Prepare the general journal entries

Assignment Help Accounting Basics
Reference no: EM131578247

Question - 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.

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

Reference no: EM131578247

Questions Cloud

Exponent in the cost-capacity equation : How much would a 61 bpd plant cost when the index value is 494 provided the exponent in the cost-capacity equation is 0.5?
Future and present values for different periods : Compounding/discounting occurs annually. Do not round intermediate calculations. An initial $300 compounded for 1 year at 5%.
What is the homeland security investigations directorate : Why is the Homeland Security Investigations directorate considered a critical asset
Classes of wireless data networking : What are the three classes of wireless data networking? List the main features of 3G systems and how these compare to 4G systems.
Prepare the general journal entries : Question - 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
Create an effective contingency plan : Describe the risks to organizational security management that can result from a failure to engage in disaster recovery and business continuity planning.
Appropriate management or treatment of each risk type : Credit, market and operational risks. Further, recommend the appropriate management or treatment of each risk type.
In what circumstances are medical treatments not indicated : 1. What is the patient's medical problem? Is the problem acute? Chronic? Critical? Reversible? Emergent? Terminal?
Explain euclids division theorem : Rewrite Euclid's division theorem, using the notation above for statements about variables. Leave out the references to universes so that you can see clearly.

Reviews

Write a Review

Accounting Basics Questions & Answers

  The long term liability section of twin digital

the long term liability section of twin digital corporations balance sheet as of december 31 2010 included 12 bonds

  Total deviation from absolute flatness

Gemini sets strict technical requirements on many aspects of the filters used on the telescope including a strict requirement that they be extremely flat-their total deviation from absolute flatness must be no more than 30 nm as measured by the ro..

  Business paid cash from personal checking

The owner of a business paid cash from his personal checking account to purchase an automobile for his personal use. This transaction _____________.

  Generally accepted accounting principles usually

Generally accepted accounting principles usually require the use of accrual accounting to "fairly present" income.

  Selecting between forecast methods

Selecting between forecast methods. Suppose Bolivia has a nominal one-year risk-free interest rate of 40%, which is primarily due to the high level of expected inflation. The euro nominal one-year risk- free interest rate is 8%.

  The alpha company purchased 25 million of merchandise on

the alpha company purchased 2.5 million of merchandise on account. a amp a products gives terms of 1 10 days net 20.

  Determine actual hourly rate of pay for tune-ups last week

Determine the number of actual labor-hours spent on tune-ups during the week. Determine the actual hourly rate of pay for tune-ups last week

  Bates company issued 1000000 9-year bonds and agreed to

bates company issued 1000000 9-year bonds and agreed to make annual sinking fund deposits of 73800. the deposits are

  On september 30 2010 lanter co issued 100000 worth of 5

on september 30 2010 lanter co. issued 100000 worth of 5 year 9 bonds when the market rate was 8. the proceeds were

  The canton movie theatre is considering selling its old

the canton movie theatre is considering selling its old popcorn machine and replacing it with a newer one. the old

  Provide the journal entry for the asset revaluation

Excel Medical, LLC, consists of two doctors, Douglass and Finn, who share in all income and losses according to a 2:3 income-sharing ratio. Dr. Lindsey Koster has been asked to join the LLC.

  Elle inc has two types of handbags standard and custom the

elle inc. has two types of handbags standard and custom. the controller has decided to use a plantwide overhead rate

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