Discuss what is the depreciation expense for the second year

Assignment Help Accounting Basics
Reference no: EM131769345

Hi, Can someone please show me how to calculate step by step the double depreciation method for this problem? I tried it 3 different ways and cannot get to the answer. The answer is $15,206.40 and here is the problem:

XYZ Corporation purchased a vehicle for $62,000. The decision was also made to purchase three additional keys for $240 each and four new tires for $160 each. The vehicle has a salvage value of $18,000 and a useful life of 5 years. What is the depreciation expense for the second year, using the double depreciation method?

Reference no: EM131769345

Questions Cloud

Revenue would it have brought to andrews corp : Had they sold their entire inventory at their current prices, how much more revenue would it have brought to Andrews Corp.?
Find the accounting related preferences to make this change : Your non-profit client wants to adjust their fiscal year in QuickBooks Online. Where do you find the accounting related preferences to make this change?
Multiple definitions of collaborations : Consider the multiple definitions of collaborations define collaboration and how you will based upon the business discussion with an individually.
Find the force that the tractor exerts : A tractor is attached to a dump car by a cable which makes a horizontal angle of 10° with the track. It requires 1000 N to move the car.
Discuss what is the depreciation expense for the second year : What is the depreciation expense for the second year, using the double depreciation method
Find the probability using the relative-frequency approach : How to find the probability using the relative-frequency approach for the continuity of the course.
Differences in the human resources strategies : What are the primary differences in the human resources strategies needed for expansion, contraction, and maintenance of scope?
Would ned have an argument for religious discrimination : Would Ned have an argument for religious discrimination against "State of Estates?" Why or why not?
Describe the concepts of mean and standard deviations : Describe The concepts of mean and standard deviations of probability distributions and how it play a significant role in managerial decision-making.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Olgas total cost recovery depreciation deduction including

olga is the proprietor of a small business. in 2012 the business income before consideration of any cost recovery or

  The partners agreed to share income by allowing salaries of

partnership formation and distribution of income appendix a p1in january 2010 ed rivers and bob bascomb agreed to

  How the accounting equation is impacted

Transaction analysis results in the development of a journal entry. In the start-up of a business the owner contributes $750,000 of cash. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount.

  Statements respect to unemployment compensation

In general, which of the following statements is correct with respect to unemployment compensation?

  Taussig technologies is considering two potential projects

taussig technologies is considering two potential projects x and y. in assessing the projects risks the company

  What is the call price of a bond

What is the call price of a bond? Is it usually higher or lower than the face amount of the bond? Explain.

  What are the corporations amti and amt

Its accountant uncovered $87,000 in net positive adjustments and $2,000 of preference items in determining its alternative minimum taxable income. What are the corporation's AMTI and AMT?

  Determination of net income of the combined corpation

Which of the following expenses related related to effecting the business combination should enter into the determination of net income of the combined corpation for the period in which the expense are incurred?

  The companys tax rate is 31 for tax purposes the entire

morgado inc. has provided the following data to be used in evaluating a proposed investment project initial

  Per unit percent of sales selling price 170 100 variable

per unit percent of sales selling price 170 100 variable expenses 85 50 contribution margin 85 50 the company is

  Actual manufacturing overhead

Kuczenski Corporations cost formula for its manufacturing overhead is $45,700 per month plus $53 per machine hour. For the month of March, the company planned for activity of 6,200 machine-hours, but the actual level of activity was 6,150 machine ..

  Prepare the journal entry to record the weekly payroll

Prepare the journal entry to record the weekly payroll ending January 15 and also the employer's payroll tax expense on the payroll

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