Used bottling equipment-calculate the depreciation expense

Assignment Help Financial Accounting

Reference no: EM131259683

Used bottling equipment was acquired by Summit Brewing at a cost of $900,000 on August 1, 2010. Its estimated salvage value is $ -0- and its expected life is five years. Calculate the depreciation expense (round to the nearest dollar) by each of the following methods, showing all of your calculations. For the year of acquisition, use the mid-year convention. Why are we using the mid year convention? A. Straight-line for the calendar years 2010 and 2011, and 2012. B. Double-declining-balance for the calendar years 2010 and 2011, and 2012. II. A new building was acquired by Summit Brewing at a cost of $1,950,000 on February 9, 2011. The useful life is 39 years. Salvage value is zero. Compute depreciation for 2011 and 2012 (straight line method). For the year placed in service, use the mid-month convention. Why are we using the mid-month convention? III. A new truck was acquired by Summit Brewing at a cost of $90,000 on April 1, 2011. The useful life is 5 years. Salvage value is zero. Additionally, brewing equipment was acquired on October 1, 2011 at a cost of 61,600. The useful life is 7 years and salvage value is zero. Compute depreciation for 2011 and 2012 using the double declining balance method. For the year placed in service, use the mid-quarter convention. Why is the mid-quarter convention needed

Reference no: EM131259683

Questions Cloud

What is the genus of these bacteria : The children had each received pet ducklings. Gram-negative, facultatively anaerobic bacteria were isolated from both the patients' and the ducks' feces; the bacteria were identified as serovar C2. What is the genus of these bacteria?

Use the present value charts for capital budgeting : You will use the present value charts for capital budgeting in this chapter. Here try using the future value tables to show yourself the difference that waiting 10 years to start saving for retirement can make. SO for this one, you will use just the ..

Determines whether intermediate objective have been achieved : Determines whether intermediate objectives have been achieved. The ____ is completed monthly by the Census Bureau for the Department of Labor and updated annually. It contains basic information on health care.

Which is best suited for working with the administration : Per the text, the six (6) main roles of social workers in the long-term care setting are as follows: informational, case manager, coordination, enabler, intervention, and advocacy. Select two (2) of the listed roles and compare and contrast the ma..

Used bottling equipment-calculate the depreciation expense : Used bottling equipment was acquired by Summit Brewing at a cost of $900,000 on August 1, 2010. Its estimated salvage value is $ -0- and its expected life is five years. Calculate the depreciation expense (round to the nearest dollar) by each of the ..

Impact of collective bargaining on employee behavior : Assignment: For this assignment, you will discuss the impact of collective bargaining on employee behavior, and you will evaluatetraining and development methods for various types and levels of organizations.

What should occur if the company rejects a candidate : Identify and discuss, in detail, the factors that affect the content of job offers. What should occur if the company rejects a candidate? If the candidate rejects the company?

Create a file of five records that contain name : Create a file of five records that contain name, address, and telephone numbers. Begin by defining the fields in data dictionary format, and then show how you would represent these fields if you were trying to explain them to someone else. You may..

What was your organizations stock price over the last years : What was your organization's stock price over the last three years? Generate a scatter plot with the vertical axis being the price and the horizontal axis the time.

User Account

All Pages