The following data relate to store equipment of the Company for 2021: ·       Store Equipment, 2020- P1,450,000 ·       Store Equipment, 2021- P1,750,000 ·       Accumulated Depreciation, 2020- P580,000 ·       Accumulated Depreciation, 2021- 600,000 Store equipment costing P300,000 was sold for P210,000, resulting in a gain of P30,000. The depreciation expense on store equipment for 2021 is

Q: Company F purchased equipment for 110,000 on 1/1/2020. The equipment has a useful life of 4 years…

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Q: At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization…

A: 1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2021.

Q: using sum of years’ digits? What is the depreciation for 2020 using sum of years’ digits? What is…

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A:

Q: Lucky Mae Company incurred research and development costs in 2020 as follows: Equipment acquired for…

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Q: At December 31, 2020, Flint Company reported the following as plant assets. Land $ 3,770,000…

A:

Q: a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020.…

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Q: The plant assets section of the comparative balance sheets of Anders Company is reported below.…

A: Cash received from the sale of Building = Book value of Building + Gain on sale Depreciation expense…

Q: During 2018, Starbucks purchased fixed assets costing approXximately $1.8 billion. Assume that the…

A: Book value of the asset at the end of the period is the value after depreciation. Depreciation is…

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A: You enter transaction details into your company's books to create a journal entry. In the second…

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A: Cost of equipment sold = Beginning balance of equipment - Ending balance of equipment + cost of…

Q: The carrying value of equipment was R400 000 on 01 March 2019, the start of the financial year, and…

A: Depreciation is the allocation of cost of asset over the useful life of asset.

Q: The following selected account balances relate to the property, plant, and equipment accounts of…

A: Cash Flow Statement  For the year ended December 31, 2021    Amount (In $)   Amount (In $)…

Q: The December 31, 2021 and 2020 comparative financial statements of ABC Company showed equipment with…

A: Depreciation is the allocation of cost of asset over the useful life of the asset. Accumulated…

Q: The following data relate to store equipment of BBB Company for 2021: · Store Equipment at…

A: Store Equipment at cost, Jan. 1- P100,000     Store Equipment at cost, Dec. 31- P105,000 Accumulated…

Q: The following data pertains to the equipment on July 1,2021, the date of revaluation Cost…

A: Equipment will be valued at lower of carrying amount or recoverable amount .  Here recoverable…

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A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: Hello, Can I get a detailed explanation on how to determine the adjusting entries for depreciation…

A: The following calculations are done for Grand Company.

Q: The carrying value of equipment was R400 000 on 01 March 2019, the start of the financial year, and…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

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A: Sum of years digit = 5 + 4 + 3 + 2 + 1 = 15   Used life till 2022 = Year 2020 + Year 2021 + Year…

Q: A company began operations on January 1, 2020. Purchases of property, plant and equipment during…

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Q: Presented below is information related to equipment owned by Sheridan Company at December 31, 2020.…

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A: Formula to calculate cash flow from sale of equipment:

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A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

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A: Impairment loss = Carrying value - Recoverable value where, Recoverable value = Lower of Fair value…

Q: The following data relate to store equipment of ABC Company for 2021: ·       Store Equipment at…

A: Ending accumulated depreciation = Opening balance + depreciation expense for the period -…

Q: At December 31, 2020, Flint Company reported the following as plant assets. Land $ 3,770,000…

A: The fixed assets are the assets which are used by the business for long run of period.

Q: The Costanza Corporation purchased some equipment August 1, 2021 for $17,040 and expects to use it…

A: Formula: Straight line method depreciation = ( Asset cost - Salvage value ) / Useful life

Q: What amount should the company report as depreciation expense for 2021

A: Depreciation is the reduction in the value of asset due to its normal use and tear and wear. It is…

Q: On December 31, 2020, the statement of financial position of ABC Company showed the following…

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Q: At November 1, 2021, the following existed in the records of Lauren Company:Plant and equipment…

A: In this question, we are required to compute the net amount that should appear in Lauren’s statement…

Q: Presented below is information related to equipment owned by Sunland Company at December 31, 2020.…

A: Fair value of the asset = $5424000 Estimated future cash flows = $7910000 Recoverable value of the…

Q: Presented below is information related to equipment owned by Sunland Company at December 31, 2020.…

A: Recovery of impairment loss = Fair value on December 31, 2021 - Fair value on December 31, 2020 =…

Q: Presented below is information related to equipment owned by Suarez Company at December 31, 2020.…

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A: Cost of Equipment on December 31, 2019 P3,44,000 Add: Cost of equipment purchase during 2020…

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A: Impairment of Assets:Impairment of an asset refers to sudden decrease of the present value of…

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A: Journal: Recording of a business transactions in a chronological order.

Q: Lucky Mae Company incurred research and development costs in 2020 as follows: Equipment acquired for…

A: An income statement generally known as a profit and loss statement or statement of income and…

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A: Journal: Recording of a business transactions in a chronological order.

Q: The gain or loss on disposal is _________________. (Indicate whether gain or loss)

A: Gain or Loss on disposal is = Sale proceeds -Carrying amount of Asset

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A: Depreciation is charged against the value of fixed assets. It can be calculated by using the…

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A: Step 1 In this question information is given is an extract of Balance sheet, so depreciation is…

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.