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What is the journal entry of purchased furniture paid by cheques of 12000 and have a salvage value of 2000 life of 5 years?
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How to compute after tax salvage value?
Salvage Value - [Tax * (Market Value - Book Value)
A company purchased an asset for 170000 with a salvage value of 8500 have a useful life of 4 years Find the depreciation epense for the first year using the 150 percent declining balance method?
Annual depreciation is as follows: Annual depreciation = (actual cost - salvage value ) / useful life of asset annual depreciation = 170000 - 8500 / 4 = 40375 Annual depreciation with 150 percentage decline method = 40375 * 1.5 = 60563
Can an asset be depreciated to the point where its value becomes negative?
That can never happen. An asset will either be depreciated to its salvage value, or to zero, depending on whether or not it has a salvage value.
What is srtaight line method?
Straight line method of depreciation is that under which any asset is depreciated in equal amount for every year till salvage value. Formula for straight line method: Depreciation = (Cost price - Salvage Value)/Number of years
How do you calculate salvage value?
SALVAGE VALUE The estimated value that an asset will realize upon its sale at the end of its useful life. The value is used in accounting to determine depreciation amounts and in the tax system to determine deductions. The value can be a best guess of the end value or can be determined by a regulatory body such as the IRS. The salvage value is used in conjunction with the purchase price and accounting method to determine the amount by which an asset depreciates each period. For example, with a straight-line basis, an asset that cost $5,000 and has a salvage value of $1,000 and a useful life of five years would be depreciated at $800 ($5,000-$1,000/5 years) each year.
Where can someone purchase Salvage clothing online?
Salvage clothing can be purchased from sites like Revolveclothing, Stylerocket, Showstopper Urbanwear, and Emoda. Salvage clothing may also be purchased from local thrift stores.
Is it the dealers responsibility to disclose to the buyer that a vehicle was purchased from a salvage yard?
DEPENDING ON WHAT KIND OF TITLE THE VEHICLE HAS IF IT HAS A CLEAR TITLE THEN NO IF IT HAS A SALVAGE TITLE THEN YES
Where can used auto parts for Jeep vehicles be purchased?
Local salvage yard, eBay, craigslist, etc.
Where can I get free patio furniture?
The only place to find free patio furniture would be at the Salvation Army or maybe at a local landfill. Also a salvage place might have some to give away.
Where can parts for a 1990 Dodge Caravan be purchased?
Parts for a 1990 Dodge Caravan will usually be second hand, and can be purchased from a breaker or salvage yard. There are also warehouses who specialize in providing parts for caravans and vehicles.
Does state farm insure salvage titles?
Yes they do as long as the car is in as good working condition as a used vehicle. I currently own a salvage title vehicle that was considered salvage through state farm. It only suffered flood damage. I purchased the car and had it fix and now they insure my car. They even let me get full coverage!
Is office furniture depreciated by the straight-line method?
Yes, office furniture is typically depreciated using the straight-line method, which evenly spreads the cost of the furniture over its useful life. This method allocates an equal amount of depreciation expense each year until the furniture's value reaches its salvage value.
You bought a car and the dealer didn't tell you it had a salvage title?
Did you get or see a title when you purchased the car? If the dealer knowingly sold you a salvage vehicle without full disclosure, ask for a refund or threaten legal action. It's illegal not to disclose such info. This is not the case for a private seller.
How much does a heater motor cost?
The cost of a heater motor will depend on the make and model of the vehicle it is for. This is a part that can be bought new or purchased at a salvage yard for considerably less money. The average cost of a new one is around $125. A salvage yard charges $75 and up.
What is the definition of salvage?
it means salvage
salvage title?
is a salvage title?
Which company does motorcycle salvage?
Companies that do Motorcycle salvage are known as 'Salvage' companies. They will salvage parts to sell and /or rebuild cycles for customers for profit.
