to account for the investment property.
Design a program that prompts the user to enter the names : Design a program that prompts the user to enter the names of two primary colors to mix. If the user enters anything other than "red," "blue," or "yellow,".
Identify the role you are playing : identify the role you are playing - assess the landscape, considering the user needs, constraints, and business environment
Determine depreciation for the second year : The asset was driven 32,000 kilometers in the second year. Depreciation for the second year, using the units-of-production method is
Importance of identifying risks and categorizing : What is the importance of identifying risks and categorizing them as high, medium, or low probability.
What are the advantages of centralizing the it function : What are the advantages and disadvantages of centralizing the IT function? Use at least three unique references. Length: 2 paragraphs.
?explain models and methods of operational plans : -What is KPI'S and list and provide a short explanation of at least 3 alternative approaches to develop KPIS's to meet your business objectives
Perform impairment testing for the tiny division : Joshua Inc. uses IFRS and accounts for their property plant & equipment. Perform impairment testing for the Tiny Division and calculate any impairment loss.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Evaluate paid cash for rent expense

Indicate whether each of the following types of transactions will increase stockholders' equity or decrease stockholders' equity.

  Identify the key accounting issue

Read each one and attempt to identify the key accounting issue or issues involved. Write 2/3 bullet points for each, there are six sections to answer.

  What are the most important components of the mission

what are the most important components of the mission statement? what are some skills you possess that will be useful

  What is the capital gain on the asset

After 10 years, the property was sold in the 11th year on September 2017 for $2M. The land cost was apprised at $100,000 for tax purposes.

  Compute the cost of goods destroyed

Gross Profit Method) McGriff requires an estimate of the cost of goods lost by fire on March 9. Compute the cost of goods destroyed

  Record necessary journal entries to capital projects fund

The federal grant was recorded as a receivable: one-half of the grant is to be paid to the City of Ahamo in 2014, the rest will be received late in 2015.

  Explain difference between capital and revenue expenditure

Explain the difference between a capital expenditure and a revenue expenditure

  Adjusting entry for the interest accrual

In payment, Esquire agreed to accept a 6% note requiring the payment of interest and principal on March 31, 2014. The 6% rate is appropriate in this situation.

  Problem related to audit of financial statements

What are the economic issues that drive the increased demand for assurance services? What is one assurance engagement and one attestation engagement other than an audit of financial statements? What are the differences between the two engagements?

  Prepare the general journal entries to record transactions

Prepare the general journal entries to record the transactions that occurred during December (ignore GST)

  Implement your schema using any relational dbms package

Implement your schema using any relational DBMS package. Indicate which attributes are primary and foreign keys, and enter sample data in each table you create.

  Ltpgtxy and z are partners in a firm sharing profits in 764

ltpgtxy and z are partners in a firm sharing profits in 764 ratio.their respective fixed capitals are rs.80000rs.40000

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