A machine was purchased on 1 January 2021 and the other details of the machine are:- Cost of machine N$324 000 Depreciation rate 5 % Determine the amount of deprecation as at 31 December 2021
Q: Based on the above information, what is the value of Billy’s TOTAL DEDUCTION ENTITLEMENT for his…
A: The work related expenses are those expenses which has been incurred by a person on the work which…
Q: Wright Company's cash account shows a $27,700 debit balance and its bank statement shows $26,000 on…
A: A bank reconciliation statement is prepared to match the cash book balance with the bank balance at…
Q: Exercises Exercise 4-1 Construction accounting The Gagliano Construction Company contracted to…
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: In the Why It Matters feature “Examples of Theft and FinancialReporting Frauds” at the beginning of…
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: Production-Based Costing versus Activity-Based Costing,Assigning Costs to Activities, Resource…
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: dentification ( NO NEED FOR A EXPLANATION) JUST ANSWER 1. It requires accounting information for…
A: Financial performance is profit and loss account, which depicts whether a business has earned…
Q: Required: 1. Explain the relevance of the Partnership Act and the Partnership Deed 2. Prepare the…
A: 1. Relevance of Partnership Act and Partnership Deed : Partnership Act : The partnership firm is…
Q: Titus Company produced 8,900 units of a product that required 3.25 standard hours per unit. The…
A: Fixed Overhead Volume Variance: The difference between the amount that was anticipated for fixed…
Q: Transaction Description Opening Balance Purchase from AAA Co. #1 #2 #3 A Sale to SSS Co. Sale to TTT…
A: There are different methods to value the cost of goods sold and inventory available: weighted…
Q: Show a complete solution 1. A loan of ₱ 250,00 at 10% converted annually is to be paid by…
A: Interest Rate- The fees assessed to the borrower in exchange for the assets taken from the lenders…
Q: [The following information applies to the questions displayed below.] Megan and Matthew are equal…
A: Megan's basis in the distributed assets is as follows :- The sum of the basis ($35,500) is less than…
Q: repare journal entries for the transactions occurred on 1/1/2020 and 12/31/2020. Make the…
A: The investment in property or any financial assets is classified under Non-current asset…
Q: he consideration paid by insured in a contract of in - premium C. prepaid insurance insurance…
A: The insurance companies do different kind of insurance for the companies depending on the risk and…
Q: Solve the following problems. Show clean and complete details of your work for each number. Problem…
A: Hi There, as per the policy of Bartleby we are bound to give the answer of first question only,…
Q: E8-2 (Algo) Computing and Interpreting the Fixed Asset Turnover Ratio from a Financial Analyst's…
A: Fixed asset turnover ratio=Net salesAverage net fixed assets
Q: For all payroll calculations, use the following tax rates and round amounts to the nearest cent:…
A: 1) Computation of gross pay for working of 58 hours during the first week of February :- Gross pay =…
Q: Select the necessary words from the list of possibilities to complete the following statements. 1.…
A: Internal control: Internal control as defined by the Committee of Sponsoring Organizations of the…
Q: Here's a partial trial balance of the Sheila James Dancing Studio as of October 31, 20XX. The…
A: After recording all the transactions for the year and adjustments for the year, the entity has to…
Q: Determine whether each procedure described below is an internal control strength or weakness; then…
A: Weakness or strength along with IC Principle :- 1 Weakness - Apply technological controls 2 Weakness…
Q: Productions Costs: Direct material $ 0.60 Direct labor $ 1.00 Variable…
A: Using variable costing method, only variable manufacturing costs are included in the product cost.…
Q: what is the difference between a debit & a credit?
A: Introduction: Every financial transaction includes both debit and credit. The key notion of the…
Q: Worley Company buys surgical supplies from a variety of manufacturers and then resells and delivers…
A: Solution:- 1)Calculation of the total revenue that Worley would receive from University and Memorial…
Q: Required information Exercise 7-10 (Algo) Determine depreciation for the first year under three…
A: In accounting we use depreciation to allocate the costs of an asset like an equipment, machinery…
Q: The Production Department of Hruska Corporation has submitted the following forecast of units to be…
A: Cost of labor is the amount of cost incurred on the wages of the laborers involved in the process of…
Q: Condensed financial data of Coronado Inc. follow. CORONADO INC. Comparative Balance Sheets…
A: Cash flows statement is one of the financial statement which shows all cash inflows and cash…
Q: Managerial accountants could prepare all of the following reports except a(n) a.control report…
A: Annual Report: A complete report on a company's operations over the prior year is included inside…
Q: LaGrange Corporation had the following budgeted sales for the first half of the current year: Cash…
A: The cash collection schedule is prepared to estimate the amount of cash collected during the period.
