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- Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000Vorst depreciates Asset A on the double-declining-balance method. How much depreciation expense should Vorst record in 2020 for Asset A? a. 32,000 b. 25,600 c. 14,400 d. 6,400Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at December 31, 2020, if the double-declining-balance method were used? a. $187,200 b. $192,000 c. $195,200 d. $312, 000
- You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…
- The following trial balance was extracted from the ledger of Juliana at 31 December 2020.JulianaTrial Balance as at 31 December 2020RMRMLand at cost26,000Plant at cost83,000Accumulated Depreciation at 1 January 2020- Plant13,000Office Equipment33,000Accumulated Depreciation at 1 January 2020Office Equipment8,000Receivables198,000Payables52,000Sales763,000Purchases516,000Returns inwards47,000Discount allowed4,000Capital at 1st January 2020230,000Drawings14,000Provision for doubtful debts at 1 January 202023,000Salaries Expense44,000Administration costs38,000Bank75,000Bad debts written off77,000Inventory at 1 January 202084,0001,164,0001,164,000Additional information: Closing inventory is RM74,000. Depreciation on plant is charged at 10% per annum on cost. Depreciation on office equipment is charged at 20% per annum using the reducing balance method. Administration costs include insurance prepaid of RM3,000. Salary accrued amount to RM2,000. The allowance for receivables is to…The following trial balance was extracted from the ledger of Juliana at 31 December 2020. Juliana Trial Balance as at 31 December 2020 RM RMLand at cost 26,000Plant at cost 83,000 Accumulated Depreciation at 1 January 2020- Plant 13,000Office Equipment 33,000Accumulated Depreciation at 1 January 2020Office Equipment 8,000Receivables 198,000Payables 52,000Sales 763,000Purchases…Below is the information as at the end of accounting year of December 2020:Details RMDebtors 23,000Bank 55,000Fixed asset at cost 698,000Accumulated depreciation 98,000Creditors 48,000Operating expenses for December 60,000Sales for December 400,000Ending inventory 20,000Retained earnings 120,000 The following additional information was also provided to assist your work.i) Depreciation is provided at the rate of 5% on cost of non-current assets per month.ii) Closing inventory is expected to increase by RM2000 in January from December levels. This is expected to increase by the same figure in February from the projected figure in January. It is expected that in March closing inventory is desired to be RM26,000iii) The company makes a profit of 25% on its sales.iv) Operating expenses is expected to increase by 10% from that of December in January and this is projected to increase at the same growth rate until March.v) Sales is projected to grow by 15% per month from December until…
- Below is the information as at the end of accounting year of December 2020:Details RMDebtors 23,000Bank 55,000Fixed asset at cost 698,000Accumulated depreciation 98,000Creditors 48,000Operating expenses for December 60,000Sales for December 400,000Ending inventory 20,000Retained earnings 120,000 The following additional information was also provided to assist your work.i) Depreciation is provided at the rate of 5% on cost of non-current assets per month.ii) Closing inventory is expected to increase by RM2000 in January from December levels. This is expected to increase by the same figure in February from the projected figure in January. It is expected that in March closing inventory is desired to be RM26,000iii) The company makes a profit of 25% on its sales.iv) Operating expenses is expected to increase by 10% from that of December in January and this is projected to increase at the same growth rate until March.v) Sales is projected to grow by 15% per month from December until…Hello, Please assist with below accounting question, requesting note for financial statements???? Prepare the following note to the financial statements as at 28 February 2020: Property, plant and equipment Information as per belowThe following balances appeared in the general ledger of Umzinto Traders on 01 March 2019, the beginning of the financial year: Vehicles 300 000 Accumulated depreciation on vehicles 140 000 Equipment 130 000 Accumulated depreciation on equipment 75 000 Additional information 1) A new vehicle, cost price R160 000, was purchased on credit on 01 December 2019. 2) Equipment with a cost price of R10 000, was sold for cash on 31 August 2019 for R2 000. The accumulated depreciation on the equipment sold amounted to R7 000 on 01 March 2019. 3) Depreciation is calculated on equipment at 10% per annum on cost. 4) Depreciation is calculated on vehicles at 20% per annum on the diminishing balance.The following balances were extracted from the books of Billion Precision for the yearended 31 December 2020.Dr (RM) Cr (RM)Land 500,000Building 200,000Motor vehicles 120,000Plant and machinery 70,000Profit b/f as at 01.01.2020 237,650Capital 438,000Acc depreciation as at 1.1.2020 :-Building 60,000-Motor Vehicles 69,250-Plant & Machinery 40,000Returns 3,600 4,100Revenue 800,000Purchases 400,000Discounts 5,0006Carriage inwards 7,700Opening inventory 52,000Provision for bad debts 2,000Trade receivables / Trade payable 66,000 43,200Advertising 18,000Staff training cost 4,000Bad debts 12,500Motor expenses 27,000Rental 90,000Bank 7,600Wages and salaries 126,0001,701,800 1,701,800Additional information:i.i. The provision for bad debts should be 4% of trade receivables.ii. Depreciation is to be charged as follows:-Buildings 2% on cost.-Plant and machinery 20% on cost.-Vehicles 25% on cost.iii. The closing inventories is valued at RM57,000.Required:a. Prepare the Statement of Comprehensive…