User Account

All Pages

Calculate the carrying amount at the end

Assignment Help Accounting Basics
Reference no: EM132653392

Question - Sunshine Corporation purchased a new machine on Jan 4, 2019 for $185,000 cash. The machine has a useful life of four years or of 25,000 hours. After the useful life the machine will have a residual value of $3,000. The machine was used for 3,600 hours in 2019 and 4,500 hours in 2020.

Required -

1. Calculate the depreciation expense for 2019 and 2020 under each of the following methods:

i. Straight-line

ii. Double diminishing-balance

iii. Units-of -production

2. Calculate the carrying amount at the end of 2020 for the machine when the company is using the Straight-line depreciation method.

3. Record the journal entry for the cash purchase of the machine on Jan 4, 2019 and for its depreciation expense for the year ended December 31, 2020 under the units-of-production method.

Reference no: EM132653392

Questions Cloud

Show the computation of the total shareholder equity : Multigrain Health Foods Inc. is authorized to issue 5,000,000 common shares. Show the computation of the total shareholder's equity at December 31, 2016
Describe the types of quantitative designs : Before you read the full article and begin your annotation, locate the methodology section in the article to be sure that the article describes a quantitative.
When pricing bonds if a bond''s coupon rate is less than : When pricing bonds, if a bond's coupon rate is less than the required rate of return, then? The holder of the bond will realize a capital gain if the bond
Prepare classified statement of financial position for sept : Prepare a classified Statement of Financial Position for September 2020. Prepare the closing entries and post to the relevant T-accounts.
Calculate the carrying amount at the end : Calculate the carrying amount at the end of 2020 for the machine when the company is using the Straight-line depreciation method
Summarize origins and development of patriot act : Summarize the origins and development of the Patriot Act in Congress to include its support and opposition, reauthorizations, and amendments.
Calculate the amount of expense to be recognized : Calculate the amount of expense to be recognized in the current period using accrual-basis accounting: Paid $5,800 cash for advertising for the current period
Discuss about the clinical information systems : For this week's assignment you will be taking an inventory of the information systems in your organization. To complete the assignment, you might need.
The Arab Spring and Terrorism : Describe what took place during the political movement known as the Arab Spring and indicate which countries were affected.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd