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preciation expense u

preciation expense u

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 17P: On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and...
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Determine the audited balance of Depreciation expense under the accrual basis. 

An analysis of incomplete records of Angel Corporation produced the following information applicable Determine the audited balance of Depreciation expense under the accrual basis: * Your answer petermine the audited balance of Depreciation expense under the accrual basis: * An analysis of incomplete records of Angel Corporation produced the following information appieabie in 2019: ACCOUNT INCREASES: Cash Accounts receivable Accounts payable Prepaid insurance P4,200,000 1,400,000 400,000 200,000 ACCOUNT DECREASES: Inventory Equipment Notes receivable 1,000,000 100,000 600,000 300,000 Accrued salaries payable Summary of cash transactions were as follows: RECEIPTS: Cash sales Collections of accounts receivable Collections of notes receivable Interest on notes receivable Purchase returns and allowances P3,000,000 30,000,000 2,400,000 200,000 500,000 DISBURSEMENTS: Cash purchases Payments of accounts payable Sales returns and allowances Insurance Salaries 1,000,000 16,500,000 400,000 700,000 10,000,000 800,000 1,500,000 1,000,000 Equipment Other expenses Dividends Additional information: a. Total purchase returns and allowances amounted to P800,000. b. Total sales returns and allowances amounted to P1,200,000.
Transcribed Image Text:An analysis of incomplete records of Angel Corporation produced the following information applicable Determine the audited balance of Depreciation expense under the accrual basis: * Your answer petermine the audited balance of Depreciation expense under the accrual basis: * An analysis of incomplete records of Angel Corporation produced the following information appieabie in 2019: ACCOUNT INCREASES: Cash Accounts receivable Accounts payable Prepaid insurance P4,200,000 1,400,000 400,000 200,000 ACCOUNT DECREASES: Inventory Equipment Notes receivable 1,000,000 100,000 600,000 300,000 Accrued salaries payable Summary of cash transactions were as follows: RECEIPTS: Cash sales Collections of accounts receivable Collections of notes receivable Interest on notes receivable Purchase returns and allowances P3,000,000 30,000,000 2,400,000 200,000 500,000 DISBURSEMENTS: Cash purchases Payments of accounts payable Sales returns and allowances Insurance Salaries 1,000,000 16,500,000 400,000 700,000 10,000,000 800,000 1,500,000 1,000,000 Equipment Other expenses Dividends Additional information: a. Total purchase returns and allowances amounted to P800,000. b. Total sales returns and allowances amounted to P1,200,000.
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