Question

تحریر أنماط Assignment Question(s): QL- (5 Marks) Abdulaziz Co purchased a machine in 2013 for 50,000 that has a useful life of 5 years with a salvage value of 5,000. Calculate the depreciation expense, accumulated depreciation, book value throughout its useful life using 1- Straight-line Method. 2- Units of Production Method if the machine produces 100,000 units. Here is a table of units produced each year. First Third F Second 25,000 ourth 30,000 Fifth 22,000 23,000 3- Double Declining Balance Method (2 Marks). Q2- On June 1, 2019, ABC Company signed a $25,000, 120-day, 6% note payable to cover a past due account payable. a. What is the total amount of interest to be paid on this note? b. Prepare ABC Company's general journal entry to record the issuance of the note payable c. Prepare ABC Company's general journal entry to record the payment of the note on September 29, 2019 (2 marks). Q3. What are the characteristics of corporations (1 mark)

Answer 1

fox Q1 (1) В4 В А C D E F G н K L 1 as per HomeworkLib policy, I'm obliged to answer first complete question. Kindly ask remaining questions in a seperate question. 2 Q1 (3) Q1 (1) straight line method double declining balance method book value at cumulative depreciation cumulative depreciation book value at year year depreciation the end of year depreciation the end of year expense $20,000 5 expense $9,000 $9,000 $41,000 $20,000 $30,000 first first 6 $18,000 $9,000 $18,000 $32,000 $12,000 $32,000 $39,200 second 7 second third $9,000 $27,000 $36,000 $45,000 $23,000 $7,200 $4,320 $10,800 third $9,000 $9,000 $14,000 $43,520 $6,480 $5,000 fourth fourth 9 $5,000 $1,480 $45,000 fifth fifth 10 11 Q1 (2) units of production method 12 depreciation cumulative book value at year depreciation the end of year $39,650 $28,400 13 expense $10,350 $10,350 first 14 $11,250 $21,600 $21,600 second 15 $0 $13,500 $9,900 $28,400 third 16 $35,100 $45,000 $14,900 fourth 17 $5,000 fifth 18. 19

for formulas and calculations, refer to the image below -

Q1 (1) В4 X В A C D F G Н I К М 1 as per HomeworkLib policy, I'm obliged to answer first complete question. Kindly ask remaining questions in a seperate question. 2 Q1 (1) 4 straight line method Q1 (3) double declining balance method book value at the end cumulative book value at the end cumulative year depreciation expense depreciation expense year depreciation -D6 -E6+D7 of year depreciation of year 5 first SLN(50000,5000,5) second SLN(50000,5000,5) third SLN(50000,5000,5) fourth SLN(50000,5000, 5) fifth SLN(50000,5000, 5) =50000-E6 first DDB(50000,5000,5,1)J6 second -DDB(50000,5000,5,2)-K6+7 third DDB(50000,5000,5,3)-K7+J8 fourth DDB(50000,5000,5,4) -K8+ J9 fifth DDB(50000,5000,5,5)=K9+J10 -50000-K6 6 -50000-E7 -50000-K7 7 -50000-E8 -50000-E9 -50000-K8 -E7+D8 EE8+D9 =50000-K9 9 -E9+D10 -50000-E10 -50000-K10 10 11 Q1 (2) units of production method 12 cumulative book value at the end year depreciation expense of year -50000-E14 depreciation 13 first 45000/100000*23000 D14 second-45000/100000* 25000 E14+D15 third 45000/100000*0 fourth45000/100000*30000 E16+D17 14 -50000-E15 15 EE15+D16 -50000-E16 16 -50000-E17 17 fifth45000/100000*22000E17+D18 -50000-E18 18 19

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