User Account

All Pages

Determine which record depreciation expense on the machine

Assignment Help Financial Accounting
Reference no: EM132493488

Point 1: Moody Company purchased a machine for $25,000 on May 1 of Year 1. Also associated with this purchase on May 1 of Year 1 were $1,200 in sales taxes and $2,000 in machine preparation, shipping, and installation costs. Moody paid a total of $20,000 cash and signed a note payable agreeing to pay the remainder in the future. The machine has an estimated useful life of 5 years and an estimated salvage value of $5,000. Moody Company uses the straight-line method for computing depreciation expense.

Question 1: Which ONE of the following is included in the journal entry necessary to record depreciation expense on the machine forYear 2?

CREDIT to Depreciation Expense for $4,000

CREDIT to Accumulated Depreciation for $7,733

CREDIT to Cash for $4,000

CREDIT to Accumulated Depreciation for $4,000

CREDIT to Accumulated Depreciation for $4,640

CREDIT to Accumulated Depreciation for $6,667

CREDIT to Depreciation Expense for $4,640

CREDIT to Cash for $4,640

Reference no: EM132493488

Questions Cloud

What is software vulnerability reporting : What is Software Vulnerability Reporting? Please explain in paragraphs.(three or four paragraphs)
Describe the ethical issues involved in the given situation : Describe the ethical issues involved in this situation. Discuss the steps Dr. Jamison should take with regard to her discovery of potential ethical concerns.
Create guest book script : Use the techniques you learned in this chapter to create Guest Book script that stores visitor names and e-mail addresses in a text file.
What is the likely effect on the culture of the organization : Values are those ideals, principles, and qualities upon which we place great importance. Shared values are those that permeate throughout an organization.
Determine which record depreciation expense on the machine : Which ONE of the following is included in the journal entry necessary to record depreciation expense on the machine forYear 2?
Describe the concepts of interpersonal relationships : Please select four of the following concepts or theories. Positive reinforcement, negative reinforcement and punishment. Concepts of interpersonal relationships
Do include the unguaranteed residual value : Do you include the "unguaranteed" residual value when you arrive at PV of minimum lease payment or like the Lessee do we only use guaranteed??
Recommend an ideal solution : Recommend an ideal solution/criterion that they should rather use for comparing algorithms.
Design optimisation problems : Optimal sizing of a standalone Wind-PV-Battery-Diesel hybrid renewable energy system and Design optimisation of a flat finned heat exchanger

Reviews

Write a Review

Financial Accounting Questions & Answers

  Necessary to close the manufacturing overhead account

What journal entry(s) are necessary to close the Manufacturing Overhead account if the amount in the account ($90,000) is all materials?

  Amount for interest expense on bonds

Beta's 2012 income statement should report what amount for interest expense on these bonds?

  Calculate the breakeven point in units

Lester Company manufactures a single product. Each unit sells for $15. The firm's projected costs are listed below: Variable costs per unit: Direct Material Direct Labor Variable Mfg. Calculate the Breakeven Point in Units and in Dollars. Calculate h..

  What is the basis of new property in each of exchanges

Apartment building held for investment (adjusted basis of $145,000) for office building to be held for investment (fair market value of $225,000).

  Organize the journal entries through the maturity

Organize the appropriate journal entries through the maturity of each liability.

  Identify the ethical issue and the stakeholders

The management of the Auto Parts Division of the Santana Corporation receives a bonus if the division's income achieves a specific target. For 2013 the target will be achieved by a wide margin. Identify the ethical issue and the stakeholders. Stakeho..

  Question 1there are four sources of external financial

question 1there are four sources of external financial reporting regulations in australia.requireda briefly discuss

  How much depreciation deduction

On June 1 of the current year, Jack and Angie purchased a rental beach house for $900,000 and rented it right away. Of that amount, $600,000 was for the land value. How much depreciation deduction can Jack and Angie take in the current year? (You may..

  What items have been recorded under owners equity section

Holmes Institute Australia - HA2032 Corporate and Financial Accounting Individual Assignment. What items have been recorded under owners equity section

  Was the central services internal service fund created

City and County of Denver Proprietary Funds. Does the City and County of Denver report any internal service funds? If so, identify the internal service funds found in its financial statements and the primary purpose of each one. Was the Central Servi..

  Price per share when you made the purchase

What was the price per share when you made the purchase 9 years ago?

  Explain how the overhead costs were assigned to each job

How do you think Mrs. Lucky will feel when she receives the bill for the three sets of wedding announcements? Explain how the overhead costs were assigned to each job.

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