User Account

All Pages

Prepare the entry to record depreciation for 2011

Assignment Help Accounting Basics
Reference no: EM131118954

1. Change in Estimate-Depreciation Thurber Co. purchased equipment for $710,000 which was estimated to have a useful life of 10 years with a salvage value of $10,000 at the end of that time. Depreciation has been entered for 7 years on a straight-line basis. In 2011, it is determined that the total estimated life should be 15 years with a salvage value of $4,000 at the end of that time.

(a) Prepare the entry (if any) to correct the prior years' depreciation.

(b) Prepare the entry to record depreciation for 2011.

Reference no: EM131118954

Questions Cloud

Starting with income before depreciation expense : Starting with income before depreciation expense, prepare the remaining portion of the income statement for 2009 and 2010.
Open discussion-debate of affirmative and negative teams : Write a debate on the research on Affirmative Action. Remember, this is a professional debate where all opinions are to be respected.
Evaluate the method-conclusion-or reliability : An annotated bibliography takes your preliminary bibliography and adds annotation to each entry.   Each annotation should contain the following information:
Determining how much to save for retirement : A recent MBA would like your assistance in determining how much to save for retirement. He is planning to invest $ 3,000 in a tax- sheltered retirement fund at the end of each year (i.e., appreciation of the fund is not taxed). In the base case, assu..
Prepare the entry to record depreciation for 2011 : In 2011, it is determined that the total estimated life should be 15 years with a salvage value of $4,000 at the end of that time.
Proactive efforts carried out by counseling professional : Proactive efforts carried out by counseling professional in response to institutional, systemic, and cultural impediments to their clients' well-being defines. A shift in thinking toward is slowly gaining recognition in the counseling profession. Not..
Compute depreciation expense on the equipment for 2010 : Prepare the journal entry(ies) necessary to record the depreciation expense on the building in 2010.
Which earnings number is more meaningful net income or gaap : Why do companies do this? Which earnings number is more meaningful, net income or this non-GAAP measure?
Design a class named clock : Design a class named Clock. You should use your IDE for this exercise. The class contains private data fields for startTime and stopTime, a no argument constructor that initializes the startTime to the current time

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Models of judicial decision-making

There are two major theories of judicial decision-making-the legal model and the attitudinal model. The legal model portrays judges as "value free" technicians who examine the facts of a case and then rely on the Constitution (the intent of the fr..

  Xyz corporation bonds pay a coupon rate of interest of 12

xyz corporation bonds pay a coupon rate of interest of 12 percent annually and have a maturity value of 1000. the

  During 2011 towson recording company increased its

during 2011 towson recording company increased its investment in marketable securities by 40726 funded fixed-assets

  What was the bank statement balance on june

Another company's check was deducted from your company's June bank statement,$500, Bank service charge, $25 What was the bank statement balance on June 30, 20x3?

  Gerard a not-for-profit entity is considering the

gerard a not-for-profit entity is considering the acquisition of a baseball winder that costs 56200. the baseball

  Mark bahr amprobert engler decide to form a

mark bahr amprobert engler decide to form a partnership.bahar invests 25000 cash and accounts receivable of 30000 less

  System demos on the waiting room solutions

Review the specialty system demos on the Waiting Room Solutions page. Identify three changes that were made in the specialty system from the general system. Why do you think these changes were made?

  The cost accountant determined 2700000 of the communication

the cost accountant determined 2700000 of the communication networks costs were fixed and should be allocated based on

  The approach of going green is good example of firms

the approach of going green is a good example of the firms social responsibility in addition to demonstrating the

  The sales manager feels that an 6100 increase in the

memofax inc. produces memory enhancement kits for fax machines. sales have been very erratic with some months showing a

  Why would a company maintain seperate accounts receivable

why would a company maintain seperate accounts receivable ledgers for each customer as opposed to maintaining a single

  On 30th november 2009 mrali submitted a tender for sale of

mr. ali is running hyper startraders a sole proprietorship business located at the mall roadlahore. at the year end the

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