User Account

All Pages

What was the approximate life of the asset

Assignment Help Accounting Basics
Reference no: EM13134970

Madison Industries uses the straight-line depreciation method. One asset had been purchased for $9,000. Annual depreciation expense was $800 after considering a residual value of $1,000. What was the approximate life of the asset?

a) 8.00 years

b) 10.00 years

c) 11.25 years

d) 12.00 years

Reference no: EM13134970

Questions Cloud

Find balance of account just after last withdrawal : Withdrawals of $400 for 3 years. Find the balance of her account just after the last withdrawal (on february 1,2001)if the monthly interest rate is 6%.
Explain load that can be lifted by aerostat balloon : Load that can be lifted by aerostat balloon An aerostat balloon is filled with hydrogen. It has a volume of 1000m^3 at constant air temperature of 27 degree C and pressure of 0.98bar.
Record the above transactions in journal entries : Learned Corporation recorded the following transactions for the just completed month.
What is the molarity of the hno3 solution : A 35.00 mL sample of HNO3 solution is neutralized by exactly 42.63 mL of 0.4153 M KOH. What is the molarity of the HNO3 solution?
What was the approximate life of the asset : Madison Industries uses the straight-line depreciation method. One asset had been purchased for $9,000. Annual depreciation expense was $800 after considering a residual value of $1,000. What was the approximate life of the asset?
Are these policies expensive : The group of key personnel has an important impact on an organization. Some companies carry director and officers liability insurance. Are these policies expensive? Why are they necessary?
Minimization of cost : The base of an aquarium with given volume V is made of slate and the sides are made of glass. If slate costs five times as much (per unit area) as glass, find the dimensions of the aquarium that minimize the cost of the materials.
Aggregate demand and long run aggregate supply curves : Plot aggregate demand and long run aggregate supply curves. Show aggregate demand schedule.
What amount was smith entitled to claim for realty taxes : In 2009, Smith paid $6,000 to the tax collector of Big City for realty taxes on a two-family house owned by Smith's mother. Of this amount, $2,800 covered back taxes for 2008, and $3,200 covered 2009 taxes. Smith resides on the second floor of the..

Reviews

Write a Review

Accounting Basics Questions & Answers

  What was the actual price per pound of the iron

For 2009, PMD Inc. had set the following standards for production of metal tables: 35 pounds of iron at a standard cost of $2.60 per pound. During June the company produced 300 tables. The company bought 10, 625 pounds of iron at a cost of $25,500..

  Auditors responsibility for internal control

The Sarbanes Oxley Act of 2002 had a profound impact on management and auditors' responsibility for internal control. Please let us know how things changes for both management and auditors after the passage of Sarbanes Oxley as it relates to inter..

  Evaluate the alternatives from the perspective of amber

Amber, a publicly held corporation (not a TARP recipient), currently pays its president an annual salary of $900,000. In addition, it contributes $20,000 annually to a defined contribution pension plan for him.

  Different entry strategies

Provide the circumstances under which each company chose its strategy. Provide information on how the two companies chosen strategies have affected performance and contributed to success or failure.

  Discuss the inherit risks related to sampling methods

Discuss the inherit risks related to sampling methods and how the risk of audit sampling can be minimized by the auditing team.

  How much of the payments will be included in len taxable

len is entitled to receive monthly payments of 1,500 over his life from his employer's qualifield pension plan the payments begin january 1, 2011 he contributed 71,500 to the plan prior to his retirement at age 62. using the simplified method, how..

  Current provision for income taxes

Didde's effective income tax rate is 34% for 2011. What amount should Didde report in its 2011 income statement as the current provision for income taxes?

  Direct-material price variance problem

Actual cost of direct materials purchased and used, $176,000 Unfavorable direct-material quantity variance, $9,400The direct-material price variance is:

  How cash and working capital will be affected for following

Indicate how each of the following six different transactions that Dynamic Mattress might make would affect (i) cash and (ii) net working capital:

  Disadvantages of accrual accounting

What are advantages of public firms reporting to investors using an accrual and not a cash approach? What are the disadvantages?

  Find appropriate depreciation expense for the year

Fulfil all required journal entries for each of the long-term activities, which took place during 20x7. Keep in mind to account for the appropriate depreciation expense for the year on any of the long-term assets.

  Present value of the income stream

Now compute the present value of the income stream from the gold mine at a discount rate of 5%, and at a discount rate of 3%

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