Determining revised annual depreciation

Assignment Help Accounting Basics
Reference no: EM13143517

On Jan 1, 2010 the ABC Company ledger shows Equipment $36,000 and Accumulated Depreciation $14,000. The depreciation resulted from using straight line method with a useful life of 10 years and a salvage value of $2,000. On this date the company concludes that the equipment has a remaining useful life of two years with the same salvage value. Compute the revised annual depreciation.

Reference no: EM13143517

Questions Cloud

Calculate the maximum mass of water : suppose 7.70g of methane is mixed with 54.7g of oxygen . Calculate the maximum mass of water that could be produced by the chemical reaction
Result of management fraud : During the course of the audit of FF Financial, you find that some accounting entries have been altered. You believe this may be the result of management fraud and you have determined that the effect of this could be material to the financial stat..
Estimate the final selling price and number of days : No Gulf View condominium with a list price of $285,000. What is your estimate of the final selling price and number of days required to sell each of these units?
What is the molar mass of the gas : The gaseous product of a reaction is collected in a 25.0 L contained at 27 degrees Celsius. The pressure in the container is 216 kPa, and the gas has a mass of 96.0g. What is the molar mass of the gas?
Determining revised annual depreciation : On this date the company concludes that the equipment has a remaining useful life of two years with the same salvage value. Compute the revised annual depreciation.
What is the natural coefficient of variation : The mean time to expose a single panel in a circuit-board plant is two minutes with a standard deviation of 1.5 minutes. What is the natural coefficient of variation?
Determine the percent yield : 4Al + 3O2 = 2Al2O3 determine the percent yield if 124 g Al2O3 are produced when 3.0 moles of Al are reacted
Mariddie is a western apache : Mariddie is a Western Apache teenager who has just experienced menarche. What reaction should she expect from those around her? There will be an elaborate celebration in her honor.
Find probability us space shuttle functions successfully : Each of these systems functions, independently of the others, with probability 0.98. As long as at least one of these systems is functioning, this shuttle Component functions successfully.

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  What if a cahs receipt were applied to the wrong customer

What if a cahs receipt were applied to the wrong customer? Identify Internal control that would detect or prevent thid from occurring.

  Formulating your opinion regarding commercial paper

Formulate your own opinion on the proper treatment for the $5,000,000 commercial paper based on your reading in the text. Explain how you think the item should be reported and give text pages to support your conclusions.

  Preparing the disclosure statements for these items

In the beginning of 2012, Ken Corp changed its salvage value of equipment from 3 to 5 years. The change is material in the financial statements.

  Selling the old lathe and purchasing a new one

Ten years ago J-Bar Company purchased a lathe for $250,000. It was being depreciated on a straight-line basis to an estimated $25,000 salvage value over a 15 year period. The firm is considering selling the old lathe and purchasing a new one.

  What is the most profitable sales mix for the foam

The contribution margin for product A is $5 and for product B it is $4. What is the most profitable sales mix for the Foam Pet Mattress Company?

  Share of the subsidary income computation

The parent company acquires all of a subsidary's common stock but only 70 percent of its preferred shares. This preferred stock pays a 7 percent annual cumulative dividend. No dividends are in arrears at the current time. How is the noncontrolling..

  Earning normal profit in the long run

A firm will only earn normal profit in the long run: a) if firms can freely enter or leave the market b) if firms do not try to maximize profit c) only if the industry is perfectly competitive d) whenever products are not differentiated

  What is the annual lease payment

What was the interest rate used to value the lease? What is the annual lease payment? What was the present value of the lease obligation on January 1, Year 6?

  Bad debt journal entries-accounts receivable

Prepare example journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods.

  Determine harriets vesting years

Evaluate her entry date into the plan and determine Harriet's vesting years as of 31 st December, 2000

  Declaration and issuance of the stock dividend

A company with 100,000 authorized shares of $4 par common stock issued 50,000 shares at $9. Subsequently, the company declared a 2% stock dividend on a date when the market price was $10 a share. The effect of the declaration and issuance of the s..

  Net income of a repair shop

Benny's Repair Shop started the year with total assets of $100,000 and total liabilities of $80,000. During the year the business recorded $210,000 in revenues, $110,000 in expenses, and dividends of $20,000.

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