What is the journal entry to recorded depreciation

Assignment Help Accounting Basics
Reference no: EM132170161

Question - On December 31, Pong Inc own a $6,500 lathing machine, purchased on November 1, with a five year estimated life. It estimates a residual value of $500 and records depreciation using straight line. What is the journal entry to recorded depreciation for this machine assuming no entry has been made to date?

Reference no: EM132170161

Questions Cloud

Steps of the evidence-based research process : Describe the steps of the evidence-based research process and the importance of using them - determine whether or not a practice problem is appropriate
What is the gain or loss for the partner : What is the gain or loss for the partner, the cash basis after the distribution, inventory basis, and Section 734 Adjustment
Evaluate and continuously improve the quality of our work : The public and government agencies are confident that our customers are being treated fairly in the determination of eligibility and benefits.
What would a utilitarian recommend : Analyze the following questions associated with your chosen case study and discuss them using concepts you learned in this course.
What is the journal entry to recorded depreciation : On December 31, Pong Inc own a $6,500 lathing machine, purchased on November 1, What is the journal entry to recorded depreciation for this machine
What are different types of international negotiations : Why communication skills are crucial in the arena of international business? What are different types of international negotiations?
Difference between backward and forward integration : What is vertical integration? What is the difference between backward and forward integration?
What is the effect on revenue liability and net income : At year end, five months have elapsed. If no entry is booked, what is the effect on revenue, liability and net income
What went wrong at wells fargo : This week we look at the principle-agent problem and what went wrong at Wells Fargo. What about the incentive system resulted in massive creation of fake.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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