12 15 13 14 3345 2023 2024 9 10 11 Required: 6 Year 2025 7 8 4 5 6 Lallyn Corp runs a river cruise in Croatia. They purchased a cruising boat on January 2, 2023 for cash of $56,500. Its estimated useful life was 5 years or 50,000 hours with a residual value of $5,000. The company's year end is December 31. 2023 2024 2025 Straight Line Method Actual Hours were: 11,600 14,800 9,000 Units of Production Rate Units of Production Method Double Diminishing Rate Double Diminishing Balance Carrying Amount (at end of the year) Depreciation Expense Purchase Price

Q: how does it became an over applied OH? how will you know that it is under or over applied OH?

A: Lets understand the basics. When applied overhead is more than actual overhead then it is known as…

Q: Define Assigning.

A: Assigning is a process of assignment. Assignment means a transfer of a right to receive a…

Q: Explain IO and PO Strips?

A: Interest only (IO) strips are a financial product shaped by unraveling the principal and interest…

Q: What are ADRs?

A: Answer: An American depositary receipt (ADR) is a negotiable asset that denotes a non-US company…

Q: difference between ABC method and traditional method

A: Solution:- The following differences between ABC method and traditional method as follows under:-

Q: Fill in the blank. ______ standards reflect what is expected to occur.

A: Standards are a set of rules that define the threshold of any activity. In accounting, there are…

Q: What does the blank section post mean or what goes there

A: Post Column : It is the Column through which book keeper identify whether journal entries are…

Q: Define terminal value

A: Terminal value is the value of the project or the security at the end of a specified future date.…

Q: How to calculate PMT,  P/Y and C/Y

A: As per the given information: The time value of money concept states that earlier receipts are more…

Q: True or false: IFRS is based on the same characteristics of information as AspE

A: IFRS:It stands for International Financial Reporting Standards, a set of accounting standards…

Q: hat is APY

A: In interest there is compounding and other is simple interest. In the compouding there is interest…

Q: Different ___________ are separated by definite visibleboundaries

A: The answer is provided as follows:

Q: Explain the limitations of ABC system.

A: ABC System is a method of costing i.e. Activity Based Costing. This is a costing method that assigns…

Q: what is an example of data flow diagram, fixed asses system?

A: A data flow diagram (DFD) refers to a graphical representation of a flow of any information or…

Q: What are the classes of transcription errors?

A: Definition: Internal control: Internal control is a process which ensures continuous reliability of…

Q: B. Working trial ba C. Control accoun

A: The correct answer is  a. Lead schedule

Q: What is a proxy statement? What information does it provide?

A: Definition:   Proxy statement: Proxy statement is a statement required for seeking shareholders’…

Q: Formulas are missing. which formulas did you use?  Please clarify

A: The formula used is that of Future value. Future value is based on time value of money concept.…

Q: State the meaning of incomplete records?

A: Accounting refers to the process through which the financial transactions related to a business are…

Q: What is the meaning of incoterms

A: International chamber of commerce is the supervisor of international trading, and try to provide…

Q: Define Double-entry system.

A: Double entry system: Double entry system is a way of accounting or bookkeeping which implies that…

Q: Identify the minimum cardinality of any REA diagram relationship. O or 1. O or N. 1 or N. None of…

A: Cardinality describes the nature of the relationship between two entities. It refers to the number…

Q: 3. What is availability? Give an example showing a violation of availability.

A: Following is a meaning of availability and its examples

Q: How do CDOs differ from CMBSs?

A: Difference between CDO and CMBS is that CMBS is a subset of CDO. In CMBS the underlying assets are…

Q: Describe the steps taken to Switch from the DB method to the SL method?

A: Depreciation:- Depreciation is allocating the value of the fixed (long lived) assets over the period…

Q: A $385,000 house is to be purchased for 25% down and monthly payments of $1200 for as long as…

A: PV is the current worth of cash flows that are expected to occur in the future.

Q: What is skimming?

A: Skimming: It is the fraudulent process under which the employees of the company steal the cash from…

Q: How can forwardrates be used for hedging purposes?

A: SOLUTION:- Risk management is the main stimulus for forward contracts. Forward contract is a…

Q: at is busd What is xrp How they

A: What is busd ? The New York State Department of Financial Services (NYDFS) has authorised Binance…

Q: Define Profi t and loss (P&L) statement

A: Introduction: The financial statement is a detailed analysis of the financial situation of the…

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.