FUNDAMENTALS OF FINANCIAL ACCOUNTING
5th Edition
ISBN: 9781260195293
Author: PHILLIPS
Publisher: MCG
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Chapter 9, Problem 9.5E
1.
To determine
To prepare: The adjusting
2.
To determine
the remaining estimated useful life of the asset.
3.
To determine
To prepare: The journal entries to record the two expenditures for repairs and maintenance during2015.
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Prepare journal entries to record depreciation of the printing machine for each of the years ended 30 june 2017 and 30 june 2018 using straight line method,declining balance method @40%, sum of digits method and production basis.State the carrying amount of the machine at the end of each period and prepare the journal entry to record the sale of machine on 01/07/2018
A depreciation schedule for semi-trucks of ISIDRO MANUFACTURING COMPANY was requested by your auditor soon after December 31, 2017, showing the additions, retirements, depreciation, and other data affecting the income of the company in the 4-year period 2014 to 2017, inclusive.
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Balance of Trucks account, Jan. 1, 2014 Truck No. 1 purchased Jan. 1, 2011, cost P180,000 Truck No. 2 purchased July 1, 2011, cost 220,000 Truck No. 3 purchased Jan. 1, 2013, cost 300,000 Truck No. 4 purchased July 1, 2013, cost 240,000Balance, Jan. 1, 2014 P940,000
The Accumulated Depreciation—Trucks account previously adjusted to January 1, 2014, and entered in the ledger, had a balance on that date of P302,000 (depreciation on the four trucks from the respective dates of purchase, based on a 5-year life, no salvage value). No charges had been made against the account before January 1, 2014.
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Chapter 9 Solutions
FUNDAMENTALS OF FINANCIAL ACCOUNTING
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