Prepare the journal entries to record depreciation expense

Assignment Help Accounting Basics
Reference no: EM131938486

Question - On April 1, 2013 a company discarded a machine that had cost 18,000 and had accumulated depreciation of 8,000 as of December 31, 2012. The asset had a five-year life and no salvage value. Prepare the journal entries to record the updating of the depreciation expense and discarding of this asset.

Reference no: EM131938486

Questions Cloud

What is the potential down side to this strategy : What is the potential down side to this strategy?Explain how your job satisfaction or dissatisfaction can be directly linked to the attitude of others.
What is the intrinsic value of the company : The company currently has debt and preferred stock totaling $500 million and 150 million outstanding shares of common stock.
How you can be a transformational leader : Describe how you'd like to further your own development as a leader, how you can be a transformational leader, and describe person traits and skills.
Draw a binary tree corresponding to the given expression : Draw a binary tree corresponding to the arithmetic expression A+B*C/D*(E-F), so that preorder, inorder and postorder traversal of binary tree.
Prepare the journal entries to record depreciation expense : The asset had a five-year life and no salvage value. Prepare the journal entries to record the updating of the depreciation expense and discarding of this asset
Describe a set of segments that cover the entire smartphone : Recommend and describe a set of segments that cover the entire smartphone product market in the United States from a buyer perspective?
Determining the price of the stock today : The risk-free rate is 4.25% and the market risk premium is 6.25%. If the company's beta is 1.12, what is the price of the stock today? Show steps.
Record the first year amortization expense : The leasehold expires in 15 years. Prepare the journal entry to record the first year's amortization expense
How should the company ship the cars in order to minimize : A Business Application: Minimum Shipment Cost An automobile company has two factories.

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