Q: Morganton Company makes one product and it provided the following information to help prepare the…
A: Budgeting - Budgeting is the process of estimating future operations based on past performance. %…
Q: During its first year of operations, World Class Sport Shoes earned net credit sales of $400,000.…
A: Bad debts expense: Bad debts expense is recognized in the books of the company when a debtor is…
Q: I am so lost on this-can you please help? My instructor said I only have to provide a journal…
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: TB MC Qu. 12-119 (Algo) A profitable company pays... A profitable company pays $98,000 wages and has…
A: Introduction: Depreciation expenditure is the amount depreciated for a single month, whereas…
Q: Enterprises issued 50,000 shares of $5 par value common stock at $13 per share. Prepare journal…
A: Journal entries refers to the recording of financial transaction in the books of the company during…
Q: Problem 10-1 A review of the accounting records of Little H Inc indicated that the company incurred…
A: Selling,General and Administrative Expenses (SG&A) are expenses that are not assigned to a…
Q: An entity sells equipment service contracts that cover a two year period. The sale price
A: Contract revenue is the revenue earned by the company by working on long-term contracts. The…
Q: Ayer Industries, Inc., purchased land, paying $95,000 cash as a down payment and signing a $170,000…
A: Land cost includes Purchase price (includes price paid for any old existing building that is to…
Q: nder PCAOB standards, when a material weakness exists, the auditors’ report on internal control is…
A: The internal auditor's report is report prepared internal as per accounting standard of PCAOB and…
Q: What amount should be reported as cost of goods manufactured?
A: Cost of Goods Manufactured :— It is the total cost incurred during manufacturing of the finished…
Q: The Food division of Garcia Company reports the following for the current year. Sales $ 4,270,000…
A: The income statement represents the net income or net loss calculated by deducting the expenses from…
Q: Assume that Gerald did not default paying and all payments were made when due, On calendar year…
A: Accrued rent receivables are the amount that is earned by the lessor but the lessee has still not…
Q: California Inc., through no fault of its own, lost an entire plant due to an earthquake on May 1,…
A: Inventory can be calculated by deducting the cost of goods sold from a total beginning inventory and…
Q: Delisa Corporation has two divisions: Division L and Division Q. Data from the most recent month…
A: Contribution Margin Ratio for the Division Q = Contribution Margin / Sales = $136,950 / $415,000 =…
Q: A company reports the following beginning inventory and two purchases for the month of January. On…
A: No. of Units Cost per unit Jan 1 250 2.30 Jan 9 60 2.50 Jan 25 100 2.64
Q: al b) C) d) Prepare the journal entries to record the transactions and net income. Show the…
A: Share holders Equity Shareholders equity which consist of equity and preference shares which are…
Q: Universal Bhd had a debit balance of RM56,500 in the cashbook on 31 December 2021. The Bank…
A: A bank reconciliation statement aligns an organization's bank account with its financial documents…
Q: 3. Counselors of Griffin purchased equipment on January 1, 2023, for $67,000. Counselors of Griffin…
A: Introduction: A journal entry is indeed a record of a commercial transaction in a company's…
Q: Required information [The following information applies to the questions displayed below.] Nix'It…
A: Merchandise Inventory - Inventory is the current assets held by the company in the ordinary course…
Q: . Manufacturing Overhead 2. Total Manufacturing Costs 3. Total Goods put into process
A: Total manufacturing costs in the business includes material costs, labour costs and factory overhead…
Q: FunTime Company produces three lines of greeting cards: scented, musical, and regular.Segmented…
A: Income Statement The income statement is defined as the financial statement that explains the…
Q: The Production Department of Hruska Corporation has submitted the following forecast of units to be…
A: Budgeting - Budgeting is very useful method of estimating revenue and expense for an organization.…
Q: en has a $68,000 basis in her 50 percent partnership interest in the KD Partnershi tribution of…
A: Partnership : It is the relationship of more than two person who carried on business with profit…
A machine was purchased on 1 January 2021 and the other details of the machine are:-
Cost of machine |
N$324 000 |
|
5 % |
Determine the amount of deprecation as at 31 December 2021
Step by step
Solved in 3 steps
