If the company uses the double-declining-balance method of

Assignment Help Accounting Basics

Reference no: EM13612266

Flip Company purchased equipment on January 1, 2011 for $90,000. It is estimated that the equipment will have a $5,000 salvage value at the end of its 5-year useful life. It is also estimated that the equipment will produce 100,000 units over its 5-year life. Instructions Answer the following independent questions.

1. Compute the amount of depreciation expense for the year ended December 31, 2011, using the straight-line method of depreciation.

2. If 16,000 units of product are produced in 2011 and 24,000 units are produced in 2012, what is the book value of the equipment at December 31, 2012? The company uses the units-of-activity depreciation method.

3. If the company uses the double-declining-balance method of depreciation, what is the balance of the Accumulated Depreciation-Equipment account at December 31, 2013?

Reference no: EM13612266

Questions Cloud

Alabama paper company manufactures three products computer : alabama paper company manufactures three products computer paper newsprint and specialty paper in a continuous

How far downstream will the swimmer be upon reaching the : a swimmer capable of swimming at a speed of 1.87 ms in still water i.e. the swimmer can swim with a speed of 1.87 ms

A soccer player kicks the ball toward a goal that is 130 m : a soccer player kicks the ball toward a goal that is 13.0 m in front of him. the ball leaves his foot at a speed of

Draw and label the t-s diagram for the ideal rankine cycle : water is the working fluid in an ideal rankine cycle. superheated vapor enters the turbine at 8 mpa 450 degc. the

If the company uses the double-declining-balance method of : flip company purchased equipment on january 1 2011 for 90000. it is estimated that the equipment will have a 5000

A calculate the distance along the ground measured from a : an airplane with a speed of 80.0 ms is climbing upward at an angle of 62.4 deg with respect to the horizontal. when the

At steady state the cycle develops 40 kw of power with a : a power cycle operates between a high temperature reservoir at th k and a low temperature reservoir at tc 280 k. at

The rocket attains its launch speed in a negligibly short : a rocket is fired at a speed of 93.0 ms from ground level at an angle of 61.0 deg above the horizontal. the rocket is

Prepare journal entries to record the following : prepare journal entries to record the following transactions entered into by flip company 2012 june 1 received a 10000

User Account

All Pages