Record the sale of the machinery on September

Assignment Help Accounting Basics
Reference no: EM133097004

Question - Blue Jays Corporation purchased machinery on January 1, 2019, at a cost of $280,000. The estimated useful life of the machinery is five years, with a residual value of $10,000. The company is considering which depreciation method to use for financial reporting purposes.

Required -

a) Record the annual depreciation for 2021 using the straight-line method.

b) Record the annual depreciation for 2020 using the double-diminishing method.

c) Which method would result in the higher cash flow for 2019? Over the ?ve-year period?

d) Record the sale of the machinery on September 1st, 2022 for $140,000 cash. Assume the straight-Iine method of depreciation is used.

Reference no: EM133097004

Questions Cloud

Change the constitutional system : What political values would you want to consider if you were to change the constitutional system?
Examine how energy resources are used : Explore the connection between society and its use of energy resources. In particular, you will examine how these resources are used and some of the associated
Geopolitical to missionary : In the readings thus far, the text identified many early American interests in the Middle East from geopolitical to missionary.
Explain how texas population : Explain how Texas' population has changed throughout the state's history and how it is projected to change in the future.
Record the sale of the machinery on September : Record the sale of the machinery on September 1st, 2022 for $140,000 cash. Assume the straight-Iine method of depreciation is used
Briefly explain purpose of constitution : Briefly explain the purpose of the Constitution. Use relevant and factual information in your explanation.
Calculate the total funds required to proceed with project : The flotation cost of equity is 6% and the flotation cost for debt is 2%. If the capital project has a cost of $2 million, calculate the total funds required
Undermine separation of powers : How is it possible to undermine the separation of powers? What are the limits of checks and balances?
Mineral properties and applications : Explore the connection between society and its use of mineral and rock resources. Of special interest will be how our use of these resources

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute total asset turnover for given year

Eastman Company reports the following ($ 000s): net sales of $13,557 for 2011 and $12,670 for 2010; end-of-year total assets of $14,968 for 2011 and $18,810.

  Define in your own words professional skepticism

Define in your own words 'professional skepticism'. Give an example of a negative consequence that can result from failure to practice professional skepticism

  Prepare the bank reconciliation for alpha company

The following information was recorded in Alpha's cash receipts ledger, Prepare, in good form, the July 31, 2017 Bank Reconciliation for Alpha Company

  How much will you have to deposit now to meet your goal

You wish to put away enough money so that you can withdraw $7,000 per month for 23 years. How much will you have to deposit now to meet your goal

  On january 1 2008 parent company acquired 90 percent

on january 1 2008 parent company acquired 90 percent ownership of subsidiary corporation at underlying book value. the

  Explain what is meant by reliability of evidence

Explain what is meant by reliability of evidence and list the characteristics of evidence that affects its reliability

  Compute culver weighted-average number of shares

Culver Corporation had 106,800 shares of stock outstanding on January 1, 2020. Compute Culver's weighted-average number of shares outstanding for 2020

  What is the budgeted units of production for february

The Cardinal Company had a finished goods inventory of 55,000 units on January 1. What is the budgeted units of production for February?

  Determine the amount of each lease payment

On 1 January 20X1, Canada Leasing Inc. acquired an asset on behalf of Magnum Ltd. for $100,000. Determine the amount of each lease payment

  Prepare an income statement through gross profit

Instructions - Prepare an income statement through gross profit for the year ended December 31, 2012

  What was the primary causes of the loss in net income

Green Pastures is a 400-acre farm on the outskirts of the Kentucky Bluegrass, specializing in the boarding of broodmares and their foals. A recent economic.

  If cash sales are made of 100000 and a state-imposed sales

1. a 3 month 7 note for 14000 is signed on nevmber 1. what is the entr to accrue interest on december 31?a debit to

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