Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Accounting Basics Expert

a. Warren company plans to depreciate a new buildingusing declinign balance depreciation with 200 percent accelerationrate. the building cost $800,000. the estimated residual value ofthe building is $50,000 and it has an expected useful life of 25years. assuming the first year depreciation expense was recordedproperly what would be the amount of depreciation expense for thesecond year?

b. Pyle company purchased an asset that cost $50,000( noresidual value esimated useful life 8 years, straight linedepreciation used). an error was made because the total cost amontwas debited to an expense account for 2009 and no depreciation onit was recorded. pretax income for 2009 was $42,000. the correctpretax should be?

c. boone industries pruchased a truck for $35000 onjan.1,2009. the truck had an estimated useful life of 80000 milesand estimated residual value of $8000. in the 3rd year ofownership(2010), the car was driven 25000 miles. using units of production method the amt of depreciation expense for 2010is?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9992643

Have any Question?


Related Questions in Accounting Basics

Question - on june 30 2018 pharoah co sold equipment to an

Question - On June 30, 2018, Pharoah Co. sold equipment to an unaffiliated company for $1600000. The equipment had a book value of $880000 and a remaining useful life of 10 years. That same day, Pharoah leased back the e ...

Question - kramer corp reported the following sale and

Question - Kramer Corp. reported the following sale and purchase transactions related to a specific product in January 2017: Date Transaction Quantity Unit Cost Unit Sales Price Jan 01 Beginning inventory 5 $90 Jan 03 Sa ...

Question -describe the basic characteristics of the cash

Question - Describe the basic characteristics of the cash basis and the accrual basis of accounting. Identify the reasons why adjusting entries must be made. Explain the purpose of deferral adjustments and accrual adjust ...

Question - nutty co gourmet snacks currently sells their

Question - Nutty Co. Gourmet Snacks currently sells their Gourmet Deluxe Gift Basket for 53% each. Nutty Co. currently holds 2B percent of the market share for high-end gift baskets. The marketing manager believes that t ...

Question based on your understanding of financial statement

Question: Based on your understanding of financial statement analysis, of the three statements (Income Statement, Balance Sheet, Statement of Cash Flows) which statement do you think is the most important and why? The re ...

Question - on 1 january 2015 image plus ltd acquired

Question - On 1 January 2015 Image Plus Ltd acquired electronic equipment for $18 000, net of GST. It is estimated it will have no residual value. If depreciation is provided at 10% p.a. on the diminishing-balance basis, ...

Question - alpha technology produces two products a high

Question - Alpha Technology produces two products: a high end laptop under the label Excellent Laptops and an inexpensive desktop under the label Outstanding Computers. The two products use two overhead activities, with ...

Question my choice is starbucksaccess each of the social

Question: My choice is Starbucks Access each of the social media pages for the brand you have selected (Facebook, Twitter, Instagram, etc.). Provide an assessment of the effectiveness of the social media sites: number of ...

Question - machine b the recorded cost of this machine was

Question - Machine B: The recorded cost of this machine was $201,600. Evers estimates that the useful life of the machine is 4 years with a $11,500 salvage value remaining at the end of that time period. Calculate the am ...

Question abc construction abc or the company an sec

Question: ABC Construction (ABC or the "Company"), an SEC registrant, is a construction company that manufactures commercial and residential buildings. On March 1, 2018, the Company entered into an agreement with a custo ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As