User Account

All Pages

Discuss appropriate adjusting closing journal entries

Assignment Help Accounting Basics
Reference no: EM131788256

Oregon Company is in the process of preparing its financial statements for 2017. Assume that no entries for any depreciation or accounting changes have been recorded in 2017. The following information related to depreciation of fixed assets is provided to you:

Oregon purchased equipment on January 2, 2014, for $75,000. At that time, the equipment had an estimated useful life of 10 years with a $5,000 salvage value. The equipment is depreciated on a straight-line basis. On January 2, 2017, as a result of additional information, the company determined that the equipment has a remaining useful life of 8 years with a $3,000 salvage value.

Following all appropriate adjusting/closing journal entries, the 2017 depreciation expense for the equipment will be:

Select one:

a. $33,750b. $5,750c. $6,375d. $9,875e. $27,375

Reference no: EM131788256

Questions Cloud

What the graph tells us about athletes at different age : Explain what the graph tells us about athletes at different ages, and state which ages show the fastest athletes and which show the slowest athletes.
What does the balance in retained earnings represent : What does the balance in retained earnings represent, Has the company been profitable since its inception
Why do auditors obtain management representations : Why do auditors obtain management representations? What are the key components of management representations
What is the probability that he or she passed the test : If a student passed the course, what is the probability that he or she passed the test?
Discuss appropriate adjusting closing journal entries : Following all appropriate adjusting/closing journal entries, the 2017 depreciation expense for the equipment will be
Find your own age on the graph and estimate your playing : Find your own age on the graph and estimate your playing age expectancy as a cricketer and tennis player.
Difference between the present value of the settlement : A brilliant young scientist is killed in a plane crash. It was anticipated that he could have earned $200,000 a year for the next 40 years.
Calculate the residual income of lakeside hospital : Lakeside Hospital is a division of Superior Healthcare organized as an investment center. Calculate the residual income/EVA of Lakeside Hospital
Discuss positive and productive relationships with families : I will statement focused on how you will work to establish positive and productive relationships with families.

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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