User Account

All Pages

Record the purchase of the drill press

Assignment Help Accounting Basics
Reference no: EM13524407

At the beginning of 2012, Precision Manufacturing purchased a new computerized drill press for $50,000. It is expected to have a five-year life and a $5,000 salvage value.


a. Compute the depreciation for each of the five years, assuming that the company uses
(1)Straight-line depreciation.
(2)Double-declining-balance depreciation.

b. Record the purchase of the drill press and the depreciation expense for the first year under the straight-line and double-declining-balance methods in a financial statement.

Reference no: EM13524407

Questions Cloud

Most valid predictor of performance : High-level degrees from non-accredited schools may be indicators of lesser accomplishment than lower-level degrees from accredited schools.
Compute the simple rate of return for the machine : Compute the payback period for the machine and compute the simple rate of return for the machine -
Prepare an incremental analysis report for barnes company : Prepare an incremental analysis report for Barnes Company which can serve as informational input into this make or buy decision.
Compute total-price and quantity variances for materials : Compute the total, price, and quantity variances for materials - Benjamin Company purchased
Record the purchase of the drill press : Record the purchase of the drill press and the depreciation expense for the first year under the straight-line and double-declining-balance methods in a financial statement - Compute the depreciation for each of the five years, assuming that the c..
Research suggests that biodata does not provide incremental : The proportion of organizations that conduct pre-hire background checks to determine if employees have criminal records or inaccurate reporting on résumés, has risen dramatically in recent years.
Wnat journal entries : The company pays $44,900 to tear down the old building and $66,374 to fill and level the lot. It also pays a total of $1,857,382 in construction costs"this amount consists of $1,747,100 for the new building and $110,282 for lighting and paving a p..
Advice of the credit manager on the financial statement : what could be the possible effects of following the advice of the credit manager on the financial statement items?
Compute the depreciation expense under the straight-line : Compute the depreciation expense under the straight-line method for 2012 and 2013, assuming a December 31 year-end.

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