Homework Answers
Answer
- Requirement asked
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Depreciation Expense |
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Bal |
$0 |
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Allocation |
$2,000 |
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Adj. Bal |
$2,000 |
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Accumulated Depreciation |
|||
|
Bal |
$0 |
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$2,000 |
Current year allocation |
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$2,000 |
Adjusted balance |
||
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Instructions: Record AJE at 12/31 and the initial or subsequent JE for each assuming no previous...
Instructions: Record AJE at 12/31 and the initial or subsequent JE for each assuming no previous...
Instructions: Record AJE at 12/31 and the initial or subsequent JE for each assuming no previous AJE has been made. For more practice do Quick Study 3-6 in the back of chapter 3 in your textbook. 1B - Prepaid Expense: Paid cash for $600 in supplies to use during the year on 10/1. At year-end there was $120 in supplies on hand. General Journal Account Name Ref Debit Credit Date 10/1 Initial JE AJE 12/31 Supplies 0 Supplies Expense 0...
Prepare the depreciation tables for A. Straight Line, B. Double Declining Balance, and C. Units of...
Prepare the depreciation tables for A. Straight Line, B. Double
Declining Balance, and C. Units of Activity.
Next Journalize the purchase of the truck, the first year's
depreciation expense, and the disposal of the
truck. (including explanations)
Here's the data:
Purchased on January 1, 2012 for $13,000. Has an
estimated residual value of $1,000.
Useful life of 5 years or 100,000 miles.
Sold on December 31st, 2013
100 Depr Scheds Barb's Florists Solution with JE thru Disposal and T accounts XX...
E1. Bobby purchases equipment with cost of $40,000 and salvage value of $3,500 and life of...
E1. Bobby purchases equipment with cost of $40,000 and salvage value of $3,500 and life of 4 years. Create a STRAIGHT LINE DEPRECIATION SCHEDULE. Year Depr. Cost Rate Depr. Exp. Accum. Depr. Book Value E2. Use the same Cost, SV and life for a depreciation schedule using DOUBLE DECLINING BALANCE Cost-$40,000 SV=$3,500 and Life = 4 years. Year Book Value Beg. Rate Depr. Exp. Accum. Depr. Book Value End 2 E3. Carlson purchased Equipment for $56,000 with salvage value $7,000...
Chapter 05 Homework (Application) Adjustment for Depreciation of Asset On December 1, delivery equipment was purchased...
Chapter 05 Homework (Application) Adjustment for Depreciation of Asset On December 1, delivery equipment was purchased for $6,336. The delivery equipment has an estimated useful life of four years (48 months) and no salvage value. Using the straight-line depreciation method, analyze the necessary adjusting entry as of December 31 (one month) using T accounts, and then formally enter this adjustment in the general journal. (Income Statement) Depr. Expense-Delivery Equipment Adj. (Balance Sheet) Accum. Depr.-Delivery Equipment Ady. If an amount box...
Depreciation Schedules Barb's Florists Name: Units Table $ SI Purchased new truck Jan 1, 2012 Sold...
Depreciation Schedules Barb's Florists Name: Units Table $ SI Purchased new truck Jan 1, 2012 Sold Dec 31, 2013 for $7.500 Accounts Expected value Estimated nule in years Estimated useful life in miles 100.000 Extra Credit Complete A, B, C, D 50 7.5 minutes C: Journalize Purchase and DDB Depreciation: Generalural Notestateulations Intreti rmia >> A Prepare the straight line depreciation tabl Straight line Der's Degree Exp Acum JE Purchase for cash: Dale of Purchase Life years Dacation Rate Cost...
The following data relate to the Machinery account of Tamarisk, Inc. at December 31, 2020. Machinery D Original cost Y...
The following data relate to the Machinery account of Tamarisk, Inc. at December 31, 2020. Machinery D Original cost Year purchased Useful life Salvage value $53,360 2015 10 years $3,596 Sum-of-the- years -digits $36,192 $59,160 2016 15,000 hours $3,480 Activity $92,800 2017 15 years $5,800 Straight- $92,800 2019 10 years $5,800 line Depreciation method Accum. depr through 2020* Double-declining balance $18,560 $40,832 $17,400 $18 56 *In the year an asset is purchased, Tamarisk, Inc. does not record any depreciation expense...
how come I am not getting the same total? Adjusted Trial Balance Debit LISO Cash CO...
how come I am not getting the same total?
Adjusted Trial Balance Debit LISO Cash CO 2 500 Accounts Receivable Supplies Equipment Accum Dep - Equip Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Dividends Service Revenue Salaries/Wages Expense Suppliess Expense Depreciation Expense Miscellaneous Expense 290 250 HOU Totals E. Post Closing Trial Balance Debit Credit Cash Accounts Receivable Supplies Equipment Accum Dep - Equip CVB HP Laptop All-day power Eye-catching design Date Cash Explanation...
3 Existential Products started business in July 1, 2012 with the following purchases: Residual value Depr....
3 Existential Products started business in July 1, 2012 with the following purchases: Residual value Depr. Method 6 Land 7 Building 8 Parking Lot, Lighting & Fencing 9 Processing Equipment 10 Office Equipment Useful life $225,000 Indefinite $1,155,000 40 years $56,800 15 years $198,000 10 years $56,000 5 years $175,000 Straight Line $6,580 Double Declining Balance $19,800 Units of Production $8.500 Double Declining Balance 12 At the end of 2018, the company has come to the conclusion that the building...
