User Account

All Pages

What the amount that should be recorded for depreciation

Assignment Help Financial Accounting
Reference no: EM132858877

On 30 June 2021, the following information was available for a piece of equipment:

Purchased on 1 July 2018, cost $65,000, useful life 6 years, residual value $5,000.
Fair value recorded on 30 June 2020 was $49,000
Straight line depreciation is applied for equipment

Problem 1: On 30 June 2021, the amount that should be recorded for depreciation expense on the equipment is:

Select one:

a. $7,333

b. $11,000

c. $8,167

d. $10,000

Reference no: EM132858877

Questions Cloud

What amount that kathy ltd should record for depreciation : What the amount that Kathy Ltd should record for depreciation on 30 June 2020 is? On 27 February 2020 Kathy Ltd received specialised equipment
Discuss the difference between the two approaches : XYZ Company bought real estate properties in Boston 50 years ago for $30,000. Discuss the difference between the two approaches
What laura ltd should recognize in profit and loss statement : On 1 January 2020, in relation to the trade in of the old vehicle, What Laura Ltd should recognize in the profit and loss statement a
What the journal entry needed to reflect the sale will be : What the journal entry needed to reflect the sale will be? The estimated useful life of the furniture at acquisition date was 8 years
What the amount that should be recorded for depreciation : What the amount that should be recorded for depreciation expense on the equipment is? Fair value recorded on 30 June 2020 was $49,000
Should coral limited accept the factors offer : The factor will also generate an admin saving for the company of $15,000. Should Coral limited accept the factors offer
What the journal entry required for a tax effect is : On 30 June 2021, the journal entry required for a tax effect is? On 30 June 2021 Jerry Ltd recorded a loss on revaluation for building of $50,000.
What next journal entry required to record the revaluation : What next journal entry required to record the revaluation for equipment on 30 June 2020 is? On 30 June 2019, Grove Ltd adopted the revaluation model to measure
Make the adjusting entry on December : On December 31, end of the accounting period, P15,500 are still on hand. Make the adjusting entry on December 31 for the medical supplies used

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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