1. On the Depreciation Summary worksheet, how do you explain the difference between Total Cost and the Total Accumulated Depreciation in 2019?
| Asset | Date Acquired | Cost | Deprec. Method | 2015 Deprec. | 2015 Acc. Deprec. | 2016 Deprec. | 2016 Acc. Deprec. | 2017 Deprec. | 2017 Acc. Deprec. | 2018 Deprec. | 2018 Acc. Deprec. | 2019 Deprec. | 2019 Acc. Deprec. | |
| Display Cases | 1/1/2015 | $ 15,000.00 | DDB | $6,000.00 | $6,000.00 | $3,600.00 | $12,000.00 | $2,160.00 | $14,160.00 | $1,296.00 | $15,456.00 | $777.60 | $16,233.60 | |
| Chairs | 1/1/2015 | $ 5,000.00 | S/L | $800.00 | $800.00 | $800.00 | $1,600.00 | $800.00 | $2,400.00 | $800.00 | $3,200.00 | $800.00 | $4,000.00 | |
| Small Equipment | 1/1/2015 | $ 5,000.00 | SYD | $1,500.00 | $1,500.00 | $1,200.00 | $2,700.00 | $900.00 | $3,600.00 | $600.00 | $4,200.00 | $300.00 | $4,500.00 | |
| Total | $ 25,000 | $8,300 | $8,300 | $5,600 | $16,300 | $3,860 | $20,160 | $2,696 | $22,856 | $1,878 | $24,734 |
Difference between total cost and accumulated depreciation is called net book value of assets.
Net book value of assets = Total cost - Accumulated depreciation
= $25,000 - $24,734 = $266
After allowing annual depreciation on assets balance book value of assets is $266.
1. On the Depreciation Summary worksheet, how do you explain the difference between Total Cost and...