What was the depreciation for the first year

Assignment Help Accounting Basics
Reference no: EM133152776

Question - Sale of Equipment - Equipment was acquired at the beginning of the year at a cost of $31,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of ten years and an estimated residual value of $610.

a. What was the depreciation for the first year?

b. Assuming the equipment was sold at the end of year 2 for $7,280, determine the gain or loss on the sale of the equipment.

c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

Reference no: EM133152776

Questions Cloud

Critique of wooden position and perspectives : What is your critique of Wooden's position and perspectives?
Identity chart as a template : For this discussion, you will consider the ways in which you identify yourself, both to others and just to yourself.
Types of message orientations : Identify at least 3 types of "message orientations" Define each. Analyze the pros and cons of each. Offer your own idea as to how to improve one or more of the
Developing services in community services : Discuss the priciples of resourcing in developing services in community services.
What was the depreciation for the first year : Equipment was acquired at the beginning of the year at a cost of $31,500. What was the depreciation for the first year
Learning in the information technology field : While your studies maybe in the areas of accounting or marketing etc, discuss why you should enhance your learning in the information technology field.
Closing statements against liberalization of trade : Briefly explain 5 Closing statements Against liberalization of trade
Find the nominal rate of interest : Q1. The interest rate per compounding period when there is quarterly compounding is 1.5%. Find the nominal rate of interest.
What are Crow journal entries for the purchase : What are Crow's journal entries for (a) the purchase of the investment on June 30, 2020, (b) the receipt of semiannual interest and amortization on Dec 31, 2020

Reviews

Write a Review

Accounting Basics Questions & Answers

  Which concept presented you with the most problems

Which concept presented you with the most problems or challenges? Conversely, which concept did you find the easiest to understand?

  What would be the change in the value of the bank

If the bank can set up $150 million in futures contracts whose underlying bonds have an average duration of 2.20 years, what would be the change

  Determine the variable cost per unit

The manufacturing costs of Fuld Industries for three months of the year are provided below. Determine the variable cost per unit

  What is the monetary value of fringe benefits

Fringe benefit tax expense 53 846 fringe benefit expenses 400,000. What is the monetary value of fringe benefits given to rank and file employee

  Determine the current ration

For the FY 2018, Dorchester Company's balance sheet included the following current items: cash $31,000, accounts receivable $106,000, inventories $102,000.

  Calculate the share capital and retained earnings balances

A company has the following transactions over its 4-year history: Calculate the Share Capital and Retained Earnings balances at the end of each year

  Discuss beginning of the year balance

Complete on a Pension Worksheet/ or excel spreadsheet

  Bear corporations payroll taxes expense on each employee

bear corporations payroll taxes expense on each employee includes 7.65 oasdi and hi taxes on the first 87000 earned 0.8

  Kevin exchanges an office building used in business for one

kevin exchanges an office building used in business for one owned by charlene. the fmv of kevins building is 28000

  Calculate the gain or loss to be recognized

Calculate the gain or loss to be recognized by J & J. Assume commercial substance

  How would you explain the ethical corporate governance

How would you explain the Ethical Corporate Governance concept and how can the board members of an organization demonstrate

  What is the net income level for each of the scenarios

You have the following information regarding prospective sales for a proposed new project. What is the net income level for each of the scenarios

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