1. Calculate the amount of depreciation expense to report for the years ended December 31, 2016...
1. Calculate the amount of depreciation expense to report for the years ended December 31, 2016 and December 31, 2017 for equipment purchased on July 1, 2016 for $26,000. The equipment has a salvage value of $2,000 and an estimated useful life of 4 years or 24,000 hours. Assume the equipment was used for 2,000 hours from July 1, 2016 to December 31, 2016. Assume the company uses: a) Straight Line method: b) Double declining Balance method: c) Units of...
The following data relate to the Machinery account of Metlock, Inc. at December 31, 2020. Machinery...
The following data relate to the Machinery account of Metlock, Inc. at December 31, 2020. Machinery A B C D Original cost $50,600 $56,100 $88,000 $88,000 Year purchased 2015 2016 2017 2019 Useful life 10 years 15,000 hours 15 years 10 years Salvage value $3,410 $3,300 $5,500 $5,500 Depreciation method Sum-of-the-years'-digits Activity Straight-line Double-declining balance Accum. depr through 2020* $34,320 $38,720 $16,500 $17,600 *In the year an asset is purchased, Metlock, Inc. does not record any depreciation expense on the...
Instructions: Record AJE at 12/31 and the initial or subsequent JE for each assuming no previous AJE has been made. For more practice do Quick Study 3-6 in the back of chapter 3 in your textbook. 1B - Prepaid Expense: Paid cash for $600 in supplies to use during the year on 10/1. At year-end there was $120 in supplies on hand. General Journal Account Name Ref Debit Credit Date 10/1 Initial JE AJE 12/31 Supplies 0 Supplies Expense 0...
Prepare the depreciation tables for A. Straight Line, B. Double
Declining Balance, and C. Units of Activity.
Next Journalize the purchase of the truck, the first year's
depreciation expense, and the disposal of the
truck. (including explanations)
Here's the data:
Purchased on January 1, 2012 for $13,000. Has an
estimated residual value of $1,000.
Useful life of 5 years or 100,000 miles.
Sold on December 31st, 2013
100 Depr Scheds Barb's Florists Solution with JE thru Disposal and T accounts XX...
E1. Bobby purchases equipment with cost of $40,000 and salvage value of $3,500 and life of 4 years. Create a STRAIGHT LINE DEPRECIATION SCHEDULE. Year Depr. Cost Rate Depr. Exp. Accum. Depr. Book Value E2. Use the same Cost, SV and life for a depreciation schedule using DOUBLE DECLINING BALANCE Cost-$40,000 SV=$3,500 and Life = 4 years. Year Book Value Beg. Rate Depr. Exp. Accum. Depr. Book Value End 2 E3. Carlson purchased Equipment for $56,000 with salvage value $7,000...
Chapter 05 Homework (Application) Adjustment for Depreciation of Asset On December 1, delivery equipment was purchased for $6,336. The delivery equipment has an estimated useful life of four years (48 months) and no salvage value. Using the straight-line depreciation method, analyze the necessary adjusting entry as of December 31 (one month) using T accounts, and then formally enter this adjustment in the general journal. (Income Statement) Depr. Expense-Delivery Equipment Adj. (Balance Sheet) Accum. Depr.-Delivery Equipment Ady. If an amount box...
Depreciation Schedules Barb's Florists Name: Units Table $ SI Purchased new truck Jan 1, 2012 Sold Dec 31, 2013 for $7.500 Accounts Expected value Estimated nule in years Estimated useful life in miles 100.000 Extra Credit Complete A, B, C, D 50 7.5 minutes C: Journalize Purchase and DDB Depreciation: Generalural Notestateulations Intreti rmia >> A Prepare the straight line depreciation tabl Straight line Der's Degree Exp Acum JE Purchase for cash: Dale of Purchase Life years Dacation Rate Cost...
The following data relate to the Machinery account of Tamarisk, Inc. at December 31, 2020. Machinery D Original cost Year purchased Useful life Salvage value $53,360 2015 10 years $3,596 Sum-of-the- years -digits $36,192 $59,160 2016 15,000 hours $3,480 Activity $92,800 2017 15 years $5,800 Straight- $92,800 2019 10 years $5,800 line Depreciation method Accum. depr through 2020* Double-declining balance $18,560 $40,832 $17,400 $18 56 *In the year an asset is purchased, Tamarisk, Inc. does not record any depreciation expense...
how come I am not getting the same total?
Adjusted Trial Balance Debit LISO Cash CO 2 500 Accounts Receivable Supplies Equipment Accum Dep - Equip Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Dividends Service Revenue Salaries/Wages Expense Suppliess Expense Depreciation Expense Miscellaneous Expense 290 250 HOU Totals E. Post Closing Trial Balance Debit Credit Cash Accounts Receivable Supplies Equipment Accum Dep - Equip CVB HP Laptop All-day power Eye-catching design Date Cash Explanation...
3 Existential Products started business in July 1, 2012 with the following purchases: Residual value Depr. Method 6 Land 7 Building 8 Parking Lot, Lighting & Fencing 9 Processing Equipment 10 Office Equipment Useful life $225,000 Indefinite $1,155,000 40 years $56,800 15 years $198,000 10 years $56,000 5 years $175,000 Straight Line $6,580 Double Declining Balance $19,800 Units of Production $8.500 Double Declining Balance 12 At the end of 2018, the company has come to the conclusion that the building...
1. Calculate the amount of depreciation expense to report for the years ended December 31, 2016 and December 31, 2017 for equipment purchased on July 1, 2016 for $26,000. The equipment has a salvage value of $2,000 and an estimated useful life of 4 years or 24,000 hours. Assume the equipment was used for 2,000 hours from July 1, 2016 to December 31, 2016. Assume the company uses: a) Straight Line method: b) Double declining Balance method: c) Units of...
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