Wolverine corporation purchased a machine for 132000 on

Assignment Help Accounting Basics
Reference no: EM13595854

Wolverine Corporation purchased a machine for $132,000 on January 1, 2008, and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On January 1,2011, Wolverine determined that the machine had a useful life of six years from the date of acquisition and will have a salvage value of $12,000. A change in estimate was made in 2011 to reflect these additional data. What amount should Wolverine record as the balance of the accumulated depreciation account for this machine at December 31, 2011.

Reference no: EM13595854

Questions Cloud

What are the principal causes for the differences in : what are the principal causes for the differences in conductances of isomolar solutions of kno3 hno3 cano32 and
Roxie company has 17500 units of its sole product that it : roxie company has 17500 units of its sole product that it produced last year at a cost of 45 each. this years model is
Assume that a 6 volt energy source is in a circuit that has : assume that a 6 volt energy source is in a circuit that has a resistance of 10 ohms. determine the current and power.
What is the vapor pressure at 25oc of a solution containing : what is the vapor pressure at 25oc of a solution containing 4.00 x 102 g of sucrose c12h22o11 in 5.00 x 102 g of water?
Wolverine corporation purchased a machine for 132000 on : wolverine corporation purchased a machine for 132000 on january 1 2008 and depreciated it by the straight-line method
A 1100 kg car is moving at a speed of 400 ms a what is : question a 1100 kg car is moving at a speed of 40.0 ms. a what is kinetic energy of the car? b how much work is
A mixture of helium and neon weighing 550g occupies a : a mixture of helium and neon weighing 5.50g occupies a volume of 6.80 l at 300 k and 1.00 atm. calculate the
Using the information above in the comparative 2010 and : a retailing firm changed from lifo to fifo in 2011. inventory valuations for the two methods appear below 112010 112011
At the beginning of the year a firm leased equipment on a : at the beginning of the year a firm leased equipment on a capital lease capitalizing 60000 in its lease receivable

Reviews

Write a Review

Accounting Basics Questions & Answers

  How to create a query in ms access to find out why there

how to create a query in ms access to find out why there was an increase in salary expense on the income statement from

  Assuming a 40 statutory tax rate applies to all years

assuming a 40 statutory tax rate applies to all years involved which of the following situations will give rise to

  Choose an item that you would like to manufacture you do

choose an item that you would like to manufacture. you do not actually need to manufacture something but will proceed

  Describe the tolerable exception rate

Describe the tolerable exception rate and how you would use this as an auditor. Explain how you would determine the rate you select.

  Heathrow issues 1600000 of 9 15-year bonds dated january 1

heathrow issues 1600000 of 9 15-year bonds dated january 1 2011 that pay interest semiannually on june 30 and december

  Highest inventory amount for the balance sheet

Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under each method. (Round cost per unit to three decimal places.)

  Assuming that prices have been stable calculate the value

retail lifo retail and inventory shortage late in 2010 jerry hassle and two other investors took the chain of leys

  During 2014 deluca company had net sales of 5700000 most of

during 2014 deluca company had net sales of 5700000. most of the sales were on credit. at the end of 2014 the balance

  Cmpute the current ratio current cash debt coverage

nordstrom inc. operates department stores in numerous states. suppose selected financial statement data in millions for

  Variable overhead rate variancea and overhead efficiency

What are the standard hours allowed for the output? What was the variable overhead rate variance? What was the variable overhead efficiency variance? What was the fixed manufacturing overhead budget variance?

  Describe the methods of accounting available to br

Browne and Red, both C corporations, formed the BR Partnership on January 1, 2009. Neither Browne nor Red is a personal service corporation, and BR is not a tax shelter. BR's gross receipts were $4.6 million, $5 million, $6 million, and $7 million..

  The furniture you have picked out at cape furniture company

your boss has given you the responsibility for furnishing the soon-to-be-completed headquarters building. the

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