How much depreciation expense is recognized

Assignment Help Accounting Basics
Reference no: EM133035425

Question - Myers Inc. purchases a piece of equipment. At the date of purchase, the equipment had the following characteristics:

Cost 800,000

Estimated useful life 8

Estimated salvage value 20,000

Productive life in hours 10,500

Assume the equipment was purchased in 2014 and the firm used the activity based method of depreciation. During 2014, Myers used the machine for 2,000 hours. How much depreciation expense is recognized during 2014?

Assume the firm has used straight line depreciation since the asset was purchased on January 1, 2014. The asset was sold on 1/1/18 for $350,000. Determine the gain or loss recognized when the asset was sold.

Reference no: EM133035425

Questions Cloud

When does a corporation need a board of directors : 1. When does a corporation need a board of directors? 2. Who should and should not serve on a board of directors?
What was sheffield net income for the year : The company recorded revenues of $760000, expenses of $661000, and paid dividends of $45000. What was Sheffield's net income for the year
Pestle analysis for new market development : You are the CEO of a Car manufacturer company in Canada. Mention just 1 question for each factors in PESTLE analysis for new market development.
Developing a strategy that crosses national borders : Discuss some approaches, benefits, and challenges of developing a strategy that crosses national borders, relating to global strategy.
How much depreciation expense is recognized : During 2014, Myers used the machine for 2,000 hours. How much depreciation expense is recognized during 2014
Compare transfomational-transactional leadership theories : Compare and contrast transfomational and transactional leadership theories. Please provide the complete solution of this problem.
How intercultural and diverse teams function : Develop your understanding of how intercultural and diverse teams function, and how you can use this knowledge to help them develop into high performing teams
What terms come to mind when you think about finance : Please tell the class about yourself and your educational or professional background. What terms or concepts come to mind when you think about finance
What is the project npv : Sub-Prime Loan Company is thinking of opening a new office, and the key data are shown below. The company owns the building that would be used, and it could sel

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.

  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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd