Corporation acquired equipment for 260000 the estimated

Assignment Help Accounting Basics
Reference no: EM13566213

Corporation acquired equipment for $260,000. The estimated life of the equipment is 5 years or 40,000 hours. The estimated residual value is $20,000. The equipment worked for 14,000 hrs in the first year, 10,000 hrs in the second year, 9,000 hrs in the third year, 4,000 hrs in the fourth year and 3,000 hrs in the fifth year. Using this information, answer the following. a. Calculate the depreciable cost of the equipment. b. If the asset is depreciated using the straight line method, calculate the depreciation expense at Dec 31, 2010 either using the straight line rate of the straight line formula. c. Determine the straight line depreciation expense for the fourth year. d. If the asset is depreciated using the straight line method, determine the book value of the asset at Dec 31 2012 (the end of the third year). e. If the asset is depreciated using the units of production method, calculate the depreciation expense at Dec 31, 2010 and at Dec 31, 2011 . f. If the asset is depreciated using the double declining balance method, calculate the depreciation expense at Dec 31, 2011  and at Dec 31, 2012 . g. If the asset is depreciated using the double declining balance method, determine the book value of the asset at Dec 31, 2013 .

Reference no: EM13566213

Questions Cloud

Jean kelly opened a dance school called jeans dance studio : prepare journal entries for the following transactions. if no entry is required write no entry omit explanations.mar.1.
The securitys liquidity risk premium is 25 percent and : a particular securitys equilibrium rate of return is 8 percent. for all securities the inflation risk premium is 1.75
Cpm construction plans to buy a truck for 150000and sell it : cpm construction plans to buy a truck for 150000and sell it for 15000 at the end of 5 years. the annual operating cost
From the following alphabetical list of account balances : from the following alphabetical list of account balances all of which are normal for kasper company on july 31 2010
Corporation acquired equipment for 260000 the estimated : corporation acquired equipment for 260000. the estimated life of the equipment is 5 years or 40000 hours. the estimated
Use the following accounts and information to prepare in : use the following accounts and information to prepare in good form an income statement statement of retained earnings
At a level of 24600 units sold gail corp has sales of : at a level of 24600 units sold gail corp has sales of 639600 a contribution margin ratio of 45 and a profit of 108810.
Can you explain how to get the beginning cash balance and : can you explain how to get the beginning cash balance and the ending cash balance. also how to b compute these
Complete the requirements for each of the following : complete the requirements for each of the following independent cases case a. dr pepper snapple group inc. is a leading

Reviews

Write a Review

Accounting Basics Questions & Answers

  Code of professional ethics

Regulate the distribution and trading of securities offered for public sale - establish its own code of professional ethics.

  Determining equivalent lump-sum payment

Shelley wants to cash in her winning lottery ticket. She can either receive ten, $100,000 semiannual payments starting today, or she can receive a lump-sum payment now based on a 6% annual interest rate. What is the equivalent lump-sum payment?

  A a sales volume of 20000 units total costs are 55000 the

at a sales volume of 20000 units total costs are 55000. the companys variable cost per unit is 1.50. what should be the

  Differences in cash and accrual basic

A company will need to choose an accounting method. What are the differences between the cash basis of accounting and the accrual basis of accounting? When are income and expenses recognized under each method?

  Calculate the cash paid for merchandise

Assume the following information was available for the current year's operations of the shoe company founded by Blake Mycoskie, TOMS. Use these data to calculate the cash paid for merchandise.

  Average collection period for accounts receivable

Compute 3M's average collection period for accounts receivable in days. (Round turnover ratio to 1 decimal place, e.g. 10.5 and collection period to 0 decimal places, e.g. 125.)

  June 30 2015 - machinery with a cost of 720000 and

moore corportation follows a policy of a 10 depreciation charge per year on all machinery and a 5 depreciation charge

  Find invested in capital assets net of related debt

On the following facts about an Enterprise Fund for a utility operation: Invested in capital assets, net of related debt, would be?

  What is the average direct labor hour rate?

. Assume a manufacturer incurs 2,000,000 hours of direct productive labor in a year at a total direct labor cost of $50,000,000. The total manufacturing indirect expense for the same period is $67,500,000. a. What is the average direct labor hour rat..

  Examine key factors that impact a company''s decision

Examine key factors that impact a company's decision of whether to pay a dividend and evaluate what you believe is the most significant driver of the decision.

  During the month of june bench co had cash sales of 300000

during the month of june bench co. had cash sales of 300000 and credit sales of 180000 both of which include the 8

  Evaluate the taxable income

Compute the taxable income for 2010 for curtis on the basis of the following information. His filing status is single.

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