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A: Average total Assets is calculated by using the following formula: Average Total Assets = (Total…
Q: Compare and contrast how GAAP depreciation expense vs. MACRS depreciation deductions are computed.
A: GAAP : Generally Accepted Accounting principles. MACRS: Modified Accelerated Cost Recovery System.
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A: Accumulated Depreciation - Accumulated Depreciation is the depreciation accumulated over the useful…
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A: Definition: Depreciation expense: Depreciation expense is a non-cash expense, which is recorded on…
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A: Managerial accounting: Managerial accounting is the process of identifying, measuring, analyzing,…
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A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to its…
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A: Deprecaition Expenses There are different method which are used to calculate the deprecation of the…
Q: The depreciation procedures that apply to the main kinds of depreciable assets in general?
A: Depreciation is an accounting method for allocating the cost of a tangible or physical asset over…
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A: Depreciation is the loss in the value of the asset caused due to its usage, wear, and tear. There…
Q: Define the term Accounting for Depreciation?
A: Depreciation: It is the reduction in the value of an asset due to factors like normal usage or…
Q: depreciation computed by the straight-line
A: Depreciation as per straight Line method = $ 9575
Q: A general description of the depreciation methods applicable to major classes of depreciable assets?
A: Depreciation is the allocation of cost of the asset over the useful life of the asset. Depreciation…
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A: The question deals with the depreciation procedures used in income taxation.
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A: There are many valuation technique like cost method, market value method, base stock method, present…
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A: Lets understand the each option given for the question to determine the correct answer. Monetary…
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A: Intangible assets are those which does not have physical substance. It includes copyright, goodwill,…
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A: Tangible assets are those assets which appear in the physical form and it is measurable. Assets like…
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Q: Describe accounting for depreciation of fixed assets?
A: The depreciation is the reduction in the value of fixed assets with the usage and passage of time.
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A: EBITDA means earning before interest , tax , depreciation and amortization.
Q: Return on assets
A: Return on assets is computed as net income upon total assets of the company.
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A: Current assets are assets that can be converted into cash in short period of time. Fixed assets are…
Q: In the recording of depreciation expense, which account is credited?
A: Depreciation expense: Depreciation expense is a non-cash expense, which is recorded on the income…
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A: Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating…
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A: Those resources that are owned by the company and have economic value is term as the assets. The…
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A: Depreciation: Depreciation is the reduction in the value of the asset for a particular period. It is…
Q: Define the term accumulated depreciation.
A:
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Q: Find the attached file.
A: Asset: It can be defined as any valuable resource that is controlled and owned by the business and…
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A: Methods of Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset…
Q: Define the term accumulated depreciation and amortization?
A: Accumulated Depreciation and Depreciation. Every asset’s value decreases over time the reason being…
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A: solution If the cash paid at the time of acquisition is used to measure an asset, then it is called…
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Q: Accumulated depreciation appears on the
A: Accumulated depreciation is the long-term contra asset account. It means, accumulated depreciation…
Q: Accounting depreciation can be broken into two categories. How?
A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to…
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A: Capital expenditures are incurred to make the property asset more efficient. It increases the…
Q: accumulated depreciatio
A: Depreciation shows the reduction in the value of a long term asset over a useful life of the asset.…
Q: What is Depreciation calculation?
A: Depreciation: Depreciation Cost is the cost that is allocated over its life and it is charged as an…