- On May 10, 2019, Horan Company purchased equipment for 25,000. The equipment has an estimated service life of 5 years and zero residual value. Assume that the straight-line depreciation method is used. Required: Compute the depreciation expense for 2019 for each of the following four alternatives: 1. Horan computes depreciation expense to the nearest day. (Use 12 months of 30 days each and round the daily depreciation rate to 2 decimal places.) 2. Horan computes depreciation expense to the nearest month. Assets purchased in the first half of the month are considered owned for the whole month. 3. Horan computes depreciation expense to the nearest whole year. Assets purchased in the first half of the year are considered owned for the whole year. 4. Horan records one-half years depreciation expense on all assets purchased during the year.On July 1, 2018, Mundo Corporation purchased factory equipment for 50,000. Residual value was estimated at 2,000. The equipment will be depreciated over 10 years using the double-declining balance method. Counting the year of acquisition as one-half year, Mundo should record 2019 depredation expense of: a. 7,680 b. 9,000 c. 9,600 d. 10,000Akron Incorporated purchased an asset at the beginning of Year 1 for 375,000. The estimated residual value is 15,000. Akron estimates that the asset has a service life of 5 years. Calculate the depreciation expense using the sum-of-the-years-digits method for Years 1 and 2 of the assets life.
- When depreciation is recorded each period, what account is debited? a. Depreciation Expense b. Cash c. Accumulated Depreciation d. The fixed asset account involved Use the following information for Multiple-Choice Questions 7-4 through 7-6: Cox Inc. acquired a machine for on January 1, 2019. The machine has a salvage value of $20,000 and a 5-year useful life. Cox expects the machine to run for 15,000 machine hours. The machine was actually used for 4,200 hours in 2019 and 3,450 hours in 2020.Depreciation Methods On January 1, 2019, Loeffler Company acquired a machine at a cost of $200,000. Loeffler estimates that it will use the machine for 4 years or 8,000 machine hours. It estimates that after 4 years the machine can be sold for $20,000. Loeffler uses the machine for 2,100 and 1,800 machine hours in 2019 and 2020, respectively. Required: Compute depreciation expense for 2019 and 2020 using the (1) straight-line, (2) double-declining-balance, and (3) units-of-production methods of depreciation.Hathaway Company purchased a copying machine for 8,700 on October 1, 2019. The machines residual value was 500 and its expected service life was 5 years. Hathaway computes depreciation expense to the nearest whole month. Required: 1. Compute depredation expense (rounded to the nearest dollar) for 2019 and 2020 using the: a. straight-line method b. sum-of-the-years-digits method c. double-declining-balance method 2. Next Level Which method produces the highest book value at the end of 2020? 3. Next Level Which method produces the highest charge to income in 2020? 4. Next Level Over the life of the asset, which method produces the greatest amount of depreciation expense?
- In Year 1, Utica Machinery Company uses the asset from RE11-4 for 7,500 hours. Prepare the journal entry to record the depreciation.Kam Company purchased a machine on January 2, 2019, for 20,000. The machine had an expected life of 8 years and a residual value of 300. The double-declining-balance method of depreciation is used. Required: 1. Compute the depreciation expense for each year of the assets life and book value at the end of each year. 2. Assuming that the company has a policy of always changing to the straight-line method at the midpoint of the assets life, compute the depreciation expense for each year of the assets life. 3. Assuming that the company always changes to the straight-line method at the beginning of the year when the annual straight-line amount exceeds the double-declining-balance amount, compute the depreciation expense for each year of the assets life.Hunter Company purchased a light truck on January 2, 2019 for 18,000. The truck, which will be used for deliveries, has the following characteristics: Estimated life: 5 years Estimated residual value: 3,000 Depreciation method for financial statements: straight-line method Depreciation for income tax purposes: MACRS (3-year life) From 2019 through 2023, each year, Hunter had sales of 100,000, cost of goods sold of 60,000, and operating expenses (excluding depreciation) of 15,000. The truck was disposed of on December 31, 2023, for 2,000. Required: 1. Prepare an income statement for financial reporting through pretax accounting income for each of the 5 years, 2019 through 2023. 2. Prepare, instead, an income statement for income tax purposes through taxable income for each of the 5 years, 2019 through 2023. 3. Compare the total income for all 5 years under Requirements 1 and 2.