User Account

All Pages

What amount should lem report as depreciation

Assignment Help Financial Accounting
Reference no: EM131106599

On January 2, 2010, Lem Corp. bought machinery under a contract that required a down payment of $10,000, plus twenty-four monthly payments of $5,000 each, for total cash payments of $130,000. The cash equivalent price of the machinery was $110,000.

The machinery has an estimated useful life of ten years and estimated salvage value of $5,000. Lem uses straight-line depreciation.

In its 2010 income statement, what amount should Lem report as depreciation for this machinery?

Reference no: EM131106599

Questions Cloud

Discuss two original examples of a perception of agency : Describe two (2) differences between pre-attentive and post-attentive processing. How are they related to the processes of subitizing and counting? Provide one (1) supporting fact.
What is millers depreciation expense for september 2010 : Assuming a loss on impairment is recognized August 31, 2010, what is Miller's depreciation expense for September 2010?
Next-lowest marginal tax-rate : What is the marginal tax rate for a corporation with $70,000 taxable income and an average tax rate of 15% if the next-lowest marginal tax rate of 10% covers taxable incomes up to $50,000?
Addition to retained earnings : A company's internal growth rate is 7%. ROA is 11% and the company paid $40,000 in dividends. What was the addition to retained earnings?
What amount should lem report as depreciation : The machinery has an estimated useful life of ten years and estimated salvage value of $5,000. Lem uses straight-line depreciation - In its 2010 income statement, what amount should Lem report as depreciation for this machinery?
Prepare the journal entries to record the above transactions : Issued 1,000 shares of preferred stock for cash at $112 per share.Prepare the journal entries to record the above transactions.
Estimate the value of bond : The coupon is expected to be 5% of the face value of the bond (which is $ 1000) for the first 5 years, and will increase by 1% every year for the next 5 years i.e. the coupon rate will be 6% in year 6, 7% in year 7, 8% in year 8, 9% in year 9 and ..
What amount of loss should winn recognize : On March 31, 2010, what amount of loss should Winn recognize on this exchange?
International mergers and joint ventures of firms : What are some of the major reasons for the rapid expansion in international mergers and joint ventures of firms?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Ending inventory and cost of goods sold

Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost.

  A find our the major issues currently on the agenda for

a . find our the major issues currently on the agenda for consideration in future accounting standards and present a

  Prepare a consolidated worksheet for the year ended december

Prepare a determination and distribution of excess schedule. Prepare a consolidated worksheet for the year ended December 31, 20X3.

  Question the subsequent information is available for the

question the subsequent information is available for the first three years of operations for cooper company1. year

  What is the flexible budget variance for total expenses

Western Outfilters Mountain Sports projected 2008 sales of 75000 units at a unit sale price of $12.00. Actual 2008 sales were 72000 units at $14.00 per unit. Actual variable costs, budgeted at $ 4.00 per unit, totaled $4.75 per unit. budgeted fixe..

  Operating cash inflows and terminal cash flows

Originally purchased 3 years ago at an installed cost of $400,000, it is being depreciated under MACRS using a 5 year recovery period. The old press has a remaining economic lif of 5 years. Recommend which, if either, of the presses the firm should a..

  Compute the applied variable overhead

Compute the applied fixed overhead. Compute the fixed overhead spending and volume variances. Compute the applied variable overhead. Compute the variable overhead spending and efficiency variances.

  Determine the balance in the finished goods inventory

By the end of November all jobs but RX-115 were completed, and all completed jobs had been delivered to customers with the exception of SL-205. Determine the balance in the Finished Goods Inventory on November 30.

  Identify one of gross income inclusions

Identify one of the gross income inclusions. Why or why not? You can approach this question from an economic, social, revenue, or political perspective.

  How athena riding clubs four statements relate to each other

Explain how Athena Riding Club's four statements relate to each other. Which statements are most closely associated with the goals of liquidity and profitability? Why?

  I need help calculating the subsequent problem on 1st july

i need help calculating the subsequent problem on 1st july 2012 ted age 73 and single sells his personal residence of

  The purchases budget

The company's accountant is preparing the purchases budget for the first quarter operations. Metro maintains ending inventory at 20%.

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