Question

Double-Declining-Balance Depreciation

A building acquired at the beginning of the year at a cost of $86,800 has an estimated residual value of $2,600 and an estimated useful life of four years. Determine the following.

(a) The double-declining-balance rate   %
(b) The double-declining-balance depreciation for the first year

 

 

Capital and Revenue Expenditures

On December 2, Rocket Co. paid $2,290 to install a hydraulic lift and $59 for an air filter for one of its delivery trucks.

Journalize the entries for the new lift.

December 2      
       

Journalize the entry for air filter expenditures.

December 2      
       

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Capital and Revenue

Depreciation Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: SafeData Corporation has the following account balances and respective fair values on June 30:  ...

A: When the company is acquired to another company on the basis of the fully acquired then the company ...

Q: Prior to accepting a new audit engagement, a public accounting firm shoulda. Attempt to contact the ...

A: Auditing: Examining the companies financial records for accuracy by maintaining Accounting standards...

Q: Assume you are the controller of a large corporation, and the chief executive officer (CEO) has requ...

A: Memo is a typically concise composed message or report. Memos have a twofold reason: they point out ...

Q: Measure Maps Silver Lining Inc. has a balanced scorecard with a strategy map that shows that deliver...

A: We have the following information: The company’s target hours from ordered to delivered is 40 Every...

Q: Archer Co. completed the following transactions and uses a perpetual inventory system. Aug. 4 Sold $...

A: Click to see the answer

Q: Vibrant Company had $850,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased mercha...

A: Click to see the answer

Q: What are noncash investing and financing activities?Give one example.

A:  

Q: Identify and briefly describe the three categories of cash flows reported in the statement of cash f...

A: Cash flow statement: The cash flow statement is a part of the financial statements used to evaluate ...

Q: What is attestation?

A: A formal processing and signing of document is required by organizations to maintain accuracy and tr...

Q: A company uses a spreadsheet to prepare its statement of cash flows. Indicate whether each of the fo...

A: Cash flow statement is a statement which provides detail of all cash inflows and outflows of the bus...

Q: Taryn would like to open a new business as an interior designer, to funds her ambition she sold some...

A: As per the Income Tax Act,1977 – Australia, Capital Gain Tax (CGT) will be applicable on Collectible...

Q: Financial Statements Jose Loder established Bronco Consulting on August 1, 2019. The effect of each ...

A: Bronco consulting     Income statement      For the Month ended August 31,2019             $...

Q: Define cash and cash equivalents and indicate the types ofitems that should be reported as cash and ...

A: Cash and cash equivalents refer to the line item on the balance sheet that reports the value of a co...

Q: General Motors advertised three alternatives for a 25-month lease on a new Tahoe: (1) zero dollars d...

A: Lease: Lease is a contractual agreement whereby the right to use an asset for a particular period of...

Q: On March 15, Maxwell Plush sold and shipped merchandise on account for $6,000 to Kittson Amusement P...

A: Given information is: On March 15, Maxwell Plush sold and shipped merchandise on account for $6,000 ...

Q: Im always stuck on my homework because im not sure how to calculate the order of operations in my ca...

A: Definition: Present value: Present value refers to the present worth of the money that is received i...

Q: Gooby Gummies makes taffy candy, which it sells at local supermarkets. The fixed monthly cost to pro...

A: Profit = {Unit sales ( Sales per unit - Variable per unit ) } - Fixed cost At present   Unit Sales =...

Q: Physical Units Equivalent Units Total Timber Conversion cost: Units $ Eq. Units $ Eq. units $ Beg. W...

A: We have to calculate percentage completion of Opening and Closing WIP first as follows:  Now, we wi...

Q: Assume you work as an accountant in the merchandising division of a large public company thatmakes a...

A: Since we only answer up to 3 sub-parts, we’ll answer the first 2 and 4. Please resubmit the question...

Q: The cost of equity is ________. Group of answer choices A. the interest associated with debt B. t...

A: Cost of equity: Cost of equity is the percentage amount of dividend and growth to the paid to the sh...

Q: Solve it both subparts early.  Note:- not solve this question in excel works.  Use handwriting or ty...

A: Present value is the current value of a future sum of money or stream of cash flows given a specifie...

Q: On January 1, Harbor (lessee) signs a five-year lease for equipment that is accounted for as a finan...

A: Journal entries would be recorded as stated below.

