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At December 31, 2020, Halifax Servicing's balance sheet showed capital asset information as detailed in the...
At December 31, 2020, Halifax Servicing's balance sheet showed capital asset information as detailed in the...
At December 31, 2020, Halifax Servicing's balance sheet showed capital asset information as detailed in the schedule below. Halifax calculates depreciation to the nearest whole month. There have been no disposals or betterments since the date of purchase. 2 Actual kilometres driven were: 2020, 14,000; 2021, 68,000. Required: Complete the schedule. (Do not round intermediate calculations. Round the final answers to the nearest whole dollars.) Cost information Date of Purchase Description Depreciation Method Depreciation Balance of Depreciation Balance of Accum....
Problem 9-10A Calculating depreciations partial year's depreciation 10 CHECK FIGURES: Deprec. Expense 2021: Office equip. $3,800;...
Problem 9-10A Calculating depreciations partial year's depreciation 10 CHECK FIGURES: Deprec. Expense 2021: Office equip. $3,800; Machinery At December 31, 2020, Halifax Servicing's balance sheet showed capital Halifax Servicing's balance sheet showed capital asset information as detailed in the schedule below. Halifax calculates depreciation to the nearest whole month. $3,800; Machinery = $19,638; Truck = $23,664 Cost Information Depreciation Balance of Depreciation Balance of Accum. Deprec. Expenses for Accum. Deprec. Dec 31, 2020 2021 Dec 31, 2021 Date of Depreciation...
At December 31, 2019. Dynamic Exploration's balance sheet showed total PPE assets of $948,000 and total...
At December 31, 2019. Dynamic Exploration's balance sheet showed total PPE assets of $948,000 and total accumulated depreciation of $407,977 as detailed in the PPE Subledger below. Dynamic calculates depreciation to the nearest whole month. Cost Information Description Building Modular Furniture Truck Date of Purchase May 2, 2014 May 2, 2014 Jan 25, 2017 Depreciation Method S/L S/L DOB Costa Residual $750,000 $300, 800 188,882 90,000 15, Life 10 yr. 6 yr. 8 yr. Depreciation Balance of Accum. Deprec. Dec....
Brar Maintenance Company showed the following adjusted trial balance information for its December 31, 2020, year-end....
Brar Maintenance Company showed the following adjusted trial balance information for its December 31, 2020, year-end. Account Accounts payable Accounts receivable Accum. deprec., building Accum. deprec., machinery Allowance for doubtful accounts Building Cash Estimated warranty liabilities Income taxes payable Income tax expense Interest payable Balance1 Account $ 43,500 Interest receivable 37,800 Jake Brar, capital 364,000 Land 137,000 Machinery 2,900 Merchandise inventory 538,000 Notes payable? 20,100 Notes receivable, due 2021 12,100 Operating expenses 8,900 Prepaid rent 120,400 Revenue 710 Unearned revenue...
At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances...
At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Accunulated Depreciation and Anortization Category Land Plant Asset $ 184,000 Buildings Equipment Automobiles and trucks Leasehold improvements Land improvements 1,950,000 1,575,000 181,000 234,000 337,900 326,500 109,325 117,000 Depreciation methods and useful lives: Buildings-150 % declining balance; 25 years Equipment-Straight line; 10 years. Automobiles and trucks-200 % declining balance; 5 years, all acquired after 2017 Leasehold improvements-Straight line. Land improvements-Straight line. Depreciation is...
At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances...
At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Category Plant Asset Accumulated Depreciation and Amortization Land $ 170,000 $ — Buildings 1,250,000 323,900 Equipment 875,000 312,500 Automobiles and trucks 167,000 95,325 Leasehold improvements 206,000 103,000 Land improvements — — Depreciation methods and useful lives: Buildings—150% declining balance; 25 years. Equipment—Straight line; 10 years. Automobiles and trucks—200% declining balance; 5 years, all acquired after 2017. Leasehold improvements—Straight line. Land improvements—Straight line....
The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year).
The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year). KORVER SUPPLY COMPANYBalance SheetAt December 31, 2020AssetsCash$125,000Accounts receivable340,000Inventory290,000Furniture and fixtures (net)155,000Total assets$910,000Liabilities and Shareholders’ EquityAccounts payable (for merchandise)$270,000Notes payable280,000Interest payable7,000Common stock120,000Retained earnings233,000Total liabilities and shareholders’ equity$910,000Transactions during 2021 (current year) were as follows: 1.Sales to customers on account$1,000,0002.Cash collected from customers980,0003.Purchase of merchandise on account520,0004.Cash payment to suppliers530,0005.Cost of merchandise sold470,0006.Cash paid for operating expenses360,0007.Cash paid for interest on notes14,000Additional Information:The notes payable are dated June...
The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year)....
The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year). KORVER SUPPLY COMPANY Balance Sheet At December 31, 2020 Assets Cash$160,000 Accounts receivable 320,000 Inventory 270,000 Furniture and fixtures (net) 180,000 Total assets$930,000 Liabilities and Shareholders’ Equity Accounts payable (for merchandise)$270,000 Notes payable 280,000 Interest payable 7,000 Common stock 110,000 Retained earnings 263,000 Total liabilities and shareholders’ equity$930,000 Transactions during 2021 (current year) were as follows: 1.Sales to customers on account$930,000 2.Cash collected from...
