User Account

All Pages

Determine the amounts to be recorded as depreciation expense

Assignment Help Accounting Basics
Reference no: EM132569474

Question - Charger Cheung purchased a truck at the beginning of July 2020 for $41 500. Charger decided to depreciate the truck over a six-year period using the straight-line method and estimated its residual value to be zero. In July 2021, Charger determined that a four-year life instead of six-year should have been used to depreciate the truck.

Required -

1. Determine the amounts to be recorded as depreciation expense for 2021 and the journal entry to record depreciation expense.

2. Determine the amounts to be recorded as depreciation expense for 2022 and how to report the truck on balance sheet.

Reference no: EM132569474

Questions Cloud

Maintain the old sales system by using offline : During the Covid 19 pandemic (corona virus diseases 19) there are many businesses experiencing disruption such as retail, hospitality, travel, shopping malls
Discuss probable reasons for this bullwhip effect : Discuss the probable reasons for this bullwhip effect and suggest the solutions to fix this problem in the UAE context
Which date will become due if bonds have a face value : On which date will they become due if these bonds have a face value of $20,000, and assuming the interest rates remain stable?
Prepare a summary of the positive diversity situations : You had the opportunity to provide your critical analysis of the diversity in your community through an ongoing discussion with the faculty and other students.
Determine the amounts to be recorded as depreciation expense : Determine the amounts to be recorded as depreciation expense for 2021 and the journal entry to record depreciation expense
Job dissatisfaction and high turnover at lima plant : Job Dissatisfaction and High Turnover at the Lima Plant. What are the consequences of those feelings? What plan of action should Ashley Wall recommend?
What steps were used in resolving the conflict : As discussed in the unit lesson, resolving conflict in the workplace requires using interpersonal skills, management skills, and techniques.
Estimate the cost of common stock : Assume that rRF = 10%, RPm = 5.5%, and company XYZ's bi = 1.2%. Calculate company XYZ's cost of equity. estimate the cost of common stock
Prepare the journal entries in the consolidation journal : The $4000 dividend declared during the year ended 30 June 2021, Prepare the journal entries in the consolidation journal to recognise the investment for the yea

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