Anfernee company acquired equipment costing

Assignment Help Accounting Basics
Reference no: EM131143657

1. At the beginning of 2008, Anfernee Company acquired equipment costing $200,000. It was estimated that this equipment would have a useful life of 6 years and a residual value of $20,000 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of equipment. Depreciation is to be recorded at the end of each year. During 2010 (the third year of the equipment's life), the company's engineers reconsidered their expectations, and estimated that the equipment's useful life would probably be 7 years (in total) instead of 6 years. The estimated residual value was not changed at that time. However, during 2013 the estimated residual value was reduced to $5,000.

Instructions

Indicate how much depreciation expense should be recorded for this equipment each year by completing the following table. 

Reference no: EM131143657

Questions Cloud

What are the changes in the local geodetic coordinates : If the slant distance between two stations is 843.273 m, the zenith angle between them is 85°58'44" and the azimuth of the line is 312°23' 59", what are the changes in the local geodetic coordinates?
What are their fundamental differences : Name the two basic projections used in state plane coordinate systems. What are their fundamental differences? Which one is preferred for states whose long dimensions are north-south? East-west?
How many of apples have weights between 13 ounces and 15 : There are 3600 apples in a shipment. The weight of the apples in this shipment is normally distributed. It is found that it a mean weight of 14 ounces with a standard deviation of 2.5 ounces. How many of apples have weights between 13 ounces and 15 o..
What is the corrected elevation difference from bm a to bm b : What is the corrected elevation difference from BM A to BM B?
Anfernee company acquired equipment costing : At the beginning of 2008, Anfernee Company acquired equipment costing $200,000. It was estimated that this equipment would have a useful life of 6 years and a residual value of $20,000 at that time.
What is the probability that the student is from ucla : What is the probability that the student is from UCLA or chooses football? What is the probability that the student is from Duke, given that the student chooses basketball? What is the probability that the student is from Maryland and choosessoccer?
How evidence can give rise to contradictory conclusions : How influential expert testimony can be even when its wrong? - How tunnel vision can strengthen a prosecution at the expense of the truth?
Develop a leading-managing professional guide : Assignment: Develop a leading-managing professional guide. Begin by ensuring that you fully understand the meanings and writing-styles of each of the three writing-aspects you are asked to complete for this assignment; that is: define, describe, di..
Pablo company purchased three machines : If machine 2 had been purchased on May 1 instead of January 1, what would be the depreciation expense for this machine in (1) 2008 and (2)2009?

Reviews

Write a Review

Accounting Basics Questions & Answers

  An independent appraisal estimated the fair values of the

semtech manufacturing purchased land and building for 8 million. in addition to the purchase price semtech made the

  Abba manufacturing makes staplers the budgeted selling

abba manufacturing makes staplers. the budgeted selling price is 10 per stapler the variable rate is 5 per stapler and

  Question prepare the adjusting entries in some instances

freeny corporation adjustment data and the unadjusted trial balance.adjustment dataunusual supplies on hand

  Xeller company makes electronic keyboards the practice

xeller company makes electronic keyboards. the practice model price is 220 and variable expenses are 190. the deluxe

  How would you structure a partial transfer

Are there any penalty concerns associated with the valuation discounts that your proposed transfer takes advantage of, especially if the valuation is found to be inaccurate?

  Develop plan to protect its accounting and financial systems

Develop a plan to protect its accounting and financial systems at a reasonable cost. Suggest a high-level plan for the CFO. Provide support for your suggestion.

  Planning to implement a company-wide policy

The organization is planning to implement a company-wide policy with respect to bereavement leave that provides the same benefits to all employees, regardless of their province/territory of employment or their length of employment. Prepare a memo ..

  A company sold 3 yachts during 2010 each for a sales price

a company sold 3 yachts during 2010 each for a sales price of 500000 and a cost of 295000. company requires all

  Pets r us sells dog and cat food its monthly fixed costs

pets r us sells dog and cat food. its monthly fixed costs average 620000. cat food sales represent 80 of the companys

  The partnership equity accounts are considered to quite

the partnership equity accounts are considered to quite important within a partnership since it represents the partners

  On january 2 2011 potter company acquired 90 of the

on january 2 2011 potter company acquired 90 of the outstanding common stock of smiley company for 480000 cash. just

  Haskins and jones attorneys-at-law maintain its books on a

haskins and jones attorneys-at-law maintain its books on a cash basis. during 2013 the company collected 590000 in fees

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