accounting

posted by .

cost of rental equipment is $486,902, accum. amortization is $418,713, net book value for 2006 is $68,169 and 2005 is $74,018. Amortization of rental equipment for the year amounted to $22,205 (2005 - $14,379). i need to calculate the cost for year 2007, the accum. amort. for 2007 and net book value for 2007.

The declining balance rate is 30%. Any additions to rental equipment in the current year are amortized at one-half of the above rates.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Accounting

    I'll start with the first part of my problem. This is a long assignment since it is a weekend one. Part 1: Incomplete Comparative Balance Sheet. The percentage of Increases/decreases are to the side. And Accumulated Depreciation is …
  2. Accounting Adjustment

    Use the straight line amortization method. Equipment amortizes 20 percent per year. Trial Balance for March 31, 2005 shows equipment worth $90,030.
  3. accounting

    Assume that Hickory Copany has the following data related to its accounts receivable: 2005 2006 net sales $1,425,000 $1,650,000 net receivables beginning of 2005:375,000 beginning of 2006:333,500 end of 2005:420,000 end of 2006:375,000 …
  4. business

    The ABC Company purchased a solar powered electrical generator on March 9, 2005 for $1.5 million. At that time, it was estimated that the generator would have a useful life of 20 years and a salvage value of $50,000. Over its life …
  5. Financial and managerial accounting

    1. Use the following data for questions 1 and 2.On March 12, 2005, Trio, Inc. acquired melting equipment for $37,000. The estimated life of the equipment is 7 years, with an estimated residual value of $9,000.Refer to above data. In …
  6. Financial and managerial accounting

    1. Use the following data for questions 1 and 2.On March 12, 2005, Trio, Inc. acquired melting equipment for $37,000. The estimated life of the equipment is 7 years, with an estimated residual value of $9,000.Refer to above data. In …
  7. Stats

    This assignment requires you to use Excel. In question 1, you will use the charting features. In questions 2 and 3, use the regression tool from the analysis toolpack. There is no template for this assignment. Make sure you explain …
  8. Accounting

    I am given several hypothetical amounts and interest rates and need to find the amount of the rental payments. (Lessee-Lessor Entries; Sales-Type Lease) On January 1, 2011, Palmer Company leased equipment to Woods Corporation. The …
  9. statistics

    Question 1 Shown below are rental and leasing revenue figures for office machinery and equipment in the United States over a seven-year period according to the U.S. Census Bureau. Use these data to run a linear regression and then …
  10. statistics

    Shown below are rental and leasing revenue figures for office machinery and equipment in the United States over a sever-year period according to the U.S. Census Bureau. Use these data to run a linear regression and then forecast the …

More Similar Questions