Workman company purchases a machine on january 2 2012 for, Ask an Expert

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1. Workman Company purchases a machine on January 2, 2012 for $800,000. The machine has an estimated useful life of 5 years and a salvage value of $100,000. Depreication was computed by the 150% declining-balance method. What is the amount of accumulated depreciation at the end of December 31, 2013?

2. Elliott Corp. failed to record accrued salaries for 2011, $2,000; 2012, $2,100; and 2013, $3,900. What is the amount of the overstatement or understatement of Retained EArnings at December 31, 2014?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M947597

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