Accounting

A piece of equipment is purchased on May 1, 2007 for $80,000 and has a residual value of $5,000. The equipment's useful life is 8 years or 12,500 hours. It is used 2,700 hours in 2007, and 2,600 in 2008.

The question is what is the book value on December 31, 2009 if I use the straight-line method.

The answer is not 51,875.

  1. 👍
  2. 👎
  3. 👁

Respond to this Question

First Name

Your Response

Similar Questions

  1. accounting

    The following transactions occurred during March 2009 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 30,000 shares of common stock in exchange for $300,000 in cash. 2. Purchased

  2. accounting

    Andy Wright, D.D.S., opened a dental practice on January 1, 2008. During the first month of operations the following transactions occurred. Performed services for patients who had dental plan insurance. At January 31, $875 of such

  3. boring math

    A business purchases a piece of equipment for $25000. The equipment will be replaced in 10 years at which time its salvage value is expected to be $2000. Write linear equation giving the value V of the equipment during the

  4. ACCOUNTING CONFUSED!! HELP

    Andy Wright,D.D.S., opened a dental practice on January 1, 2008. During the first month of operations the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $875 of

  1. Business Math

    a new piece of equipment cost $18,000 with a residual value of $600 and an estimated useful life of five year. Assuming twice the straight-line rate, the book value at the end of year 2 busing the declining-balance method

  2. accounting

    In 2007, Clyde Blackstock opened Clyde’s Pets, a small retail shop selling pet supplies. On December 31, 2007 Clyde’s accounting records showed the following: Merchandise inventory at December 31, 2007 $10,250 Merchandise

  3. L A

    I had just finished making a complicated piece of equipment that was to be used for a show opening in Philadelphia called "Fiorello." When the machine arrived they had trouble wiring it, so instead of going off to college that

  4. accounting 100

    The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2014: Accounts payable $ 18,000 Accounts receivable 11,000 Accumulated depreciation – equipment 28,000

  1. Excelsior

    he following transactions occurred during March 2009 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 30,000 shares of common stock in exchange for $300,000 in cash. 2. Purchased

  2. accounting

    how would the table of analysis be set up with these transactions: started business with $25,000 paid rent $2,000 purchased equipment $6,000 only paid 40% owes difference purchased food and beverage $4,000 paid 75% in cash owes

  3. Financial Accounting

    1. Post the following transactions of a restaurant to prepare the journal ledger and trial balance. Jan - 2011 Transaction Amount 5 Started the business with cash 2,50,000 10 Deposited in the bank 50,000 15 Purchased tables and

  4. accounting 102

    Equipment is purchased for $80,000. It has an 8 year useful life and a $39000 residual value. Under the double-declining-balance method, what is the depreciation for year 3? a. 6,000 b. 48,000 c. 11,250 d. 8436 I answered C. The

You can view more similar questions or ask a new question.