Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Finance & Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=411)
-   -   Straight Line Depreciation (https://www.askmehelpdesk.com/showthread.php?t=303449)

  • Jan 14, 2009, 10:44 AM
    ballin4eva113
    Straight Line Depreciation
    Using the straight line depreciation method, how would I journalize this?

    Thomas Company 2006

    January 1st-Retired a piece of machinery that was purchased on January 1, 1996. The machine cost $62,000 on that date. It had a useful life of 10 years with no salvage value.
  • Jan 14, 2009, 10:55 AM
    Curlyben
    Thank you for taking the time to copy your homework to AMHD.
    Please refer to this announcement: Ask Me Help Desk - Announcements in Forum : Homework Help
  • Jan 14, 2009, 10:56 AM
    ballin4eva113
    Depreciation Straight Line
    How would I journalize this using the straight-line depreciation method?

    Thomas Company 2006
    Dec 31-Discarded a delivery truck that was purchased on January 1, 2002. The truck cost $33,00. It was depreciated based on a 6-year useful life with a $3,000 salvage value.
  • Jan 14, 2009, 01:05 PM
    pready

    To compute the depreciation Expense using the Straight Line method (SL) is:

    (Cost - Salvage Value)/Useful Life = Depreciation Expense per year.

    Next you need to take your Depreciation Expense per year X Number of Years.

  • All times are GMT -7. The time now is 05:09 AM.