User Account

All Pages

What is journal entry

Assignment Help Accounting Basics
Reference no: EM131678966

Question - The car account has original useful life of 10 years and no residual value. The company bought the car at the beginning of 2013 and has been using the cost model and straight line depreciation method to account for the car. At the beginning of the current fiscal year of 2015, there is a change in estimate and it is determined the remaining useful life be adjusted to 4 years because of its increasing wear and tear. The reported value of $ 30,000 is the amount after recording the new depreciation expense for the current. What is journal entry?

Reference no: EM131678966

Questions Cloud

Discuss the duties of the corporations act : He and May pass a directors' resolution donating the drawings to the Art Gallery. Have the directors contravened any director duties of the Corporations Act.
Is it true that health care industry is dynamic : Is it true that health care industry is dynamic and need constant review of strategic plan? If so what can be the most driver of such changes?
Enhancing the group benefits plan offered to employees : Your organization, located in Manitoba, will be enhancing the group benefits plan offered to employees in two months by adding accidental death.
How would you design the power grid today : Describe the circumstances that would have had to exist for wind power or hydropower to become the main source of electricity instead of coal
What is journal entry : The reported value of $ 30,000 is the amount after recording the new depreciation expense for the current. What is journal entry
What kinds of sacrifices do governments face : What kinds of sacrifices do governments face when considering how to reduce greenhouse gases? Do you feel these sacrifices are worth it?
Calculate the materials cost for december : In December, Sara's Sodas produced 4.0 million liters of the beverage. Calculate the materials cost for December
Provide an example of areas of the marketing mix-product : Provide an example of the four areas of the marketing mix-product, price, placement, and promotion-used by each of your selected companies.
Write about a recent experience of care : Using the Gibbs Reflective Cycle, write about a recent experience of care giving that you found upsetting or discouraging.

Reviews

Write a Review

Accounting Basics Questions & Answers

  West coast marine amp rv is considering replacing its wired

west coast marine amp rv is considering replacing its wired pendant controllers on its heavy-duty cranes with new

  Which product gf10 or gf20 would result in a net decrease

grassy fertilizer manufactures two lines of garden grade fertilizeras part of a joint production process gf10 and gf20.

  Calculate depreciation expense and book value

On January 1, 2009, Boston Company purchased a heavy duty machine having an invoice price of $13,000; Boston paid transportation and installation costs totaling $3,000. The machine is estimated to have a 4-year useful life and a $1,000 residual va..

  Strikers inc sells soccer goals to customers over the

strikers inc. sells soccer goals to customers over the internet. history has shown that 3 of strikers goals are faulty

  What amount of total assets video report in balance sheet

Based on the preceding information, what amount of total assets did Video report in its balance sheet immediately after the acquisition

  Finished goods inventory is 190000 if overhead applied to

finished goods inventory is 190000. if overhead applied to these goods is 72000 and the overhead rate is 120 of direct

  How do ethics codes apply to project selection

How do ethics codes apply to project selection and capital budgeting? What are the potential risks to a company of unethical behaviors by employees? What are potential risks to the public and to stakeholders? Please explain how Saint Leo's core value..

  Mango cereal corporation uses a standard cost system to

mango cereal corporation uses a standard cost system to collect costs related to the production of its crunchy pickle

  For the most recent year list the amount of net cash inflow

1. does the company use the direct or the indirect method to prepare the statement of cash flows? how can you tell?

  Prepare journal entries for recognition of impairment loss

Prepare the general journal entries for the 1 July 2015 recognition of impairment loss on machinery of $10,000 and 1 July 2015 recognition of reversal of impairment loss on machinery of $15,000.

  Consequences for growth of diminishing returns to capital

What are the consequences for growth of diminishing returns to capital? How are some economies able to maintain high growth rates despite diminishing returns to capital?

  Why do you only subtract the preferred dividends from net

why do you only subtract the preferred dividends from net income to calculate the eps but not the common stock

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