1. A company purchases a machine for its manufacturing facility for $90,000 and is expected to...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1. A company purchases a machine for its manufacturing facility for $90,000 and is expected to have a scrap value of $10,000. The machinery is estimated to have a useful life of 5 years. What is the proper entry to record the year-end adjustment annual depreciation amount, using the straight-line method is used? 2. A company purchased a truck for $25,000 on January 1 and as of December has not recorded any depreciation. The truck is estimated to have a useful life of 10 years, and straight-line depreciation is used. What is the annual depreciation if the salvage value is $5,000? 1. A company purchases a machine for its manufacturing facility for $90,000 and is expected to have a scrap value of $10,000. The machinery is estimated to have a useful life of 5 years. What is the proper entry to record the year-end adjustment annual depreciation amount, using the straight-line method is used? 2. A company purchased a truck for $25,000 on January 1 and as of December has not recorded any depreciation. The truck is estimated to have a useful life of 10 years, and straight-line depreciation is used. What is the annual depreciation if the salvage value is $5,000?
Expert Answer:
Answer rating: 100% (QA)
1 To record the yearend adjustment for annual depreciation usin... View the full answer
Related Book For
Financial Accounting and Reporting a Global Perspective
ISBN: 978-1408076866
4th edition
Authors: Michel Lebas, Herve Stolowy, Yuan Ding
Posted Date:
Students also viewed these accounting questions
-
ABC Corporation (ABC) is a public company engaged in manufacturing of wooden and steel furniture. All machines and owner occupied buildings are recorded under cost model. Buildings rented out are...
-
Natalie is thinking of buying a van that will only be used for her business, Baking Time. The cost of the van is $41,000. Natalie would spend an additional $3,000 to have the van painted with the...
-
The audit senior has just approached you and asked you to review a list of transactions he thinks are potential errors from the previous period. Review the following list of transactions and record...
-
Simplify the following expressions according to the commutative law: a. b. A B + A C + B A c. (L M N)(A B)(C D E)(M N L) d. F (K + R) + S V + W + V S + W + (R + K) F A.B + B.A + C.D.E + C.DE + E.T.D
-
Selected comparative information (in thousands) is available for Halpenny Corporation. Halpenny wishes to calculate ratios for 2017 and 2016. (a) Calculate the average amounts to be used for accounts...
-
The Sarbanes- Oxley Act was passed by the U. S. Congress in 2002, following financial reporting disasters of Enron Corp. and WorldCom Inc. (Section 1.2). Section 404 of the Act required that senior...
-
What section of a statement of cash flows indicates the cash spent on new equipment during the past accounting period? (a) The investing section. (b) The operating section. (c) The financing section....
-
Clancey Inc. issues $2,000,000 of 7% bonds due in 10 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 8%. What amount will Clancey receive...
-
2 Evaluate the definite integral dx. -4 ( X +5) 4 2 dx = - 4 (x + 5) 4 (Simplify your answer.)
-
Daniel B. Butler and Freida C. Butler, husband and wife, file a joint return. The Butlers live at 625 Oak Street in Corbin, KY 40701. Dan's Social Security number is 111-11-1112, and Freida's is...
-
Friction Loss in Pumping Oil to Pressurized Tank. An oil having a density of 833 kg/m' and a viscosity of 3.3 x 10-3 Pa s is pumped from an open tank to a pressurized tank held at 345 kPa gage. The...
-
How do we figure out the debt Roche would need to finance its purchase of Genentech at the current offer of $89/share assuming Roche's financial statements are consolidated and that they need $3...
-
In your portfolio, you have two stocks. You have a 50% investments in Stock A and 50% investment in Stock B. Stock A has a standard deviation of 25% and a beta of 1.2. Stock B has a standard...
-
You are asked to value a company NewLight, which operates in a utility sector. Over the last few years, the company has managed to have an ROE of 20%, and a dividend payout ratio of 20%. Next year's...
-
Explain three key principles of quality customer service. Explain four types of positive communication that should be used to ensure quality customer service. Explain what type of non-verbal...
-
Most of us were taught right and wrong by a parent, sibling, friend, teacher, or other family members. We all have a framework for our value system, moral behavior, principles, and how we live our...
-
At the beginning of the year, the AAA of Rose, Inc. shows a balance of $682,000. During the year, the following items occur. Compute the end-of-year AAA balance. Operating income $452,000 Interest...
-
Interest Compounded Annually. When P dollars is invested at interest rate i, compounded annually, for t years, the investment grows to A dollars, where A = P(1 + i) t . Trevor's parents deposit $7800...
-
Nilsson Company closes its books on 31 December each year. During the past year they have taken a three-year lease on a computer web server to support the development of their e-business activities....
-
Multiple Choice Questions Select the right answer (only one possible answers unless otherwise stated). 1 Which of the following does IASB stand for? (a) Internationally Accepted Standards Board (b)...
-
For a service firm, the choice of reporting date (date on which the books are closed and the statement of financial position or balance sheet, income statement and statement of cash flows are...
-
Why may a focus on operating revenue be preferable to a focus on total revenue?
-
Which approach do you think is best for valuing a business: the DCF approach or the market multiple approach? Explain the rationale behind your answer. p7
-
Why is EVA a better measure of financial performance than are accounting measures such as net income or earnings per share?
Study smarter with the SolutionInn App