User Account

All Pages

Record the journal entry for the first year depreciation

Assignment Help Financial Accounting
Reference no: EM132419221

Problem:

a) Purchased new equipment for $50,000 by paying cash on January 1, 2018. This equipment will have an 8 year useful life, an estimated residual value of 8,000.

-Create the depreciation schedule for the asset for all years of its expected life.

-Record the journal entry for the first year depreciation.

-Assume that on June 30, 2021 the equipment was sold for $5,000. Record the associated journal entries to record the sale of the asset.

b) Purchased $4,000 of equipment on January 1, paying $500 cash and owing the rest on accounts payable to the supplier. The equipment will be depreciated using the double declining balance method have a useful life of 4 years. It is estimated to have a $500 residual value.

-Create the Depreciation schedule for the asset for all years of it's expected life.

-Record the journal entry for the first year depreciation.

Reference no: EM132419221

Questions Cloud

Develop a comprehensive research proposal : Develop a comprehensive research proposal-using primarily research tools to explore and better understnd the severity of the problem faced by the companies
Determine a preliminary hr requirement for the organization : Describe the impact of organizational strategies, structures and culture on the management of HR and memo concerning the importance of HR policy, the memo
Issue of the buildings future sales value : What response will you give in the meeting if Tony brings up the issue of the buildings future sales value?
Why would a company choose to commit fraudulent reporting : Why would a company choose to commit fraudulent reporting? What can a company do to prevent or eliminate fraudulent reporting?
Record the journal entry for the first year depreciation : Purchased new equipment for $50,000 by paying cash on January 1, 2018. This equipment will have an 8 year useful life, an estimated residual value of 8,000.
What factors do you think contribute to the differences : Over the past decade, some countries have shown high crime rates while other countries have lower crime rates. For example, the lowest homicide rates in 2000.
Prepare the journal entry to record the annual depreciation : Prepare the journal entry to record the annual depreciation for the year ended December 31, 2018 and any prior period adjustments which may be necessary.
How to increase the effectiveness of criminal profiling : Explain how to increase the effectiveness of criminal profiling. Include speaker notes to explain what is being discussed on each slide as though you are.
Competition and marketing mix and pricing assignment : Competition and Marketing Mix and Pricing Assignment help and solutions:-Determine the key characteristics of the users of the products.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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