What should be the charge for depreciation of this equipment

Assignment Help Accounting Basics
Reference no: EM132184667

Questions -

Marigold Corp., which has a calendar year accounting period, purchased a new machine for $94500 on April 1, 2013. At that time Marigold expected to use the machine for nine years and then sell it for $9450. The machine was sold for $50500 on Sept. 30, 2018. Assuming straight-line depreciation, no depreciation in the year of acquisition, and a full year of depreciation in the year of retirement, the gain to be recognized at the time of sale would be

$3250.

$9450.

$0.

$5250.

On January 1, 2011, Marigold Corp. purchased equipment at a cost of $395000. The equipment was estimated to have a salvage value of $8000 and it is being depreciated over eight years under the sum-of-the-years'-digits method. What should be the charge for depreciation of this equipment for the year ended December 31, 2018?

$10972

$10750

$49375

$48375

Reference no: EM132184667

Questions Cloud

How can management work with employees : How can management work with employees to learn key risk areas?
Hiring of additional staff to work in payroll department : The expansion of the business will result in the hiring of additional staff to work in your payroll department.
Identify and describe your healthcare organization : Develop a slide PowerPoint presentation devoted to the best financial practices for health care - Identify and describe your healthcare organization
What is the depreciation expense for the second year : The double-declining balance method will be used for depreciation. What is the depreciation expense for the second year on this asset
What should be the charge for depreciation of this equipment : On January 1, 2011, Marigold Corp. purchased equipment at a cost of $395000. What should be the charge for depreciation of this equipment
How first hospital is able to yield a high level of quality : Discuss how the first hospital is able to yield a high level of quality. Discuss opportunities for the second hospital to increase their level of quality.
Understanding and embracing cultural differences : Why is understanding and embracing cultural differences so important?
What is the balance in accumulated depreciation : The straight-line method is used for depreciation. What is the balance in accumulated depreciation on May 1, 2018 when the asset is sold
What could have caused the recalculated amounts : Assuming no calculation errors were made by either individual, what could have caused the recalculated amounts to be different from the original amounts

Reviews

Write a Review

Accounting Basics Questions & Answers

  It is known that 60 of the depreciation relates to

jackson company applies overhead to products using direct labor hours as the activity level. during 2009 jackson

  Assume moes southwest grill has a break-even point of

assume moes southwest grill has a break-even point of 24000 units. at this point total sales are 1800000 and total

  Prepare the sales budget for january and february

Mountaineers expects to sell 4,000 pairs of shoes for $165 each in January, Prepare the sales budget for January and February

  What is the basis of each machine

Emma Grace acquires three machines for $80,000 which have FMVs of $32,000 $28,000 and $20,000 respectively. The delivery cost is $500 and the installation costs amount to $2,500. What is the basis of each machine ?

  Basic unity-ratio source

For each, find the output resistance, and contrast it with ro of the basic unity-ratio source that is providing the desired current and for which RE = 0. Use β=∞and VA = 50 V.

  Calculate the flexible budget would show fixed costs

If National actually produced 2,000 units, the flexible budget would show fixed costs amounting to

  Calculate the dollar ending inventory if first in first out

tony merchandise company has the following information for the month of februaryfeb. 2beginning inventory20units12per

  Use npv to determine whether the new system should be

paul services is considering the purchase of a new coputer system to replace the one in operation.information on the

  What is the total cost for the machinery

Munich Corp. acquired several non-current assets during the 20X5 fiscal year. What is the total cost for the machinery?

  Rachel ashley and jacob are partners they share profits and

rachel ashley and jacob are partners. they share profits and losses equally. after the books are closed their capital

  Requirement analysis process- overcome these difficulties

The requirement analysis process is so difficult because this is the beginning of the process. Oftentimes, this step becomes a mess because the person may not understand the requirements. Or better yet does not have a plan, just image if a company..

  What is the amount of laurie deductible investment

Laurie has a brokerage account at Dean Schwab, Inc. She makes investments on margin through this account. During the current year, she incurs $10,000 in margin interest in the account. Income generated through the brokerage account was.

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