What I Can DoActivity 9-4As a senior high school in your school, you were required to undergo WorkImmersion in a bank. You were assigned in accounting department and yourimmediate superior instructed you to conduct an audit to the followingtransactions:1. The bank acquired Furniture and Fixtures last February 1, 2020 forP125,000. The said asset has a salvage value of P20,000 after its estimateduseful life of 10 years.2. The payment for one-year rent of P96,000 dated January 1, 2020 wasdebited to Prepaid Rent.3. The Notes Receivable of P200,000 dated February 29, 2020 with 15%interest is collectible after six months.Prepare the adjusting journal entries as of June 30, 2020 (with computation ingood form)AssessmentTest I: True or FalseWrite TRUE if the statement is corect and FALSE if the statement is incorrect.1. All adjusting entries require to analyze the source document before theyrecorded.2. Prepaid expense is an expense account with a debit normal balance.17

Adjusting entries seem to be journal entries that are entered at the completion of an accounting…

vere required to undergo accounting department a ct an audit to the followin tures last February 1, 20 ge value of P20,000 after 000 dated January 1, 20 ed February 29, 2020 wi une 30, 2020 (with comE

vere required to undergo accounting department a ct an audit to the followin tures last February 1, 20 ge value of P20,000 after 000 dated January 1, 20 ed February 29, 2020 wi une 30, 2020 (with comE

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter3: The Basics Of Record Keeping And Financial Statement Preparation: Income Statement

Section: Chapter Questions

Problem 19E

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HW - Ch 20-2 Williams-Santana, Inc., is a manufacturer of high-tech industrial parts that was started in 2009 by two talented engineers with little business training. In 2021, the company was acquired by one of its major customers. As part of an internal audit, the following facts were discovered. The audit occurred during 2021 before any adjusting entries or closing entries were prepared. The income tax rate is 25% for all years. A five-year casualty insurance policy was purchased at the beginning of 2019 for $30,500. The full amount was debited to insurance expense at the time. Effective January 1, 2021, the company changed the salvage value used in calculating depreciation for its office building. The building cost $574,000 on December 29, 2010, and has been depreciated on a straight-line basis assuming a useful life of 40 years and a salvage value of $110,000. Declining real estate values in the area indicate that the salvage value will be no more than $27,500. On December 31,…
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A laboratory equipment costing ₱137,000 has a projected salvage value of ₱11,000 after 6 years of use. After 3 years of operation, a terrible accident made it a total loss. If a depreciation reserve was maintained in a bank account during its 3 years of operation using the sinking fund formula at 4.0%, how much is in the account at the time of the accident?
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Suppose a computer software developer for a certain company purchased a computer system for 55,000 on April 27, 2017. The computer system is used for business 100% of the time. The Accountant for the company elected to take 20,000 section 179 deduction and the asset qualified for a special depreciation allowance . A- what was the basis for depreciation in dollars of the computer system . Table 17–4. B- what was the amount in dollars for the first year‘s appreciation use an MACRSC table 17–1 and 17–2 .
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Q4: A construction machine was purchased at a price of $10,000 with a recovery value of $2000 after a useful life of 12 years. The machine was sold at the end of the fifth year, and the amount was saved in the bank. What is the value of the withdrawn amount after 10 years , if the interest of the bank is 15%. It was completed Calculation of depreciation by the method of offsetting depreciation.