At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances...
At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Category Land Buildings Equipment Automobiles and trucks Leasehold improvements Land improvements Plant Asset $ 178,000 1,650,000 1,275,000 175,000 Accumulated Depreciation and Amortization $ - 331,900 320,500 103,325 222,000 111,000 Depreciation methods and useful lives: Buildings—150% declining balance; 25 years. Equipment-Straight line; 10 years. Automobiles and trucks—200% declining balance; 5 years, all acquired after 2017. Leasehold improvements-Straight line. Land improvements-Straight line. Depreciation is...
At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances...
At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Category Land Buildings Equipment Automobiles and trucks Leasehold improvements Land improvements Plant Asset $ 185,000 2,000,000 1,625,000 182,000 Accumulated Depreciation and Amortization $ - 338,900 327,500 110,325 236,000 118,000 Depreciation methods and useful lives: Buildings—150% declining balance; 25 years. Equipment-Straight line; 10 years. Automobiles and trucks-200% declining balance; 5 years, all acquired after 2017. Leasehold improvements—Straight line. Land improvements-Straight line. Depreciation is...
At December 31, 2020, Halifax Servicing's balance sheet showed capital asset information as detailed in the schedule below. Halifax calculates depreciation to the nearest whole month. There have been no disposals or betterments since the date of purchase. 2 Actual kilometres driven were: 2020, 14,000; 2021, 68,000. Required: Complete the schedule. (Do not round intermediate calculations. Round the final answers to the nearest whole dollars.) Cost information Date of Purchase Description Depreciation Method Depreciation Balance of Depreciation Balance of Accum....
Problem 9-10A Calculating depreciations partial year's depreciation 10 CHECK FIGURES: Deprec. Expense 2021: Office equip. $3,800; Machinery At December 31, 2020, Halifax Servicing's balance sheet showed capital Halifax Servicing's balance sheet showed capital asset information as detailed in the schedule below. Halifax calculates depreciation to the nearest whole month. $3,800; Machinery = $19,638; Truck = $23,664 Cost Information Depreciation Balance of Depreciation Balance of Accum. Deprec. Expenses for Accum. Deprec. Dec 31, 2020 2021 Dec 31, 2021 Date of Depreciation...
At December 31, 2019. Dynamic Exploration's balance sheet showed total PPE assets of $948,000 and total accumulated depreciation of $407,977 as detailed in the PPE Subledger below. Dynamic calculates depreciation to the nearest whole month. Cost Information Description Building Modular Furniture Truck Date of Purchase May 2, 2014 May 2, 2014 Jan 25, 2017 Depreciation Method S/L S/L DOB Costa Residual $750,000 $300, 800 188,882 90,000 15, Life 10 yr. 6 yr. 8 yr. Depreciation Balance of Accum. Deprec. Dec....
Brar Maintenance Company showed the following adjusted trial balance information for its December 31, 2020, year-end. Account Accounts payable Accounts receivable Accum. deprec., building Accum. deprec., machinery Allowance for doubtful accounts Building Cash Estimated warranty liabilities Income taxes payable Income tax expense Interest payable Balance1 Account $ 43,500 Interest receivable 37,800 Jake Brar, capital 364,000 Land 137,000 Machinery 2,900 Merchandise inventory 538,000 Notes payable? 20,100 Notes receivable, due 2021 12,100 Operating expenses 8,900 Prepaid rent 120,400 Revenue 710 Unearned revenue...
At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Accunulated Depreciation and Anortization Category Land Plant Asset $ 184,000 Buildings Equipment Automobiles and trucks Leasehold improvements Land improvements 1,950,000 1,575,000 181,000 234,000 337,900 326,500 109,325 117,000 Depreciation methods and useful lives: Buildings-150 % declining balance; 25 years Equipment-Straight line; 10 years. Automobiles and trucks-200 % declining balance; 5 years, all acquired after 2017 Leasehold improvements-Straight line. Land improvements-Straight line. Depreciation is...
At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Category Land Buildings Equipment Automobiles and trucks Leasehold improvements Land improvements Plant Asset $ 178,000 1,650,000 1,275,000 175,000 Accumulated Depreciation and Amortization $ - 331,900 320,500 103,325 222,000 111,000 Depreciation methods and useful lives: Buildings—150% declining balance; 25 years. Equipment-Straight line; 10 years. Automobiles and trucks—200% declining balance; 5 years, all acquired after 2017. Leasehold improvements-Straight line. Land improvements-Straight line. Depreciation is...
At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Category Land Buildings Equipment Automobiles and trucks Leasehold improvements Land improvements Plant Asset $ 185,000 2,000,000 1,625,000 182,000 Accumulated Depreciation and Amortization $ - 338,900 327,500 110,325 236,000 118,000 Depreciation methods and useful lives: Buildings—150% declining balance; 25 years. Equipment-Straight line; 10 years. Automobiles and trucks-200% declining balance; 5 years, all acquired after 2017. Leasehold improvements—Straight line. Land improvements-Straight line. Depreciation is...
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