### What is the impact on financial statements for fiscal year

Assignment Help Accounting Basics
##### Reference no: EM13135270

A company purchased \$150,000 worth of production equipment on April 1. Management decided to depreciate the equipment over four years using straight line depreciation. The salvage value is \$30,000. The company uses a calendar year as its fiscal year.

What is the impact on the financial statements for fiscal year 2 from this purchase?

A. Accumulated depreciation will be recorded as \$75,000.
B. Depreciation expense will be \$37,500.
C. Accumulated depreciation will be recorded as \$60,000.
D. Depreciation expense will be \$30,000.

### Previous Q& A

#### Define kinetics of particles -newton''s second law

Kinetics of Particles : Newton's Second Law, Determine the maximum theoretical speed that may be achieved over a distance of 50 m by a car starting from rest

#### Basics of change in accounting principle

Which of the following is accounted for as a change in accounting principle?

#### Defining elements of realism

.Describe in a 2-3 page paper the ways specific defining elements of realism and/or naturalism manifest themselves in Jack London's To Build A Fire.

#### Cross-sectional area and perimeter of drain

Water flows in a 400mm diameter drain to a depth of 150mm. Calculate the wetted perimeter of the drain and the cross sectional area of the water

#### Explain tensile force and corresponding normal stress

Determine the magnitude of tensile force and corresponding normal stress of a wire A 28-ft length of 0.25-in

#### Owning voting stock

A controlling influence over the a company you have invested in is based on you owning voting stock exceeding what percent?

#### Determine the heat of formation of p4o10

When burned in oxygen, 10.0 g of phosphorus generated enough heat to raise the temperature of 2950 g of water from 18.0oC to 38.0oC. The heat of formation of P4O10 from P4(s) and O2(g) is:

#### Minimize cost for bottom of cylindrical can

The metal used to make the top and bottom of a cylindrical can costs 4 cents/in^2, while the metal used for the sides costs 2 cents/in^2. The volume of the can is to be exactly 100 in^3. What should the dimensions of the can be to minimize the cos..

#### Summary about the norton anthology of literature,

double-spaced summary of the introduction you were assigned to read in the Norton Anthology of Literature, Volume C. Focus on how the editors define the importance of "realism" and "naturalism" in American Literature.

#### What the volume of hno3 that is required

what the volume of 0.109m HNO3 that is required to reat completely with 2.5g Barium hydroxide

### Similar Q& A

#### What is the lowest possible price marques golf co

On November 25, 2012 Marquez Golf Co. received a special order for 5,000 three-wood golf club sets. These golf clubs will be marketed in Japan. Ito Imports, Inc.

#### Journal entries for capital stock transactions

Flores Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review his textbooks on the topic of corporation accounting.

#### Determining the level of sales

At what level of sales (in units) for the two-month period should Birch Company be indifferent between closing the plant or keeping it open? Show computations.

#### Tax reduction amount for donation

Allison is the sole shareholder of Destiny Corporation, which operates a travel agency for business travelers. Allison would like the corporation to donate some used computers to a local private school dedicated to the education of young ladies.

#### Compute the overhead allocation rate

Allocation and proration of overhead. Tamden, Inc., prints custom marketing materials. The business was started January 1, 2010. The company uses a normal-costing system. It has two direct cost pools, materials and labor and one indirect cost pool..

#### What problems would result in the next accounting period

1. From the information given, record closing entries. 2. If closing entries were not prepared at the end of the accounting period, what problems would result in the next accounting period?

#### Intermediate accounting questions

Intermediate Accounting Questions,  Please provide thorough explanations and full calculations for each answer chosen. What is the meaning of the term market when one is valuing the raw materials inventory at lower-of-cost-and-market?

#### Why are there so many revenue recognition methods

Why is it so subjective and what are the implications to the quality of the income statement?

#### Sarbanes-oxley act-prevention detection

Summarize your ideas about internal controls. An introduction to internal controls, explaining in your own words the two primary goals of internal control. A description of how the Sarbanes-Oxley Act of 2002 has affected internal controls

#### Managing product-harm crisis

Define a product-harm crisis. Identify the factors that contribute to a product-harm crisis. Compare and contrast the findings of the various studies on product-harm crisis.

#### Description of price of stock

A share of common stock just paid a dividend of \$3.25 per share. The expected long-run growth rate for this stock is 18%. If investors require a rate of return of 24%, what should the price of the stock be?

#### Company acquistion-purchase-pooling methods

Axel Corporation acquires 100% of the stock of Wheal Company on December 31, Year 4. The following information pertains to Wheal Company on the date of acquisition: