Chapter 3 Template Part 2

Following information provided related to an Equipment: • Book value (beginning of the year) OMR 100,000 • Depreciation rate 45% Which of the following is the equipment's book value (end of the year) using written down value method? a. OMR 55,000 b. OMR 45,000 c. OMR 40,000 d. OMR 100,000

Chart of Accounts Instructions CHART OF ACCOUNTS Equipment acquired on January 6 at a cost of $360,550, has an estimated useful ife of 12 years and an estimated residual value of $69.910 General Ledger Required: a. What was the annual amount of deoreciation for Years 1-3 using the straight-ine method of depreciation? REVENUE ASSETS b. What was the book value of the equpment on January 1 of Year 47 410 Sales 110 Cash c Assuming that the equipment was sold on January 3 of Year 4 for $272.570, journalize the entry to record the sale Refer to the chart of 610 Interest Revenue accounts for the eract wording of the account ties CNOW journals do not use lines for journal explanations Every line on a journal page is used 111 Petty Cash 620 Gain on Sale of Delivery Truck for debit or credt entnes CNOW journals wit automaticaly indent a credit entry when a credit amount is entered 112 Accounts Receivable a. Assuming that the equipment had been sold on January 3 of Year 4 for $303,490 instead of…

FE20 Below details are from Carryit Inc and have approached you to assist with depreciationEquipment Cost $1,055,000Salvage Value $25,000Expected life Years 10Calculate Depreciation as per straight line method, provide necessary journal entry fordepreciation and advise the closing balance of the equipment at the end of year 3.

Compute the straight-line depreciation schedule.

How do I prepare this journal entry

A Cost 49, 300, # Computer System purchased by Jones Company Using the MACRS method Caleviate depreciation at the the accumulated 3. (Round all Dollar amounts. to A 35, 101.60 B 33, 345.54 C 40 780.9 و ما ان ها ,45 D 87 Abswer ky end of year newest Cent)

ENGINEERING ECONOMY

Prepare a separate depreciation schedules for each machine. Prepare the schedule for all years, information permitting.

Barefoot Industrial acquired a new delivery truck at the beginning of its current fiscal year. The truck cost $31,000 and has an estimated useful life of four years and an estimated salvage value of $4,800. Required: a-1. Calculate depreciation expense for each year of the truck's life using Straight-line depreciation. Depreciation expense $ 6,550 per year a-2. Calculate depreciation expense for each year of the truck's life using Double-declining-balance depreciation. Year Depreciation Expense 1 15,500 2 7,750 3 4 $ $ Mar 31

Prior to adjustment at the end of the year, the balance in Trucks is $405,400 and the balance in Accumulated Depreciation-Trucks is $120,280. Details of the subsidiary ledger are as follows: Accumulated Miles Estimated Estimated Depreciation Operated Truck Residual Useful at Beginning During No. Cost Value Life of Year Year 1 $84,500 $12,675 210,000 miles 31,500 miles 2 119,900 14,388 270,000 $23,980 27,000 3 93,500 13,090 207,000 $74,800 20,700 4 107,500 12,900 360,000 $21,500 43,200 a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts. Credit to Rate per Mile Miles Accumulated Truck No. (in cents) Operated Depreciation 1 2$ 31,500 2 27,000 2$…

Vishu

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Chapter : Depreciation and Provision for Depreciation

Note: Double Declining Balance = 200% Declining Balance A. How much is the depreciation for year 3? Select one: o a. P158,203.13 o b. P150,000 o c. P210,937.50 o d. P187,500 В. How much is the total depreciation as of year three using DDB method? C. What is the equipment's book value at the end of year three?

please dont give answers in image thank you

17 Equipment that cost 412000 and on which 191000 of accumulated depreciation has been recorded was disposed of for 181000 cash. The entry to record this event would include a ?

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Chapter : Depreciation and provision for depreciation

Carrying amount of right to use asset at the end of 31st December 2022 = Initial measurement at 1 Jan 2022 - Depreciation for the year = P1,104,558 - P1,104,558/8 years x 1 year = P966,488 Hence, the carrying amount of right to use asset at the end of 2022 is = P966,488Please elaborate this solution and answer. P1,104,558 - P1,104,558 the answer is ZERO, hence if you multipty or divide it with any numbers, the answer would be zero. So, what is the solution for P966,488 answer?

Blossom Computer Company sold two pieces of equipment in 2028. The following information pertains to the two pieces of equipment: Machine #1 #2 Cost $68,800 $76,000 Purchase Useful Salvage Date Life Value 7/1/24 1/1/27 5 yrs. 5 yrs. $4,800 $4,000 Depreciation Method Straight-line Date Sold 7/1/28 Double-declining-balance 12/31/281 Sales Price $16,000 $29,600

18 000 $ 6. Cost Estimated useful life (years) Estimated useful life (kilometers) Expected salvage value 100 000 2 000 $ kilometers expected used are: Year Unit of activity (kilometers) 2015 22 000 2016 31 000 2017 25 000 2018 28 000 2019 15 000 2020 19 000 Required: Prepare schedule of depreciation based on the following methods - Straight Line Method - Double Declining Method - Method Sum of Year

How do I figure out the depreciation amount for the sum of the years digit method

Answer both subparts of question no.7 thnku

Required information [The following information applies to the questions displayed below.] Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2022. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2022: Cost $ 150,000 1,560,000 40,000 Date Placed in Service 02/03/2022 07/22/2022 08/17/2022 Asset Office furniture Machinery Used delivery truck* *Not considered a luxury automobile. During 2022, Karane was very successful (and had no §179 limitations) and decided to acquire more assets in 2023 to increase its production capacity. These are the assets acquired during 2023: Cost $ 400,000 80,000 Date Placed in Service 03/31/2023 05/26/2023 08/15/2023 11/13/2023 Asset Computers and information system Luxury auto* Assembly equipment Storage building *Used 100% for business purposes. Karane generated taxable income in 2023 of $1,732,500 for purposes of computing the…

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