Record the depreciation on fitness equipment

Assignment Help Accounting Basics
Reference no: EM13540624

New fitness equipment was purchased on July 1, 20x2. Terms of purchase
Initial cash payment $40,000
A 5 year non-interest bearing note $450,000
Annual interest rate considered appropriate 6%
The new fitness equipment has an estimated life of 8 years; the estimated residual value is 15% of original cost.

Record the purchase of fitness equipment on July 1, 20x2

Record the depreciation on fitness equipment

Show all work and amortization schedule

Reference no: EM13540624

Questions Cloud

Find the numerical value of d-proton with the mass : A proton with the mass m is projected into a uniform electric field that points vertically upward and has magnitude E. The initial velocity of the proton has a magnitude v_0 and is directed at an angle \alpha below the horizontal. A)Find the numerica..
Determine deer parks net income for 2008 : Determine Deer Parks net income for 2008 and prepare a balance sheet for Deer Park as of December 31, 2008.
Determine its angular acceleration and angular speed : Calculate the net torque about the asle of the wheel assuming that a friction torque of .40m*N opposes the motion. determine its angular acceleration and angular speed
Find the fans angular acceleration, assumed constant : A cooling fan is turned off when it is running at 175rpm. What was the fan's angular acceleration, assumed constant
Record the depreciation on fitness equipment : Record the depreciation on fitness equipment
What is the controllable overhead variance : What were standard hours for September, what is total monthly budgeted fixed overhead cost and what is the controllable overhead variance?
What is its speed when the displacement is given : A simple harmonic oscillator has an amplitude of 3.5cm and a max speed of 28cm/s. What is its speed when the displacement is 1.75cm
How multiple-step income statement provide information : Explain how a multiple-step income statement format can provide useful information to a financial statement user
Compute what is the angular speed : If a 200 kg, 3 m radius merry-go-round was spinning at 1 rev/s and you dropped a 25 kg bag of sand vertically onto the edge of the platform, what is the angular speed

Reviews

Write a Review

Accounting Basics Questions & Answers

  Choice of accounting method understanding

Slanted Building Supplies purchased 32 percent of the voting shares of Flat Flooring Company in March 20X3. On December 31, 20X3, the officers of Slanted Building Supplies indicated they needed advice on whether to use the equity method or cost me..

  Falk company signed a contract to lease space

The lease contract calls for annual (prepaid) rental payments of $80,000 on each July 1 throughout the life of the lease and for the lessee to pay for all additions and improvements to the leased property.

  Record in good journal entry format the following

record in good journal entry format the following transactions1. april 10 300 units of raw materials were purchasedat

  Ingham inc has the capacity to produce 10000 fax machines

ingham inc. has the capacity to produce 10000 fax machines per year. ingham currently produces and sells 7000 units

  How much do you need to deposit on a monthly basis

How much do you need to deposit on a monthly basis if the first payment is made in one month?

  Amount of unrealized intercompany profit

The amount of unrealized intercompany profit which should be eliminated in the consolidation process at the end of 2006 is:

  Taxable income of 2013

Andrea, who is 28 and single, has adjusted gross income of $50,000 and itemized deductions of $5,500. In 2013, Andrea will have a taxable income of:

  Computing loss and basis of new machine

Maude exchanges a business machine for a new business machine. The adjusted basis of the old machine is $70,000 and the fair market value of the new machine is $62,000. The recognized gain or loss and the basis of the new machine is:

  In evaluating the sample results smith determined that the

smith cpa was engaged to audit golf corporations financial statements for the years ended august 2006. smith planned

  Effect of a change in accounting principle

The effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate should be reported:

  The accounting equation is used to make the organizations

the accounting equation is used to make the organizations financial reports. 1 explain what liabilities value would be

  Estimate of the stock price per share

If the company has 25 million shares of stock outstanding, what is the best estimate of the stock's price per share?

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