Calculate the amount of depreciation to report during the year ended December 31 for equipment that was purchased at a cost of $ 43,000 on October 1. The equipment has an estimated residual value of $ 3,000 and an estimated useful life of five years or 20,000 hours. Assume the equipment was used for 1,000 hours from October 1 to December 31 and the company uses (a) straight- line, (b) double- declining- balance, or (c) units- of- production depreciation.
Answer to relevant QuestionsLiz Claiborne Inc. reported $ 145 million of Income from Operations for its year ended December 31, 2011. This income included a gain on sale of the Liz Claiborne family of brand names to J. C. Penney, for total proceeds of ...Iconix Brand Group owns and markets various brands and trademarks, including Joe Boxer, London Fog, Ocean Pacific, Ecko Unltd., Umbro, Ed Hardy, Lee Cooper, Buffalo, and Peanuts. The company’s financial statements for the ...Wiater Company operates a small manufacturing facility. On January 1, 2015, an asset account for the company showed the following balances: Equipment………………………………………….. $ 160,000 Accumulated ...Palmer Cook Productions manages and operates two rock bands. The company entered into the following transactions during a recent year. January 2 Purchased a tour bus for $ 80,000 by paying $ 20,000 cash and signing a $ ...Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ...
Post your question