Prepare a schedule showing depreciation amounts

Assignment Help Accounting Basics
Reference no: EM132621822

Question - A company purchased a machine on January 1 of the current year for $750,000. Calculate the annual depreciation expense for each year of the machine's life (estimated at 5 years or 20,000 hours, with a salvage value of $75,000).

During the machine's 5-year life its hourly usage was: 3,000; 4,000; 5,000; 5,000; and 3,000 hours.

Required -

1. Calculate the depreciation expense using the straight line and units of production for the 5 years.

2. Using the double-declining-balance method of depreciation, prepare a schedule showing depreciation amounts for the current year and the first 3 years (round answers to the nearest dollar). The company closes its books on December 31 of each year.

Reference no: EM132621822

Questions Cloud

Complete self-evaluation : Using the criteria in the prospectus template, complete a self-evaluation of the work you completed on the required section(s) for this module.
Make the bank reconciliation for this company as of june : On June 30, the bank issued a credit memorandum for $35 interest earned on Cloy's account. Make the bank reconciliation for this company as of June
Describe the knowledge that need to be a successful leader : Describe the knowledge that you need to be a successful leader within your field of study. In order to do this, you may want to research job descriptions
Identify three techniques to teach reading comprehension : Identify three techniques to teach reading comprehension that are being advocated by current research. Which do you believe are the most viable?
Prepare a schedule showing depreciation amounts : Using the double-declining-balance method of depreciation, prepare a schedule showing depreciation amounts for the current year and the first 3 years
Compare two different leadership styles : Compare two different leadership styles. Discuss your leadership style, include whether you are closer to an authentic or servant leader and tell us why.
Fiscal policy play in causing hyper-inflation : Explain in words how hyper-inflation takes off. What role does fiscal policy play in causing hyper-inflation?
Philosophies of deterrence and rehabilitation : Compare and contrast the assumptions associated with the philosophies of deterrence and rehabilitation.
Compute and analyze the residual income : Compute and analyze the Residual income and Return on Equity (ROE) and its components for the company

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