Solution-Prepare a depreciation expense-stores equipment

Prepare a depreciation expense-stores equipment account

Assignment Help Accounting Basics

Reference no: EM13523610

Store equipment is purchased on January 1, 2002 at a cost of $14,000 and $1,000 was spent on its installation. The depreciation is written-off at 10% on the original cost every year. The books are closed on December 31, every year.

Instructions:

Prepare a Depreciation Expense-Stores Equipment Account and an Accumulated Depreciation-Stores Equipment Account.

A company acquired office equipment on January 1, 2001 at a cost of $40,000 and spent $1,000 on its installation. The company writes-off depreciation at 10% using the reducing balance method. The accounting books are closed on December 31 each year.

Instructions:

Show the depreciation account for three years.

Reference no: EM13523610

Questions Cloud

Estimate the pressure at the center of the sun : To a first approximation, the Sun consists of a gas of equal numbers of protons and electrons. The temperature at the center of the Sun is about 10^7 K, Estimate the pressure at the center of the Sun

Karl poppers strategy of disconfirmation : Provide a scientific hypothesis and explain how one might go about testing it, either by confirming the hypothesis or using Karl Popper's strategy of disconfirmation. Discuss which of these two strategies is better and why.

What is the net charge inside the closed surface : An electric field is E=(200 N/C) i in the region x>0 and E=( - 200 N/C) i in the region x

Aspect of the early renaissance italian city-state : What do you think was the most important aspect of the Early Renaissance Italian city-states that would enable some of Mirandola's ideas to make sense to people?

Prepare a depreciation expense-stores equipment account : Prepare a Depreciation Expense-Stores Equipment Account and an Accumulated Depreciation-Stores Equipment Account.

Calculate the acceleration of the cart : A cart is driven by a large propeller or fan, which can accelerate or decelerate the cart. The cart starts out at the position x = 0 m, calculate the acceleration of the cart

Shows why mary should not steal the food : Mary is poor. She not has been able to find a job and has two children she needs to feed. Assume Mary is forced to let her children go hungry or steal some food from a local grocery store. Which should she do? Construct an argument that supports Mary..

Compute the total materials variance : Compute the total materials variance and the price and quantity variances - assuming the purchase price is $5.20 and the quantity purchased and used is 26,200 units.

How did islamic-greek-roman and christian ideas : How did Islamic, Greek, Roman and Christian ideas come together to shape philosophy and religion at the end of the Medieval and beginning of the Renaissance periods?

User Account

All Pages

Prepare a depreciation expense-stores equipment account

Reference no: EM13523610

Reference no: EM13523610

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT