(Answered) Q1 eastman company purchased a delivery truck for 35000 on

Accounting

Q1. Eastman Company purchased a delivery truck for $35,000 on January 1, 2008. The truck was assigned an estimated useful life of 5 years and has a salvage value of $10,000. Record the yearly depreciation expense using the straight-line method.

Q2. Lester Company purchased a truck for $57,000. The company expected the truck to last four years with an estimated salvage value of $6,000. Compute the depreciation for the second year under the Double-declining-balance.

Q3. On January 1, 2010, Lakeside Enterprises purchased natural resources for $1,200,000. The company expects the resources to produce 12,000,000 units of product. If the company mined and sold 20,000 units in January, what is depletion expense entry for the month?

Q4. Crawford Enterprises sold equipment on January 1, 2010 for $5,000. The equipment had cost $24,000. The balance in Accumulated Depreciation at January 1 is $20,000. What entry would Crawford make to record the sale of the equipment?

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92592615
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - computing a basket purchase allocation and

Question - Computing a Basket Purchase Allocation, and Recording Depreciation under Three Alternative Methods At the beginning of the year, Wong's Martial Arts Centre bought three used fitness machines from Hangar Inc. f ...

Question - messi company is considering an investment that

Question - Messi Company is considering an investment that will return a lump sum of $900,000 6 years from now. What amount should Messi Company pay for this investment to earn an 8% return?

Question - concord corporation had 807000 shares of common

Question - Concord Corporation had 807000 shares of common stock outstanding on January 1, issued 121000 shares on May 1, purchased 66000 shares of treasury stock on September 1, and issued 50000 shares on November 1. Th ...

Problem - transactions early januaryit is now 7 january

Problem - Transactions: Early January It is now 7 January 2018 You find a note on your desk from Duncan instructing you to record a list of transactions that occurred during the first week of January as follows: Transact ...

Question - the machardee plumbing company has common stock

Question - The MacHardee Plumbing Company has common stock outstanding. The stock paid a dividend of $2.00 per share last year, but the company expects that earnings and dividends will grow by 25% for the next two years ...

Questions -question 1 - 750 wordsfinancial reports and the

Questions - Question 1 - 750 words Financial reports (and the conceptual frameworks on which they are based) can either embrace a 'decision usefulness' or 'stewardship' function. Define these two terms. Which of these fu ...

Question - mr x wants to build a retirement fund of 500000

Question - Mr. X wants to build a retirement fund of $500,000 by the time he is 65. He is 40 today, and he plans to make 20 equal annual deposits to the fund, the first deposit to be made today. Assuming the fund will ea ...

Question - robin corporation purchased 150000 previously

Question - Robin Corporation purchased 150,000 previously unissued shares of Nest Company's $10 par value common stock directly from Nest for $3,400,000. Nest's stockholder's equity immediately before the investment by R ...

Question - on january 1 2007 nichols companys inventory of

Question - On January 1, 2007, Nichols Company's inventory of Item X consisted of 2,000 units that cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it sold 4,500 units. Periodic inv ...

Question - what is the present value of 7160 to be received

Question - What is the present value of $7,160 to be received at the end of each of 18 periods, discounted at 5% compound interest?

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

Recent Questions

Ask Accounting Basics Expert