User Account

All Pages

What entryshould be made in 2011 to correctly record

Assignment Help Accounting Basics
Reference no: EM131118250

1. In January 2010, installation costs of $6,000 on new machinery were charged to Repair Expense. Other costs of this machinery of $30,000 were correctly recorded and have been depreciated using the straight-line method with an estimated life of 10 years and no salvage value. At December 31, 2011, it is decided that the machinery has a remaining useful life of 20 years, starting with January 1, 2011. What entry(ies) should be made in 2011 to correctly record transactions related to machinery, assuming the machinery has no salvage value? The books have not been closed for 2011 and depreciation expense has not yet been recorded for 2011. 

Reference no: EM131118250

Questions Cloud

Does the different treatment of financial assets : Does the different treatment of financial assets and liabilities affect inferences you draw from the decomposition of ROCE? Explain.
What entry should be made to correct for this error : What entry should be made to correct for this error, assuming that the books are not closed for 2011?
What entry is necessary to correct for this error : On January 2, 2010, $100,000 of 11%, 10-year bonds were issued for $97,000. The $3,000 discount was charged to Interest Expense.
Identify the major reasons for the changes in the probabilit : Use Beneish's earnings manipulation model to compute the probability that Enron engaged in earnings manipulation for 1998, 1999, and 2000. Identify the major reasons for the changes in the probability of earnings manipulation during the three-year pe..
What entryshould be made in 2011 to correctly record : What entry(ies) should be made in 2011 to correctly record transactions related to machinery, assuming the machinery has no salvage value? The books have not been closed for 2011 and depreciation expense has not yet been recorded for 2011.
How did the bankruptcy risk of marvel entertainment change : Compute Altman's Z-score for Harvard Industries and Marvel Entertainment for fiscal Year 5 and Year 6. How did the bankruptcy risk of Harvard Industries change between fiscal Year 5 and Year 6? Explain. How did the bankruptcy risk of Marvel Entertain..
Elliott corp failed to record accrued salaries : Elliott Corp failed to record accrued salaries for 2009, $2,000; 2010, $2,100; and 2011, $3,900 what is the amount of the overstatement or understatement of Retained Earnings at December 31, 2012?
Compute altman z score for best buy and circuit city : Compute Altman's Z-score for Best Buy and Circuit City for 2007 and 2008. How did the bankruptcy risk of Best Buy change between 2007 and 2008? Explain. How did the bankruptcy risk of Circuit City change between 2007 and 2008? Explain.
How should this change be reflected : Prior to 2010, Heberling Inc. excluded manufacturing overhead costs from work in process and finished goods inventory.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Expected postretirement benefit obligation

What is the expected postretirement benefit obligation at the end of 2011?

  Prepare a vertical common-size analysis

Using the balance sheets, prepare a vertical common-size analysis for 2011 and 2010. Use total assets as a base. Using the balance sheets, prepare a horizontal common-size analysis for 2011 and 2010. Use 2010 as the base.

  Brent owns beck trucking seven years ago he purchased a

brent owns beck trucking. seven years ago he purchased a large-capacity dump truck for 115000 to provide short-haul

  In its first year of operations cope company earned 28000

in its first year of operations cope company earned 28000 in service revenue 6000 of which was on account and still

  Trust is a problematizing devise

Mourtinsen and Thrane (2006) state that "Trust is a problematizing devise. It is raised as a concern in the networks when trusting is absent." Explain what they mean by this statement.

  An investment heavy in stocks produces the best results

The simulation output from Example 11.7 indicates that an investment heavy in stocks produces the best results. Would it be better to invest entirely in stocks? Answer this by rerunning the simulation. Is there any apparent downside to this strat..

  A business owns purchased cows how should the corporation

a business ownsnbsp cows. how should the corporation record the cows are they assets to the corporation ? if so what

  Assume that the privately held technology company

Assume that the privately held technology company decides to become a publicly traded company on the NASDAQ and is required to adopt International Financial Reporting Standards (IFRS).

  Todd inc is in the process of developing a transfer price

todd inc. is in the process of developing a transfer price for a part produced by dept. a and used by other departments

  Purchases of merchandise

In its first month of operations, Quirk Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $7, and (3) 200 units at $8.

  Tax consequences of the liquidation

In a liquidation subject to section 332, Rose distributies assets to Pheasant and Crystal in accordance with their ownership intersts. Discuss the tax consequences of the liquidation for Rose, Pheasant, and Crystal.

  Discuss the reasons for yahoo''s proposed acquisition o thumb

Discuss the reasons for Yahoo's proposed acquisition of Tumbler. Has it been successful? How much will Yahoo receive from the IPO of Alibaba?

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