Q: Pursuing an inorganic growth strategy, Wilson Company acquired Venus Company's net assets and assign...

A: Sollution:-               Sl no Particulars Alpha Beta Gamma Delta 1 Carrying value $2,00,000 $...

Q: Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost ...

A: Definition: Job-order costing: The job order cost system provides a separate record of each particul...

Q: Brown Corporation had average days of sales outstanding of 19 days in the most recent fi scal year. ...

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period ...

Q: At the beginning of 2009, Florida Road Construction entered into a contract to build a road for the ...

A: Revenue Recognition: Revenue recognition is the recording of revenues in the books of the company on...

Q: QUESTION 2 Taryn would like to open a new business as an interior designer, to funds her ambition sh...

A: Hello, since the student has posted multiple requirements, only the first one is answerable. Thank y...

Q: Board Company has a foreign subsidiary that began operations at the start of 2017 with assets of 144...

A: Given:     January 1, 2017 (start of business) $0.81 March 1, 2017 0.79 Weighted a...

Q: how to correct a The Debtors control column in the debtors journal was “undercast”.

A: Entry will be Debtors control A/c _____ Dr      To sales

Q: On September 30, Valerian Co. had a $111,500 balance in Accounts Receivable. During October, the com...

A: Given: Data for Accounts receivables: Opening - $111,500 Collection Made - $111,890 Closing - $107,0...

Q: What is the difference between document examination and reperformance when conducting testsof contro...

A: Test of controls are performed to obtain evidence about whether controls that are candidates to be r...

Q: Horizontal analysis examines trends in a company a. Between income statement accounts in the same ye...

A: Horizontal analysis of financial statements: In horizontal analysis of financial statement, the amo...

Q: Which of the following would an analyst most likely be able to determine from acommon-size analysis ...

A: In common size statements individual figures are converted into percentages to some common base. The...

Q: On January 1 of the current year, the assets and liabilities of Chol James, aa Public Health consult...

A: Final accounts are prepared to assess the financial position of a company for a specified period.

Q: Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account info...

A: Click to see the answer

Q: Define the following terms: incremental cost, opportunity cost, and sunk cost.

A: Incremental Analysis: Incremental analysis refers to the analysis of differential revenue that could...

Q: What organizations and agencies have rules of conduct that you must observe when you practice(a) pub...

A: A rule of conduct is a set of norms and regulations practiced by an individual, or organizations. It...

Q: What is an audit committee? What are its duties?

A: Audit committee: Audit committee is a sub-committee of board of directors which is responsible for ...

Q: A woman making $2000 per month has her salary reduced by 10% because of sluggish sales. One year lat...

A: Salaries and wages payable: Salaries and wages payable is a payment made to an employee for complet...

Q: Define the cost of goods available for sale. How does it relate to cost of goods sold and ending inv...

A: Cost of goods available for sale: Cost of goods available for sale represents the sum of beginning m...

Q: A company like Golf USA that sells golf-related inventory typically will have inventory items such a...

A: Hi student Since there are multiple subparts in this question, we will answer only first three sub p...

Q: The Cheesecake Factory Incorporated (NASDAQ: CAKE) is publicly held and had morethan 93 million comm...

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...

Q: Below are four scenarios for a local Midas Muffler shop for the month of December.Scenario 1: On Dec...

A: An adjusting journal entry is an entry in a company's general ledger that occurs at the end of an ac...

Q: The performance of an attestation engagement on prospective financial information does notrequire wh...

A:  

Q: Describe in words the journal entries that are made ina perpetual inventory system when inventory is...

A: Perpetual inventory system provides a running balance of cost of goods available for sale and cost o...

Q: Southeast Systems has the following balance sheet and the income statement. The company had 10 milli...

A: Common-size value of accounts receivable for 2014 = Accounts receivable of 2014 / Total assets of 20...

Q: Entries into T accounts and Trial Balance Ken Jones, an architect, opened an office on April 1, 2016...

A:  Cash    Key Jones - capital    1.                  $18,000 2.                      $2,500   1.   ...

Q: What is the answer to number three I have already tried sales discount and and sales returns and all...

A: Net method: Under the net method, the sales are initially recorded with the net amount i.e., after d...

Q: Hello question is attached, thanks.

A: Click to see the answer

Q: Discuss the risk of material misstatement inthe production cycle.

A: Production cycle is comprised of all activities related to the conversion of raw materials into fini...