User Account

All Pages

Briefly describe the accounting treatment

Assignment Help Accounting Basics
Reference no: EM13879240

1.The Peridot Company purchased machinery on January 2, 2011, for $800,000. A five year life was estimated and no residual value was anticipated. Peridot decided to use the straight line depreciation method and recorded $160,000 in depreciation in 2011 and 2012. Early in 2013, the company revised the total estimated life of the machinery to eight years.

Required:
1. What type of change is this?
2. Briefly describe the accounting treatment for this change.
3. Determine depreciation for 2013.

Reference no: EM13879240

Questions Cloud

Tank accelerates to the right : The tank in Fig is filled with water and has a vent hole at point A. It is 1 m wide into the paper. Inside is a 10-cm balloon filled with helium at 130 kPa. If the tank accelerates to the right at 5 m/s/s, at what angle will the balloon lean? Will..
Explain the relevance of the story : Is it possible to offer sound alternatives to the moral failures that the story cites? We cannot quit our jobs over every ethical dilemma, but if we continually ignore our sense of values, who do we become?
Identify common information-gathering tools and techniques : Identify common information-gathering tools and techniques
Describe the primary function of a revenue cycle for company : Describe the primary function of a revenue cycle for a company such as Ergon plc, and explain how a lack of internal control could lead to the eventual collapse of the company.
Briefly describe the accounting treatment : 1.The Peridot Company purchased machinery on January 2, 2011, for $800,000.
What is the back pressure pr : The supersonic nozzle of Fig is over expanded (case G of Fig) with Ae/At = 3.0 and a stagnation pressure of 350 kPa. If the jet edge makes a 4° angle with the nozzle centerline, what is the back pressure pr in kPa?
Summary- best books for managers leaders and humans : Book- Top 100 Best Books for Managers, Leaders & Humans. ontent. You should summarize the key points for all important sections. The main conclusions should be included. There should be no new information included-only what is included in the or..
Prepare the appropriate adjusting entry : 1.Wardell Company purchased a mini computer on January 1, 2011, at a cost of $40,000.
Discuss the role of standards in wireless networks : Discuss the role of standards in wireless networks.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the proper adjusting entry at june 30 the end of

what is the proper adjusting entry at june 30 the end of the fiscal year based on a prepaid insurance account balance

  Over the past few decades the cost structure of

over the past few decades the cost structure of manufacturing companies has shifted. in the early 1900s direct material

  Red sauce canning company processes tomatoes into catsup

red sauce canning company processes tomatoes into catsup tomato juice and canned tomatoes. during the summer of 20x2

  Convertible debentures and detachable warrants

What value should be assigned to the common shares issued? How should Need Cash record the issuance of the convertible debentures and detachable warrants?

  Balance sheet of dip general partnership

The December 31, 2010, balance sheet of the DIP General Partnership is as follows:

  Assume that the transfer qualifies as a sale and the

ayour company is in need of quick cash to afford a project opportunity so the firm decides to factor 100000 of its

  A cash budget show the budget by month and in total cash

you have just been hired as a management trainee by cravat sales company a nationwide distributor of a designers silk

  Bkfcom provides banks access to sophisticated financial

bkf.com provides banks access to sophisticated financial information and analysis via the web enabling them to

  Lichty uses the total-cost approach and a discount rate of

lichty car wash has some equipment that needs to be rebuilt or replaced. the following information has been gathered

  Blowing rock inc has 5000 shares of 5 100 par value

blowing rock inc has 5000 shares of 5 100 par value cumulative preferred stock and 30000 shares of 1 par value common

  Identify internal control weaknesses

Identify account balances which are at risk of misstatement and identify two internal control weaknesses relating to each account balance identified

  Foxx company cost structure is dominated by variable costs

foxx company cost structure is dominated by variable costs with a contribution margin ratio of 0.25 and fixed cost of

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