Prepare the journal entry to record the expenditure

Assignment Help Accounting Basics
Reference no: EM132234595

Question - MBA Transportation (MBA T) On July 1, 2014, MBA T bought a truck for $52,000 cash. It has estimated residual value of $4,000, and an estimated life of 4 years, or 400,000 kilometers. The truck drove 99,000 kilometers in 2014, 91,000 kilometers in 2015, 120,000 kilometers in 2016, and 95,000 kilometers in 2017. MBA T. has a December 31st year end.

1. MBA T uses straight-line method of depreciation,

2. On May 1, 2015 a new canopy was installed onto the truck at a cost of $5,000,

3. The useful life was changed from four years to six years after installation of the new canopy, and

4. The estimated residual value was changed from $4,000 to $6,000

Prepare the following journal entries:

1. Prepare the journal entry to record the expenditure on the canopy for cash on May 1st 2015.

2. Prepare the journal entry to record the depreciation expense for year 2015.

3. Close the depreciation expense account on December 31, 2015.

How would the journal entry and close the depreciation expense account look like?

Reference no: EM132234595

How many years until he can establish the foundation

Derrick Lee just received a signing bonus of $1,000,000. His plan is to invest this payment in a fund that will earn 6%, compounded annually. (Hint: Use tables in text.)

Assignment-lasa - final project report

Prepare an 8-10-page report in Word. This report should include a project history of your recent Trillo Apparel Company District 4 Production Warehouse Move experience over

Estimated cash disbursements

Assuming a beginning cash balance of $2,000, estimated cash receipts of $105,900, and a desired ending cash balance of $3,500, then the estimated cash disbursements are:

What is the investments net present value

Robert Huft retires in 6 years. He would have to purchase equipment costing $590,000 to equip the outlet. Other outlets in the fast food chain have an annual net cash inflow

Assets are economic resources of an enterprise

Assets also include certain deferred charges that are not resources but that are recognized and measured in conformity with generally accepted accounting principles." Do you

The government wide statement of activities

What three categories of revenues are deducted from expenses to compute the net expenses or revenues for each function or program shown in the government wide statement of a

Write a memo to vice president explaining nature of risk

When designing an information system, the designers are increasingly concerned with the risks associated with technology and information system. Write a memo to the Vice Pre

Techniques of acceptance testing

What are the various techniques of acceptance testing? What issues will arise when a company opts for only one type of accep- tance testing? Which technique should be adopte

Reviews

Write a Review

 
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