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- Statement of cash flows indirect method The comparative balance sheet of Harris Industries Inc. at December 31, 20Y4 and 20Y3, is as follows: Dec. 31, 20Y4 Dec. 31, 20Y3 Assets Cash 443,240 360,920 Accounts receivable {net 665,280 592,200 Inventories 887,880 1,022,560 Prepaid expenses 31,640 25,200 Land 302,400 302,400 Buildings 1,713,600 1,134,000 Accumulated depreciationbuildings (466,200) (414,540) Machinery and equipment 781,200 781,200 Accumulated depreciationmachinery and equipment (214,200) (191,520) Patents 106,960 112,000 Total assets 4,251,800 3,724,420 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors|) 837,480 927,080 Dividends payable 32,760 25,200 Salaries payable 78,960 87,080 Mortgage note payable, due in nine years 224,000 0 Bonds payable 0 390,000 Common stock, 5 par 200,400 50,400 Paid-in capital. Excess of issue price over parcommon stock 366,000 126,000 Retained earnings 2,512,200 2,118,660 Total liabilities and stockholders' equity 4,251,800 3,724,420 An examination of the income statement and the accounting records revealed the following additional information applicable to 20Y4: A. Net income, 524,580. B. Depreciation expense reported on the income statement: buildings, 51,660; machinery and equipment, 22,680. C. Patent amortization reported on the income statement, 5,040. D. A building was constructed for 579,600. E. A mortgage note for 224,000 was issued for cash. F. 30,000 shares of common stock were issued at 13 in exchange for the bonds payable. G. Cash dividends declared, 131,040. Instructions Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.Statement of cash flows direct method The comparative balance sheet of Martinez Inc. for December 31, 20Y4 and 20Y3, is as follows: Dec. 31, 20Y4 Dec. 31, 20Y3 Assets Cash 661,920 683,100 Accounts receivable (net) 992,640 914,400 Inventories 1,394,400 1,363,800 Investments 0 432,000 Land 960,000 0 Equipment 1,224,000 984,000 Accumulated depreciationequipment (481,500) (368,400) Total assets 4,751,460 4,008,900 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) 1,080,000 966,600 Accrued expenses payable (operating expenses) 67,800 79,200 Dividends payable 100,800 91,200 Common stock, 5 par 130,000 30,000 Paid in capital: Excess of issue price over parcommon stock 950,000 450,000 Retained earnings 2,422,860 2,391,900 Total liabilities and stockholders' equity 4,751,460 4,008,900 The income Statement for the year ended December 51. 20Y3. is as follows: Sales 4,512,000 Cost of goods sold 2,352,000 Gross profit 2,160,000 Operating expenses: Depredation expense 113,100 Other operating expenses 1,344,840 Total operating expenses 1,457,940 Operating income 702,060 Other income: Gain on sale of investments 156,000 Income before income tax 858,060 Income tax expense 299,100 Net income 558,960 Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows: A. Equipment and land were acquired for cash. B. There were no disposals of equipment during the year. C. The investments were sold for 588,000 cash. D. The common stock was issued for cash. E. There was a 528,000 debit to Retained Earnings for cash dividends declared. Instructions Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities.(Appendix 21.1) Operating Cash Flows Refer to the information for Lamberson Company in P21-6. Required: 1. Using the direct method, prepare the operating activities section of the 2019 statement of cash flows for Lamberson. 2. (Optional). If you completed P21-6 earlier, prepare the remaining portion of the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
- Statement of cash flows direct method applied to PR 131A The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2 is as follows: Dec. 31, 20Y3 Dec. 31, 20Y2 Assets Cash 155,000 150,000 Accounts receivable (net) 450,000 400,000 Inventories 770,000 750,000 Investments 0 100,000 Land 500,000 0 Equipment 1,400,000 1,200,000 Accumulated depreciationequipment (600,000) (500,000) Total assets Liabilities and Stockholders' Equity 2,675,000 2,100,000 Accounts payable (merchandise creditors) 340,000 300,000 Accrued expenses payable (operating expenses) 45,000 50,000 Dividends payable 30,000 25,000 Common stock, 4 par 700,000 600,000 Paid-in capital: Excess of issue price over parcommon stock 200,000 175,000 Retained earnings 1,360,000 950,000 Total liabilities and stockholders' equity 2,675,000 2,100,000 The income statement for the year ended December 31, 20Y3, is as follows: Sales 3,000,000 Cost of goods sold 1,400,000 Gross profit 1,600,000 Operating expenses: Depreciation expense 100,000 Other operating expenses. 950,000 Total operating expenses 1,050,000 Operating income 550,000 Gain on sale of investments 75,000 Income before income tax 625,000 Income tax expense 125,00 Net income 500,000 Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows: A. The investments were sold for 175,000 cash. B. Equipment and land were acquired for cash. C. There were no disposals of equipment during the year. D. The common stock was issued for cash. E. There was a 90,000 debit to Retained Earnings for cash dividends declared. Instructions Prepare a .statement of cash flows, using the direct method of presenting cash flows from operating activities.Statement of cash flowsdirect method applied to PR 131B The comparative balance sheet of Merrick Equipment Co. for Dec. 31, 20Y9 and 20Y8, is: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash 70,720 47,940 Accounts receivable (net) 207,230 188,190 Inventories 298,520 289,850 Investments 0 102,000 Land 295,800 0 Equipment 438,600 358,020 Accumulated depreciationequipment (99,110) (84,320) Total assets 1,211,760 901,680 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors).................. 205,700 194,140 Accrued expenses payable (operating expenses) 30,600 26,860 Dividends payable 25,500 20,400 Common stock. 1 par 202,000 102,000 Paid-in capital: Excess of issue price over parcommon stock 354,000 204,000 Retained earnings 393,960 354,280 Total liabilities and stockholders' equity 1,211,760 901,680 The income statement for the year ended December 31,20Y9, is as fallow s: Sales 2,023,898 Cost of goods sold 1,245,476 Gross profit 778,422 Operating expenses: Depreciation expense 14,790 Other operating expenses 517,299 Total operating expenses 532,089 Operating income 246,333 Other expenses: Loss on sale of investments (10,200) Income before income tax 236,133 Income tax expense 94,453 Net income 141,680 Additional data obtained from an examination of the- accounts in the ledger for 20Y9 are as follows: A. Equipment and land were acquired for cash. B. There were no disposals of equipment during the year. C. The investments were sold for 91,800 cash. D. The common stock was issued for cash. E. There was a 102,000 debit to Retained Earnings for cash dividends declared. Instructions Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities.