Prepare general journal entries that made to record events

Assignment Help Accounting Basics
Reference no: EM132449987

Problem - Marin Co. purchased a equipment on January 1, 2015, for $588,500. At that time, it was estimated that the equipment would have a 10-year life and no salvage value. On December 31, 2018, the firm's accountant found that the entry for depreciation expense had been omitted in 2016. In addition, management has informed the accountant that the company plans to switch to straight-line depreciation, starting with the year 2018. At present, the company uses the sum-of-the-years'-digits method for depreciating equipment.

Required - Prepare the general journal entries that should be made at December 31, 2018, to record these events. (Ignore tax effects.)

Reference no: EM132449987

Questions Cloud

Conventional fuels to address growing electrical energy : Identify and describe 3 benefits of utilizing large dams over the use of conventional fuels to address growing electrical energy needs supplied by coal burning
Discuss gampfer company during first fiscal year : Selected transactions completed be Gampfer Company during its first fiscal year ending December 31 were Jan. 2 issued a check to establish
Discuss the economic costs and benefits of utilizing wind : While considered a renewable resource, opponents often cite cost as a reason to abandon efforts to increase turbine use throughout the nation.
Create support for one side of an often controversial issue : The general purpose of a position paper is to create support for one side of an often controversial issue. Such a paper should be based on an accurate pro
Prepare general journal entries that made to record events : Marin Co. purchased a equipment on January 1, 2015, for $588,500. Prepare the general journal entries that should be made at December 31, 2018, to record events
What is cash conversion cycle : E15­1 Sharam Industries has a 120-day operating cycle. If its average age of inventory is 50 days, how long is its average collection period?
HAT304 Emerging Issues in Hospitality and Tourism Assignment : HAT304 Emerging Issues in Hospitality and Tourism Assignment Help and Solution, Kaplan Business School - Assessment Writing Service
Some of the reasons solar energy production : Additionally, discuss some of the reasons solar energy production has been slow to replace oil and other polluting resources.
Explain windows azure capabilities for virtual machines : Explain Windows Azure capabilities for virtual machines and managing hybrid cloud, including Windows Azure's Infrastructure as Service and storage capabilities

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