Record the depreciation on fitness equipment

Assignment Help Accounting Basics
Reference no: EM13540624

New fitness equipment was purchased on July 1, 20x2. Terms of purchase
Initial cash payment $40,000
A 5 year non-interest bearing note $450,000
Annual interest rate considered appropriate 6%
The new fitness equipment has an estimated life of 8 years; the estimated residual value is 15% of original cost.

Record the purchase of fitness equipment on July 1, 20x2

Record the depreciation on fitness equipment

Show all work and amortization schedule

Reference no: EM13540624

Questions Cloud

Find the numerical value of d-proton with the mass : A proton with the mass m is projected into a uniform electric field that points vertically upward and has magnitude E. The initial velocity of the proton has a magnitude v_0 and is directed at an angle \alpha below the horizontal. A)Find the numerica..
Determine deer parks net income for 2008 : Determine Deer Parks net income for 2008 and prepare a balance sheet for Deer Park as of December 31, 2008.
Determine its angular acceleration and angular speed : Calculate the net torque about the asle of the wheel assuming that a friction torque of .40m*N opposes the motion. determine its angular acceleration and angular speed
Find the fans angular acceleration, assumed constant : A cooling fan is turned off when it is running at 175rpm. What was the fan's angular acceleration, assumed constant
Record the depreciation on fitness equipment : Record the depreciation on fitness equipment
What is the controllable overhead variance : What were standard hours for September, what is total monthly budgeted fixed overhead cost and what is the controllable overhead variance?
What is its speed when the displacement is given : A simple harmonic oscillator has an amplitude of 3.5cm and a max speed of 28cm/s. What is its speed when the displacement is 1.75cm
How multiple-step income statement provide information : Explain how a multiple-step income statement format can provide useful information to a financial statement user
Compute what is the angular speed : If a 200 kg, 3 m radius merry-go-round was spinning at 1 rev/s and you dropped a 25 kg bag of sand vertically onto the edge of the platform, what is the angular speed

Reviews

Write a Review

Accounting Basics Questions & Answers

  Write down a 400- to 500-word paper in which you

write a 400- to 500-word paper in which you differentiate between valuation depreciation amortization and depletion. is

  What is the target net income

A company requires $1,020,000 in sales to meet its net income target. Its contribution margin is 30%, and fixed costs are $180,000. What is the target net income?

  From the perspective of a user of financial statements why

what is a current liability? from the perspective of a user of financial statements why do you believe current

  Determine the amount of depreciation expense

Any plans to depreciate the operating assets on a straight-line basis for 20 years. Determine the amount of depreciation expense for 2010 on these newly acquired assets.

  Government taking account when creating a tax

Which of the following is an example of a consideration the government takes into account when creating a tax?

  Accounting and straight-line amortization

On Jan 1. 2009, Clintwood corporation issued a $1,000, ten-year, 10% bond payable (interest payable each dec 31) For the 3 assumptions below complete the following schedule assuming the accounting year ends dec 31, and straight-line amortization i..

  What amount may tad and mary claim

Assuming Tad attends school for 12 months, what amount may Tad and Mary claim as a child care credit (Ignore the income tax limitation)?

  Jackson inc is a management consulting firm that

jackson inc. is a management consulting firm that specializes in management training programs. max manufacturing inc.

  Budgeted fixed manufacturing overhead for the period is

the following standard costs were developed for one of the products of ferrars companystandard cost card per

  Make an argument for or against the employ of either the

create an argument for or against the use of either the rolling budget or the continuous budget on the planning process

  Determine the amount of income allocated to each partner

Sharp and Townson had capital balances of of 60,000 and 90,000 respectively at the beginning of the current fiscal year.

  Accounting conceptual framework

What assumption or concept of the accounting conceptual framework has been violated if the owner of a company purcahses a tv for her own personal use on her own personal credit card. But she instructs her bookeeper to debit equipment and credit ca..

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