User Account

All Pages

Prepare the appropriate adjusting entry for depreciation

Assignment Help Accounting Basics
Reference no: EM132615769

Question - Wardell Company purchased a mini computer on January 1, 2016, at a cost of $32,350. The computer has been depreciated using the straight-line method over an estimated five-year useful life with an estimated residual value of $3,100. On January 1, 2018, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $930.

Required -

1. Prepare the appropriate adjusting entry for depreciation in 2018 to reflect the revised estimate.

2. Prepare the appropriate adjusting entry for depreciation in 2018 to reflect the revised estimate. Assuming that the company uses the sum-of-the-years'-digits method instead of the straight-line method.

Reference no: EM132615769

Questions Cloud

How do determine changes in total revenue and net income : How Describe the changes from the current and prior years in each of these key areas and whether the changes would be positive or negative
How might lenders mitigate the agency costs : Suppose you decide (as did Steve Jobs and Mark Zuckerberg) to start a company. How might lenders mitigate the agency costs
What type of agency costs might occur : Suppose you decide (as did Steve Jobs and Mark Zuckerberg) to start a company. What type of agency costs might occur
Develop employee benefits package for any exempt position : Develop an employee benefits package for any exempt or non-exempt position (you must designate which) level of your choosing, making sure you support.
Prepare the appropriate adjusting entry for depreciation : Wardell Company purchased a mini computer on January 1, 2016, at a cost of $32,350. Prepare the appropriate adjusting entry for depreciation
How much of this would have been lost due to exposure : If the year 1 return on your investment in Microsoft was 6%. How much of this would have been lost due to exposure to foreign currency risk
Describe the different types of employee separations : You will write a research paper that analyzes the hiring and selection process. You will conduct research and examine how a good hiring process can work.
Explain role of authority type in conducting tax research : What is the difference between primary and secondary authorities? Explain the role of each authority type in conducting tax research.
Question - Profit Variance Analysis : Question - Profit Variance Analysis. Create a profit variance report to show the difference between the master budget and the actual profits

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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