During week #6, we learn about fixed assets and current liabilities…..
1. What conditions must be present in order for something to be depreciated
2. How is a gain or loss on the sale of a plant asset computed?
3. Let’s pretend that the State of Michigan increased the unemployment tax rate by 1%. Describe how this would impact your net pay. Consider providing an example to support your answer.
4. Newman Production services acquired a rather large piece of machinery and is looking to depreciate it using the double declining balance method. The machine has a cost of $1,000,000, a residual value of $100,000 and a 4 year useful life. Calculate depreciation expense in the 2nd year.
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