Accounting_Depreciation

A pressurized spray painter was purchased on April 1 of the fiscal year for $3,900. It has a useful life of 4 years and a residual value of $300. Determine depreciation expense for the first two years, assuming a fiscal year end of December 31 and using (a) the straight-line method and (b) the double-declining-balance method.

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Jitendra Lodha, MBA

Rating 4.7/5

Active since 2005

BComm, Pune University, INdia

MBA, Cardiff University. UK

Responses 1124

Comments on Jitendra's work:

"On the retained earnings statement for the year end, i have the retained earnings amount but i should include either,add net loss amount or net income amount is that correct?"

"Thanks for the help. I was not sure i was setting the equation correctly. Also the correct formula used to answer the the problem. Will seek your assistance again in my endeavors in to accounting."

"Great work and Excellent Job..."

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