What would be the depreciation expense recognized

Assignment Help Financial Accounting
Reference no: EM131202272

The B.S. Law Firm purchased new computers on January 1, 2011 for a total cost of $30,000. The computers have a useful life of 3 years and no salvage value. The straight line depreciation method is used. If on January 1, 2013 it is determined that the computers will be able to be sold for $500 at the end of their useful lives, what would be the depreciation expense recognized in 2013?

Reference no: EM131202272

Questions Cloud

Define interim audit testing : Define interim audit testing. Why does an auditor do it? What types of audit work are normally accomplished in the interim period(s)? How will the level of control risk (high risk vs. low risk) affect interim testing? Define substantive testing.
Compare and contrast the benefits of corporations : Bob, who is a close friend, has decided to start his own consulting firm. He has received conflicting information regarding the best business structure to create that provides the best opportunity to reduce his tax liability. He will be the only empl..
Intention of liquidating the investment : You have been asked to review the December 31, 2016, balance sheet for Champion Cleaning. After completing your review, you list the following three items for discussion with your superior: An investment of $32,000 is included in current assets. Mana..
Produce the journal entry to record this transation : The WTF company has a truck that was totalled when a flock of herons ran across the road and the driver slammed on the breaks and skidded into a farmers field and hit two cows and a turkey. They need to buy a new truck. What is the gain or loss on th..
What would be the depreciation expense recognized : The B.S. Law Firm purchased new computers on January 1, 2011 for a total cost of $30,000. The computers have a useful life of 3 years and no salvage value. The straight line depreciation method is used. If on January 1, 2013 it is determined that the..
Define intangible assets : When Selling Fixed assets how do you calculate the Book Value? Once you have book value if you sell the asset for more cash than book value what is it called? Less than book value what is it called? What is the method used to record the consumption o..
Prepare a multistep income statement : The following is a listing of all of the income statement accounts for Mulberry Street Sportswear as they appear on the adjusted trial balance as of December 31. Advertising Expense $10,900 Cost of Goods Sold 87,800 Delivery Expense 5,200 Insurance E..
Calculate the cost of finished goods inventory at the end : Illinois Soybeans operates a process- ing plant in which soybeans are crushed to create soybean oil and soybean meal. The company purchases soybeans by the bushel (60 pounds). At the end of March, there was no in-process or raw material in inventory...
Calculate total cost unit of purchasing from original wire : The estimated demand for the harness is 5,000 units a month. Both suppliers will incur some cost to retool for this particular harness. the harnesses wil be prepackaged in 24x 12x 6 inch carton. Each package weighs 10 pounds. Calculate the total cost..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Use the internet to research industry union

Select one (1) company headquartered in your home state that you would like to work for, that does not currently have unionized employees. Assume that you are an employee of this company and interested in starting a union. Use the Internet to researc..

  Costs as a capital expenditure or revenue expenditure

Jackie Fox owns and operates Platinum Transport Co. During the past year, Jackie incurred the following costs related to an 18-wheel truck: Changed engine oil. Installed a television in the sleeping compartment of the truck. Installed a wind deflecto..

  Compute the present value of the receivable on boeings books

Compute the present value of the receivable on Boeing's books on January 1, 2009, immediately after receiving the $10 million down payment.

  Describe cash controls over receipts-payments

Describe Cash Controls over Receipts- Describe Cash Controls over Payments

  Define capital budgeting and decision making

Welcome to Discussions! Let's start with defining capital budgeting and decision making. What is capital budgeting? What are the differences between screening decisions and preference decisions?

  How much must tighe include in his gross income

it had a retail price of $37,000. In addition, Tighe’s employer gave him $5,000 with which to pay the taxes on the prize. How much must Tighe include in his gross income?

  Illustrate what is the equity in income of sacco for

Assume Dawson has the ability to significantly influence the operations of Sacco. Illustrate what is the equity in income of Sacco for 2011?

  Determine the amount of loss from inventory shrinkage stated

Determine the amount of loss from inventory shrinkage stated (1) at cost and (2) at retail sales value. (Hint: Without any shrinkage losses, the cost of goods sold and the amount of gross profit would each amount to 50 percent of net sales.)

  How should loss be reported in the financial statements

when should a parent consider recognizing an impairment loss for goodwill associated with a subsidiary? How should the loss be reported in the financial statements?

  Question you are asked to bring the subsequent incomplete

question you are asked to bring the subsequent incomplete accounts of one of plentiful printings printing plants up to

  Estimate the amount of uncollectible accounts

Estimate the amount of Uncollectible Accounts as of December 31, 20X2 and what is the company's Uncollectible Accounts expense for 20X2 - compute the net realizable value of Accounts Receivable at the end of 20X1 and 20X2.

  Futures contracts and options contracts

Futures contracts and options contracts can be used to modify risk. Identify the fundamental distinction between a futures contract and an option contract, and briefly explain the difference in the manner that futures and options modify portfolio ris..

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