Determining revised annual depreciation

Assignment Help Accounting Basics
Reference no: EM13143517

On Jan 1, 2010 the ABC Company ledger shows Equipment $36,000 and Accumulated Depreciation $14,000. The depreciation resulted from using straight line method with a useful life of 10 years and a salvage value of $2,000. On this date the company concludes that the equipment has a remaining useful life of two years with the same salvage value. Compute the revised annual depreciation.

Reference no: EM13143517

Questions Cloud

Calculate the maximum mass of water : suppose 7.70g of methane is mixed with 54.7g of oxygen . Calculate the maximum mass of water that could be produced by the chemical reaction
Result of management fraud : During the course of the audit of FF Financial, you find that some accounting entries have been altered. You believe this may be the result of management fraud and you have determined that the effect of this could be material to the financial stat..
Estimate the final selling price and number of days : No Gulf View condominium with a list price of $285,000. What is your estimate of the final selling price and number of days required to sell each of these units?
What is the molar mass of the gas : The gaseous product of a reaction is collected in a 25.0 L contained at 27 degrees Celsius. The pressure in the container is 216 kPa, and the gas has a mass of 96.0g. What is the molar mass of the gas?
Determining revised annual depreciation : On this date the company concludes that the equipment has a remaining useful life of two years with the same salvage value. Compute the revised annual depreciation.
What is the natural coefficient of variation : The mean time to expose a single panel in a circuit-board plant is two minutes with a standard deviation of 1.5 minutes. What is the natural coefficient of variation?
Determine the percent yield : 4Al + 3O2 = 2Al2O3 determine the percent yield if 124 g Al2O3 are produced when 3.0 moles of Al are reacted
Mariddie is a western apache : Mariddie is a Western Apache teenager who has just experienced menarche. What reaction should she expect from those around her? There will be an elaborate celebration in her honor.
Find probability us space shuttle functions successfully : Each of these systems functions, independently of the others, with probability 0.98. As long as at least one of these systems is functioning, this shuttle Component functions successfully.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Which one of the following will increase the operating cycle

Which one of the following will increase the operating cycle?

  Prepare journal entries relating to the stock option

In order to retain certain key executives, Smiley Corporation granted them incentive stock options on December 31, 2009. 80,000 options were granted at an option price of $35 per share.

  Problem regarding budgeted net income

The Adams Company, a merchandising firm, has budgeted its activity for November according to the following information:

  Determining valuing preferred stock

Best Rate Bank just issued some new preferred stock. The issue will pay a $10 annual dividend in perpetuity, beginning 10 years from now. If the market needs a 7% return on this investment

  Net present value of the proposed project

The company requires a minimum pretax return of 13% on all investment projects. The net present value of the proposed project is closest to:

  What is joyce recognized gain or loss

Joyce's office building was destroyed in a fire (adjusted basis of $350,000; fair market value of $400,000). Of the insurance proceeds of $360,000 she receives.

  What elements of consistency should be considered

What criterion must be met for true comparability?

  Straight-line depreciation for a capital project

Phyllis believes that the firm should use straight-line depreciation for a capital project because it results in higher net income during the early years of the project's life.

  Selling and administrataive expense budget

The budgeted unit sales of Haerve Company for the upcoming fiscal year are provided below: Prepare the company's selling and administrative expense budget for the upcoming fiscal year.

  Journal entry for depreciation-presentation

At the end of its first year, the trial balance of Eaton Company shows Equipment $30,000 and zero balances in Accumulated Depreciation?Equipment and in Depreciation Expense ?Equipment. Depreciation for the year is estimated to be $6,000.

  Reduce goal incongruence

What is goal incongruence? How can using the metric "return on investment" for performance evaluation lead to goal incongruence?

  What happens to the value of money if prices in general fall

What is the basic relationship between interest rates and bond prices, and why does the relationship exist?

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