Compute the amount of accumulated depreciation

Assignment Help Accounting Basics
Reference no: EM13858863

Question: In recent years, Farr Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below.

Machine

Acquired

Cost

Salvage 
Value

Useful Life 
(in years)

Depreciation
Method

1

Jan. 1, 2012

$130,000

$36,400

9

Straight-line

2

July 1, 2013

99,000

12,000

5

Declining-balance

3

Nov. 1, 2013

76,410

7,110

6

Units-of-activity

For the declining-balance method, Farr Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 33,000. Actual hours of use in the first 3 years were: 2013, 840; 2014, 6,240; and 2015, 7,690.

Compute the amount of accumulated depreciation on each machine at December 31, 2015.

Reference no: EM13858863

Questions Cloud

Prepare the correcting entry necessary : Prepare the correcting entry necessary when these errors are discovered. Assume that the books are closed.
Prepare the general journal entries : Prepare the general journal entries that should be made at December 31, 2015, to record these events. (Ignore tax effects.)
What are some controversies that are relevant in today : What are some controversies and arguments that are relevant in today's society
Analyze the relationships among total and average fixed cost : In a paper, analyze the relationships among total and average fixed cost, variable cost, and total cost. Address what happens to price and quantity with changes in demand and supply. You will need to identify then define the relationships.
Compute the amount of accumulated depreciation : Compute the amount of accumulated depreciation on each machine at December 31, 2015.
Suppose the own price elasticity of demand for good : Suppose the own price elasticity of demand for good X is -3, its income elasticity is -2, its advertising elasticity is 3, and the cross-price elasticity of demand between it and good Y is -5. Determine how much the consumption of this good will chan..
Measures for assessing the effectiveness of sales force : Fully describe three (3) measures for assessing the effectiveness of a sales force as a whole. Explain why they are important, what they determine, and how sales managers apply these criteria to sales force performance evaluations.
Inspection system - semi-conductor manufacturing processes : The purpose of the project is to upgrade the inspection system that is used in one of the major semi-conductor manufacturing processes at your local San Antonio facility.
About baseball-what would appropriate probability assessment : Just prior to a professional baseball spring training session, you are asked to assess the probability that a particular baseball team will win the coming World Series. How would you go about making this assessment?  In what sense is this assessment ..

Reviews

Write a Review

Accounting Basics Questions & Answers

  The peidmont computer company has brought legal action

the peidmont computer company has brought legal action against atc corporation for alleged monopolistic practices in

  What are the tax consequences of this liquidation

Ten years ago, Oreo Corporation purchased all of the stock of MilkDud Corporation for $800,000. In the current year, MilkDud Corporation is liquidated, and all of its assets (basis of $1,900,000; fair market value of $2.5 million) are distributed ..

  Highest marginal tax bracket

Cyrus,  the owner of Eden, Inc.,  died at the end of 2011. He left all of his assets, including stock in Eden, to his two sons, Adams and Charles. Charles had been involved in the running of Eden,  a subchapter S corporation, for many years. He ha..

  Determine the cost transferred to finished goods do not

production and cost data for the month of february for process a of the packer manufacturing company follownbspunits in

  Big arber company ordered parts from a foreign supplier

Big Arber Company ordered parts from a foreign supplier on November 20 at a price of 240,000 pijios when the spot rate was $0.09 per pijio.

  Balance sheet preparation and format

Balance sheet format:  Selected financial statement information and additional data for Johnston Enterprises is presented below.  Prepare a statement of cash flows for the year ending December 31,2010,

  A total of 9200 units were started and 8200 units were

abis corporation uses the weighted-average method in its process costing system. this month the beginning inventory in

  Condensed data taken from the departmental income statement

condensed data taken from the departmental income statement for nell and company are shown below. miscellaneous selling

  Five characteristics-increase fraud possibility

Identify and explain 5 characteristics that may increase the possibility that financial statement fraud will occur in a company. Use examples to explain the company characteristics.

  David a cpa for a large accounting firm works 10- to

david a cpa for a large accounting firm works 10- to 12-hour days. as a requirement for his position he must attend

  What was the net income of the financial brokers partnership

Shue, a partner in the Financial Broker Partnership, has a 30% share in partnership profits and losses. Shue's capital account had a net decrease of $100,000 during 2003. During 2003, Shue withdrew $240,000 as withdrawals and contributed equipment..

  Estate tax exemption problem

Gift tax returns were filed reporting these gifts. How much of her estate is subject to federal estate tax after considering the estate tax exemption?

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