Homework Answers
Equipment cost :$6,336
Salvage value : nil
Estimated useful life : 4 years
Calculation of depreciation under straight line method
=(Cost of the asset- salvage value)÷ estimated useful life
= ($6,336-$0)÷4
= $1,584.
Depreciation for one month = $1,584÷12= $132.
For income statement
Debit side - Accumulated depreciation $132
For balance sheet
Credit side - Depreciation expense $132.
Journal entry
| Date | Account title | Debit | Credit |
| Dec 31 | Depreciation expense | 132 | |
| Accumulated depreciation | 132 |
____×____
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year.
Activity
Accounts
statement(s)
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lower of cost or market value
glendive reports its inventory on a lifo basis and has
inventory with a cost of $78,000 on December 31. The cost to
replace the inventory on his date would be only $71,000.
Identify and analyze the adjustment needed at the end of the
year.
Activity
Accounts
statement(s)
x pe augolzwONetu sddy amau abeug9 Operating o ouorssauauema e p byauasuss ucormouabiebu3rA Accounts Inventory Decrease, Loss on Decdine in Value of Imventory Increase Statement(s) Balance Sheet...
Fill in with the info given.
Kaitlin Cavallo | 02/05/20 12:30 AM Save Homework: Chapter 3 part B homework Score: 0 of 1 pt 6 of 8 (0 complete) E3-26 (similar to) HW Score: 0%, 0 of 9 pts Question Help Maid Up Company has journalized the adjusting entries for the period ending December 31, 2018, and posted the adjustments to the following T-accounts (Click the icon to view the T-accounts.) Using this data, prepare an adjusted trial balance. Maid...
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