How many years remain to be depreciated

Assignment Help Accounting Basics
Reference no: EM132630479

Question - ABC Company finds its records are incomplete concerning a piece of machinery used in its plant. According to the company records, the machinery has an estimated useful life of 10 years and an estimated salvage value of $ 24,000. It has recorded $ 12,000 in depreciation each year using the straight-line method. If the accumulated depreciation account shows a balance of $ 72,000, how many years remain to be depreciated?

a. 4

b. 6

c. 1

d. 3

Reference no: EM132630479

Questions Cloud

What is the process of financial statements : What is the process of financial statements? Would you want to produce them even if they were not required, say, for entity tax reporting?
What is the receipt by selling : What is cost of buying $2000 one month forward? What is the receipt by selling $1250 one month forward?
Why individual can win the most popular vote : Explain why an individual can win the most popular vote and yet not win the presidential election in the United States.
Description of the importance of confidentiality : Description of the importance of confidentiality when working with your client. How does the principle of confidentiality impact the therapeutic relationship
How many years remain to be depreciated : ABC Company finds its records are incomplete concerning a piece of machinery used in its plant. How many years remain to be depreciated
What was the income tax rate in 1914 : 1) What was the income tax rate in 1914 for someone making $5 a day?
Quality healthcare delivery and research techniques : Hypothesize two ways that today's healthcare informatics plays an even greater role in quality healthcare delivery and research techniques.
Identify a policy at an agency or organization : Identify a policy at an agency or organization with which you are familiar. It can be a public agency, a for-profit human service provider
Expected rate of return on the portfolio : Consider a risky portfolio. The end-of-year cash flow derived from the portfolio will be either $50,000 or $150,000,

Reviews

Write a Review

Accounting Basics Questions & Answers

  Write a professional memo to client

Your client has been informed that an S corporation is a popular business form and wants to know more about it. Please write a professional memo to your client responding to his inquiry. Be sure to at least discuss the following items:

  What was the amount transferred to finished goods

Schnek Company, which uses weighted average process costing, had an equivalent cost per unit. What was the amount transferred to finished goods?

  What should Pangasinan report as note receivable

The market interest for similar notes was 8%. In its December 31, 2020 statement of financial position, what should Pangasinan report as note receivable

  Journalize all entries required as a result

Journalize all entries required as a result of the above transactions. Werley Company uses the straight-line method of depreciation

  Prepare financial statements at the end of december

Jose debited Prepaid Warehouse Rent for $60,000. If Jose desires to prepare financial statements at the end of December , the adjusting journal entry

  What we know charlie sells around 12 cases of hamburgers

what we know charlie sells around 12 cases of hamburgers weekly. each case contains 80 hamburgers. each hamburger patty

  Determine fixed cost per month and variable cost per tv

Use account analysis to determine fixed cost per month and variable cost per TV. Project total cost for May assuming production and sales of 150 units

  Rose wilson is entering her senior year as an accounting

rose wilson is entering her senior year as an accounting major and has a number of options for her summer break. her

  How can the ais help protect company information from theft

How can the AIS help protect company information from theft, What are some of these losses. Please give examples.

  Discuss the fifo method and lifo method

compute the cost of the ending inventory under the FIFO method and LIFO method

  Prepare a differential analysis dated august two

Prepare a differential analysis dated August 2 on whether to sell Product T (Alternative 1) or process further into Product U (Alternative 2).

  Estimate uncollectible accounts expense

At the end of Year 1, Blain Company has $10,000 of accounts receivable that are current, $3,000 that are between 1 and 60 days past due, and $800.

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