FREE Trial

El Tapitio purchased restaurant furniture on September 1, 2012, for $35,000. Residual value at the end of

Question:

El Tapitio purchased restaurant furniture on September 1, 2012, for $35,000. Residual value at the end of an estimated 10-year service life is expected to be $5,000. Calculate depreciation expense for 2012 and 2013, using the straight-line method, and assuming a December 31 year-end.
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 40% (10 reviews)

Year 2012 350...View the full answer


answer-question-section
Answered By
tutor-profile-image
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are: Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking, So, I look forward to helping you solve your academic problem. I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs. I travel three times a year either to the USA, Europe and around Africa. As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc). So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+ 2+ Reviews 10+ Question Solved
Related Book For  book-img-for-question
Financial Accounting

Financial Accounting

ISBN: 9780078110825

2nd Edition

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

See More Books
Question Posted:
See More Questions

Related Video

In accounting terms, depreciation is defined as the reduction of the recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible. An example of fixed assets are buildings, furniture, office equipment, machinery, etc. The land is the only exception that cannot be depreciated as the value of land appreciates with time. Depreciation allows a portion of the cost of a fixed asset to be the revenue generated by the fixed asset. This is mandatory under the matching principle as revenues are recorded with their associated expenses in the accounting period when the asset is in use. This helps in getting a complete picture of the revenue

Students also viewed these Accounting questions

Unlocking The Power Of Diversity Equity And Inclusion For Success How To Develop Policies And Procedures Create A Dei Framework Measure Progress And And Make Systemic Changes In The Workplace 1st Edition - ISBN: 979-8861884075 - Free Book