Which at the end of the first year the adjusting entry

Assignment Help Accounting Basics
Reference no: EM132688359

Problem 1: On the first day of the year Hawaii Surfboards purchased surfboards for $17 000 which is to be depreciated by 20% a year. At the end of the first year the adjusting entry to record depreciation is which of the following?

Select one:

a. Debit depreciation expense surfboards $17000; Credit accumulated depreciation surfboards, $17000.
b. Debit accumulated depreciation surfboards $3400, Credit depreciation expense surfboards $3400.
c. Debit depreciation expense surfboards $3400, credit surfboards $3400
d. Debit depreciation expense surfboards $3400, Credit accumulated depreciation surfboards $3400.

 

Reference no: EM132688359

Questions Cloud

What are three objectives of accounting for heritage assets : What are three (3) objectives of accounting for heritage assets in financial statements to each of the following stakeholder groups: environmentalists
Discuss how cultural and literacy issues : Discuss how cultural and literacy issues can impact the effectiveness of a HazCom training program. Suggest ways that these issues can be addressed.
How important is hazcom training in the big picture : How important is HAZCOM training in the big picture of things? You know, as a single parameter within an EH&S system for a company,
Record unrealized holding gain of loss for available : Record the unrealized holding gain or loss for held to maturity security. Record the unrealized holding gain of loss for available for sale
Which at the end of the first year the adjusting entry : $17 000 which is to be depreciated by 20% a year. At the end of the first year the adjusting entry to record depreciation is which of the following?
Which as a result of the error : Billabong Company neglected to adjust the Office Supplies (asset) account for the amount of supplies used up during the year. As a result of this error
Calculate the fund assessable income from investments : Calculate the fund's assessable income from investments for the 2017/18 tax year. Unfranked Dividends from listed companies$ 12,450
Health promotion program : Identify the health promotion programs that you would want to investigate and get them approved by your instructor.
Write a procedure that takes a date and outputs : Write a function which will determine whether a teacher exists. If the teacher table does not contain that teacher ID, return a FALSE value, otherwise return

Reviews

Write a Review

Accounting Basics Questions & Answers

  On january 1 2015 alamar corporation acquired a 40 percent

on january 1 2015 alamar corporation acquired a 40 percent interest in burks inc. for 210000. on that date burkss

  Calculate and record decembers income tax expense

Calculate and record December's income tax expense adjustment -  Record the impairment adjustment - estimates total uncollectible accounts

  How is the amount of the gift reported on the estate tax

Assume Chester's estate is required to file an estate tax return, Form 706. How is the amount of the gift reported on the estate tax return

  What is the amount of the LIFO reserve

At January 1, 2020, the LIFO reserve has a credit balance of $1,495,000. What is the amount of the LIFO reserve and the LIFO effect related to 2020

  What is the character of rocky and bullwinkle loss

What is the character of Rocky's and Bullwinkle's loss? Under what IRC Code Section? What year(s) may R&B take such deductions?

  Question regarding the series of allegations

Beginning in 2006, Spike Clothing was besieged with a series of allegations that it was mistreating and underpaying workers at foreign facilities. Spike responded to these charges in numerous ways, such as by sending out press releases and writing..

  Which party might be interested in the annual report

The January 27, 2011, edition of the New York Times contains an article by Richard Sandomir entitled "N.F.L. Finances, as Seen Through Packers' Records."

  Condensed data taken from the departmental income statement

condensed data taken from the departmental income statement for nell and company are shown below. miscellaneous selling

  Calculate tammy net tax payable or refundable

Tammy's only other income during the 2017/18 tax year was gross salary of $36,290 for the period, Calculate Tammy net tax payable or refundable

  Provide the appropriate accounting entries to record issue

Provide the appropriate accounting entries to record The issue of the convertible notes; and The conversion of convertible notes into shares on 1 July 2024

  What is the labor rate variance

The job was completed in 610 hours and the average actual labor rate was $18.50 per hour. What is the labor rate variance

  The bakery produces tea cakes it uses a process costing

the bakery produces tea cakes. it uses a process costing system. in march its beginning inventory was 450 units which

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