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How do you record amortization expense for machinery and truck?
Wiki User
∙ 14y ago
machinery 750 000...accum. amort. machinery 340 000
truck 120 000...accum amort. truck 40 000
1. remaining useful like 8 yrs; estimated residual $110 000
2. remaining useful life 4 yrs; estimated residual $30 000
Wiki User
∙ 14y ago
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How do you fill in line 6 of Part I of Form 4562?
Part I of Form 4562 (Depreciation and Amortization) concerns Section 179 property. That's property that you buy to use in your trade or business and that's either tangible personal property or other tangible property (except buildings and their structural components). On line 6 column (a), give a brief description of the property that you're expensing under Section 179 (for example: office furniture, truck). In column (b), give the cost of that property. In column (c), enter the amount that you're expensing under Section 179. The entire cost of the property doesn't have to be expensed. You can depreciate the amount that you don't expense.
How do you record long-term assets?
Long-Term Assets, aka Fixed Assets are recorded on the Balance Sheet under PP&E or Property, Plant, & Equipment.For Example, a truck purchased for use in a business for the amount of $5,000 would be a Fixed Asset and the transaction (if paid in cash) would be..PP&EEquipment-Truck (debit) $5,000Cash (credit) $5,000
What is the journal entry if a company received a donated truck?
debit truck accountcredit donation / retained earnings
Depreciation on delivery truck is product cost?
Depreciation on delivery truck is period cost as it is not necessary for the making of product.
What is the journal entry when the owner pays money from business to buy a truck?
[Debit] Truck account xxxx [Credit] Cash / bank xxxx
Where can you find a schematic of a transport truck?
The truck manufacturer will have a record of the wiring in each truck.
Are truck driving schools worth the expense?
Its a very good idea to build a truck driving school. there are many students who want to be a truck driver but their is no good institute for them to learn truck driving.
Journal entry for depreciation?
There are two main entries for this account: Let's say we have a Truck we want to depreciate for the amount of $500, the entry is pretty straight forward.Depreciation Expense (debit) $500Accumulated Depreciation - Truck (credit) $500
What is a bonded truck?
A bonded truck driver is a driver that has no criminal record and is covered by company bond.
How much for truck insurance?
It depends on your driving record, type of truck and what insurance company you go through.
What is a bonded truck driver?
A bonded truck driver is a driver that has no crimminal record and is covered by company bond.
A driver abandon my truck how can I put abandonment on his record?
You can't.
What is the best way to ship flu vaccines soybeans farm machinery shampoo and pumpkins?
plane,waterways,truck,railroad
How much is insurance on a semi truck?
This will depend on year and brand of truck, a driver record, number of miles truck will be driven in a year, and type of freight a driver will be hauling
What is the tax deduction on a new truck?
There is no "tax deduction on a new truck." If you use the truck for business, you may be able to deduct part of the cost as a business expense. This is complicated enough that you should probably talk to a CPA or Enrolled Agent (somebody who prepares taxes for a living).
Is it possible to rent dump trucks for personal use?
It is possible to rent a dump truck for your own personal use. As with most heavy machinery you will also need to find a driver that has the proper license and training to operate the truck for you.
The cost of a new windshield wiper on a delivery truck would be classified as a capital expenditure or revenue expenditure or an infrequent expense?
revenue expenditure
