Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1.  Pine Company bought a depreciable asset for $360,000. Estimated salvage value is $24,000, and estimated useful life is 8 years. Double-declining balance method will be used for depreciation. Compute depreciation expense for the second year on this asset?

a. $42,000

b. $63,000

c. $67,500

d. $90,000

2. On July 1, 2006, Rodriguez Corporation bought factory equipment for $150,000. Salvage value was evaluated to be $4,000. Equipment will be depreciated over ten years by using double-declining balance method. Counting the year of acquisition as one-half year, Gonzalez must record depreciation expense for 2007 on this equipment of

a. $30,000.

b. $27,000.

c. $26,280.

d. $24,000.

3. Norris Corporation bought factory equipment which was installed and put into service January 2, 2006, at total cost of $60,000. Salvage value was evaluated at $4,000. Equipment is being depreciated over four years by using double-declining balance method. For year 2007, Norris must record depreciation expense on this equipment of

a. $14,000.

b. $15,000.

c. $28,000.

d. $30,000.

4. On April 13, 2006, Foley Co. bought machinery for $120,000. Salvage value was evaluated to be $5,000. Machinery will be depreciated over ten years by using double-declining balance method. If depreciation is find outd on the basis of nearest full month, Foley must record depreciation expense for 2007 on this machinery of:

a. $20,800.

b. $20,400.

c. $20,550.

d. $20,933.

5. On January 1, 2000, Barnes Company bought equipment at cost of $50,000. Equipment was evaluated to have a salvage value of $5,000 and it is being depreciated over eight years under sum-of-the-years'-digits method. What must be the charge for depreciation of this equipment for year ended December 31, 2007?

a. $1,250

b. $1,389

c. $2,500

d. $5,625

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M922554

Have any Question? 


Related Questions in Accounting Basics

The assignment will require the group to undertake research

The assignment will require the group to undertake research using the website of the Australian Stock Exchange (ASX) and/or the Company whose industry is Food, Beverage & Tobacco that you have chosen. Elder Ltd is the ap ...

Please show your work a treasury bond that matures in 7

Please show your work. A Treasury Bond that matures in 7 years has a yield of 5.15%. A 7 year corporate bond has a yield of 7.15%. Assume that the liquidity premium on the corporate bond is 0.5%. What is the default risk ...

Practice questionsin what circumstances would you recommend

Practice questions: In what circumstances would you recommend the use of the machine hour overhead absorption rate?

The processes of selecting an aiserp to make informed

The processes of selecting an AIS/ERP to make informed decision for investment in an accounting software Group Assignment Scenario B Bakery is a family owned firm with around 70 employees and sales revenue increased to m ...

Assessment by the sports exports company of factors that

Assessment by the Sports Exports Company of Factors That Affect the British Pound's Value Because the Sports Exports Company (a U.S. ?rm) re- ceives payments in British pounds every month and converts those pounds into d ...

Stellar stores is a new company that started operations on

Stellar Stores is a new company that started operations on March 1, 2014. The company has decided to use a perpetual inventory system. The following purchase transactions occurred in March: Mar. 1 Stellar Stores purchase ...

Case study -you are auditing the financial report of best

Case Study - You are auditing the financial report of Best Living Supplies Ltd (Best Living Supplies) for the year ended 30 June 2016. Best Living Supplies sells a wide variety of household products to retail outlets.  A ...

1 which of the following scenarios will qualify under

1. Which of the following scenarios will qualify under Section 351 as a nontaxable corporate formation? For those that do not qualify, what requirement of section 351 do they violate? a. Giner, Mary Ann, and Mrs. Howell ...

1 what are support events2 what are economic agents3 define

1. What are support events? 2. What are economic agents? 3. Define duality. 4. What is view modeling? 5. What is represented by the labeled lines connecting entities in an REA diagram? 6.Why are journals and ledgers not ...

Practice questionswhy is a balance sheet claimed to be a

Practice questions: Why is a balance sheet claimed to be a statement of the financial position of a business? What limitations do you think it has?

  • 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

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate