The balance in the equipment account is $1,375,000, and the balance in the accumulated depreciation-equipment account is
Question:
The balance in the equipment account is $1,375,000, and the balance in the accumulated depreciation-equipment account is $725,000.
a. What is the book value of the equipment?
b. Does the balance in the accumulated depreciation account mean that the equipment's loss of value is $725,000? Explain.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
a Equipment account 1375000 Depreciationequipment account 725000 Book value ...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Students also viewed these Accounting questions
-
The balance in the equipment account is $3,150,000, and the balance in the accumulated depreciation-equipment account is $2,075,000. A. What is the book value of the equipment? B. Does the balance in...
-
The balance in the equipment account is $28,650,000, and the balance in the accumulated depreciation-equipment account is $16,430,000. a. What is the book value of the equipment? b. Does the balance...
-
The balance in the equipment account is $28,650,000, and the balance in the accumulated depreciation-equipment account is $16,430,000. a. What is the book value of the equipment? b. Does the balance...
-
Each of the systems in Problems 11 through 18 has a single critical point (x 0 , y 0 ). Apply Theorem 2 to classify this critical point as to type and stability. Verify your conclusion by using a...
-
The following diagram shows the vapor-pressure curves of a volatile solvent and a solution of that solvent containing a nonvolatile solute. (a) Which line represents the solution? (b) What are the...
-
Bateman Company is preparing financial statements for the calendar year 2009. The following totals for each account have been verified as correct: Office Supplies on Hand...
-
Consider the prices of regular movie tickets (not 3-D, and not discounted for children or seniors). a. Estimate the mean price. b. Use the range rule of thumb to make a rough estimate of the standard...
-
Easyuse Tool Co. manufactures an electric motor that it uses in several of its products. Management is considering whether to continue manufacturing the motors or to buy them from an outside source....
-
Calculate the profitability index of the two opportunities. Option 1 Profitability Index Which option should James choose? James should choose Option 2
-
1. How do information technologies contribute to the business success of the companies depicted in the case? Provide an example from each company explaining how the technology implemented led to...
-
Diamond Services was organized on April 1 of the current year. On April 2, Diamond Services prepaid $28,800 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes...
-
In a recent balance sheet, Microsoft Corporation reported Property, Plant, and Equipment of $16,259 million and Accumulated Depreciation of $8,629 million. a. What was the book value of the fixed...
-
A first- order reaction is 75.0% complete in 320. s. a. What are the first and second half-lives for this reaction? b. How long does it take for 90.0% completion?
-
May a corporation receive an extension of the 2 1/2-month period for a retroactive S corporation election?
-
Why may the 50 percent "qualified joint tenancy" rule have adverse income tax effects?
-
What is the maximum child tax credit a taxpayer may receive for an 18-year-old fulltime college student in 2019?
-
What basis will a partner take in property received in a liquidating distribution from a partnership?
-
Briefly describe the two major categories of qualified charitable organizations for tax purposes.
-
The overall mission of Helgaton Ltd is to deliver quality business products and systems throughout the UK and Ireland. The company employs more than 4000 people in nearly 50 locations. In order to...
-
The cash records of Holly Company show the following four situations. 1. The June 30 bank reconciliation indicated that deposits in transit total $720. During July, the general ledger account Cash...
-
Unbiased estimates of the variance components under the AR(1) model. Prove that \(\widehat{\sigma}_{\epsilon}^{2}\) and \(\widehat{\sigma}_{\alpha}^{2}\) given by (5.15) are unbiased for...
-
The following information is available for the first month of operations of Zahorik Company, a manufacturer of mechanical pencils: Sales ...................$360,000 Gross profit ....................
-
A partial list of Frend Hotels costs is provided below. a. Champagne for guests. b. Cost to mail a customer survey. c. Training for hotel restaurant servers. d. Cost to replace lobby furniture. e....
-
Several items are omitted from each of the following income statement and cost of goods manufactured statement data for the month of December 2010: Instructions 1. Determine the amounts of the...
-
2) Consider the following classes: public interface Vehicle{} public class Car implements Vehicle{} public class Toyota extends Car () and the following declarations: Object obj = null; Vehicle v =...
-
response. Design an adaptive filter and check the frequency Try different length of w(n), identify plant H. Try different input signals x(n), such as: white noise, chirp signal and other signals we...
-
8) Compute the tax liability for each of the following taxpayers, including any child tax credit: a) Norm and Nancy, both ages 46, are married, have two qualified children (ages 13 and 14), and file...
Study smarter with the SolutionInn App