Prepare a schedule of depreciation expense for an equipment, Accounting Basics

1. Mama's Fried Chicken bought equipment on January 2, 2010, for $15,000.  The equipment was expected to remain in service 4 years and to perform 3,000 fry jobs.  At the end of the equipment's useful life, Mama's estimates that its residual value will be $3000.  The equipment performed 300 jobs the first year, 900 the second year,1200 the third, and 600 the fourth year.  Prepare a schedule of depreciation expense per year for the equipment under the three depreciation methods.  After two years under the double-declining-balance depreciation, the company switched to the straight-line method.  Show your computations. 

Note:  3 depreciation schedules must be prepared.

2.  Which method tracks the wear and tear on the equipment most closely?

 

Posted Date: 3/9/2013 12:20:04 AM | Location : United States







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