Determine depreciation expense on the machine for the year

Assignment Help Accounting Basics
Reference no: EM132737275

The cost of equipment purchased by Splish, Inc., on June 1, 2020, is $107,100. It is estimated that the machine will have a $6,300 salvage value at the end of its service life. Its service life is estimated at 7 years, its total working hours are estimated at 50,400, and its total production is estimated at 672,000 units. During 2020, the machine was operated 7,500 hours and produced 68,700 units. During 2021, the machine was operated 6,870 hours and produced 60,000 units.

Problem 1: Compute depreciation expense on the machine for the year ending December 31, 2020, and the year ending December 31, 2021.

Reference no: EM132737275

Questions Cloud

Description of the relevant technological resources : Description of the relevant technological resources available within the organization and the strategy behind their utilization. How is the existing technology
How much freedom should front-line clinicians have : "How much freedom should front-line clinicians have in treating Covid-19 patients with unproven drugs?" Your essay should be between 2,000 and 2,800 words.
Prepare the journal entry if any to record the impairment : Prepare the journal entry (if any) to record the impairment at December 31, 2020. Oriole Company uses special strapping equipment in its packaging business.
What type of reimbursement or payment system : List the five insurance plans, identify who governs each plan, and describe what type of reimbursement or payment system each plan uses.
Determine depreciation expense on the machine for the year : Determine depreciation expense on the machine for the year ending December 31, 2020, and the year ending December 31, 2021.
Two primary information security threats facing wal-mart : What would you consider to be the two primary information security threats facing Wal-Mart? What should Wal-Mart do to deal with each of them?
Policy or contract of each health care plan : Health care organizations that participate in all of the health care plans are reimbursed according to the policy or contract of each health care plan.
Evaluate how the findings might apply to a clinical setting : Evaluate how the findings might apply to a clinical setting, such as Alzheimer's disease, anterograde or retrograde amnesia, or a condition such.
Find and make a journal related to the transaction : January 1, 2021 and sold to third parties on January 15, 2021 for IDR 3.5 million per head, make a journal related to the transaction during 2021!

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.

  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!

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