Depreciation by methods - sale of fixed asset

Assignment Help Financial Accounting
Reference no: EM13533153

Depreciation by two methods; sale of fixed asset

New lithographic equipment, acquired at a cost of $787,500 at the beginning of a fiscal year, has an estimated useful life of five years and an estimated residual value of $67,500. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. On the basis of the data presented to the manager, the double-declining-balance method was selected. In the first week of the fifth year, the equipment was sold for $115,000.

Reference no: EM13533153

Questions Cloud

Journalize entries to record the current depreciation : The exchange has commercial substance, journalize the entries to record (a) the current depreciation of the old truck to the date of trade-in and (b) the transaction on July 1.
Compute the speed with which the rock hits the ground : a rock is tossed off the top of a cliff of height 34.8 m. Its initial speed is 29.1 m/s, and the launch angle is 29.8 degrees with respect to the horizontal
Order the compounds to their expected lattice energies : Order the following compounds according to their expected lattice energies: AlBr^3, MgBr^2, LiBr, CaO
Find the horizontal distance from the hole : An enclosed tank containing a liquid of density, p has a hole in its side at a distance y1 from the tank's bottom. find the horizontal distance from the hole
Depreciation by methods - sale of fixed asset : the double-declining-balance method was selected. In the first week of the fifth year, the equipment was sold for $115,000.
How to calculate the molar mass of the acid : A 0.2758-g sample of a monoprotic acid neutralizes 74.0 mL of 0.07106 M KOH solution. Calculate the molar mass of the acid.
Determine what vertical height does the block reach : A 2.0kg wood block is launched up a wooden ramp that is inclined at a 35 degree angle. The block's initial speed is 10 m/s. What vertical height does the block reach above its starting point
Find the frequency at the observers location : Horn frequency is 200 Hz, velocity of truck is 20m/s, observer bike's velocity is 10m/s and air temperature is 77 degrees Farenheit. find the frequency at the observer's location
Define reaction is balanced in basic solution : When the following reaction is balanced in basic solution using the lowest possible whole number coefficients, the coefficient of Pb(OH)42-(aq) will be: BrO3-(aq) + Pb(OH)42-(aq) --> Br-(aq) + PbO2(s)

Reviews

Write a Review

Financial Accounting Questions & Answers

  How would the income recognized in the second year

What theoretical justification is there for Widjaja Companys use of the percentage-of-completion method and how would progress billings be accounted for? Include in your discussion the classification of progress billings in Widjaja Company financia..

  Selection of purchase alternatives under npvprince companys

selection of purchase alternatives under npv.prince companys required rate of return is 10. the company is considering

  American micro devices pricing method

Which of the support cost functions would you expect to be the most reliable for explaining and predicting support - What do you think of American Micro Device's pricing method?

  Illustrate what would be consumers typical buying response

illustrate what would be the consumers typical buying response to these products if their income was reduced by 30%? Suppose all carbonated beverages tripled in price.

  Preparation of cash flows statement in indirect methodthe

preparation of cash flows statement in indirect method.the comparative balance sheet of oak and tile flooring co. for

  Return and identification of their role in finance

Definition of Yield and Rate of Return and identification of their role in finance.

  Determine the change in operating income

What is the change in operating income for the year if $18.00 is the new price and costs remain the same?

  1 the accounting for assets both current and long-term has

1. the accounting for assets both current and long-term has changed significantly since the inception of the fasb.

  Define the intangible section of lewiss balance sheet

A patent was purchased from Craig Company for $4,000,000 on June 1, 2010. Lewis estimated the remaining useful life of the patent to be eight years. The patent was carried in Craig's accounting records at a net book value of $3,500,000 when Craig ..

  Find the variable cost and fixed cost projections

Based on your experience, you think the unit sales, variable cost, and fixed cost projections given here are probably accurate to ±11 percent. Determine the upper or lower bounds of these projections

  Which of the two financing plans is the least expensive

Which of the two financing plans is the least expensive (i.e., has the lowest net present value if your cost of capital is 12 percent)? Ignore reimbursement and tax considerations.

  Monica porter loves photography and wants to start her own

monica porter loves photography and wants to start her own company. she is single 26 years old and lives in an

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