Annual depreciation on equipment at Charmed, Inc.is $2,100. The adjusting entry to record one month's worth of depreciation would be: O A. Debit Depreciation Expense $2,100 credit Cash $2,100 B. Debit Depreciation Expense $175, credit Cash $175 C. Debit Depreciation Expense $2,100, credit Accumulated Depreciation $2,100
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- An asset is purchased for $50,000. The rate of depreciation is 15% p.a. Calculate the annual depreciation for the first two years under diminishing balance method.Wolfpack Corp. has determined it should record depreciation expense of $40,000 for the year ending 12/31/X7. Required: In the general journal below, complete the year-end entry to record depreciation. Debit Credit Dec 31 ? 40,000 ? 40,000A table was purchased for RO 1200 and the depreciation is computed at the rate of 15%. What is the book value at the end of second year by using Written down value method? a. RO 1020 b. RO 867 c. RO 180 d. RO 153
- Calculate the Annual Depreciation for each listed asset. Assume the assets were purchased on January 1st and used for 12 months. The first asset has been completed. Utilize the straight-line depreciation method: (Original cost - Estimated Salvage Value) / Estimated Useful Life = Annual Depreciation Plant Asset Cash register Computer Vehicle Machinery Desk Asset Original Cost 500.00 4,500.00 15,500.00 8,000.00 2,500.00 Calculate the amount to be depreciated: Annual Depreciation Cash register Computer Vehicle Machinery Desk Estimated Salvage Value 25.00 800.00 3,000.00 1,200.00 200.00 67.86 Estimated Useful Life 7 years 5 years 10 years 5 years 15 years Questions? Contact your instructor!The Annual Depreciation Expense be using straight-line depreciation will be $6250, the accounts would be used in the adjusting entry for a full year of depreciation will be Debit - Depreciation Expense, Truck</> Credit - Accumulated Depreciation, Truck. 13) Under the Fixed assets section of the balance sheet, what number would we put in the "Accumulated Depreciation, Truck" section for Year # 4 if depreciation is calculated ANNUALLY (assume Jan 1st, 2019 to Dec 31st, 2019 is Year #1).If a fixed asset, such as a computer, were purchased on January 1 for $2,027 with an estimated life of 5 years and a salvage or residual value of $247, the journal entry for monthly expense under straight-line depreciation is a. Accumulated Depreciation Depreciation Expense b. Depreciation Expense Accumulated Depreciation c. Depreciation Expense Accumulated Depreciation d. Accumulated Depreciation Depreciation Expense 356.00 29.67 356.00 29.67 356.00 29.67 356.00 29.67
- If a fixed asset, such as a computer, were purchased on January 1 for $1,542 with an estimated life of 3 years and a salvage or residual value of $114, the journal entry for monthly expense under straight-line depreciation is O = Depreciation Expense. Ob Accumulated Depreciation Depreciation Expense Ос Accumulated Depreciation Depreciation Expense Od Accumulated Depreciation Accumulated Depreciation Depreciation Expense 39.67 476.00 476.00 39.67 39.67 476.00 476.00 39.67If a fixed asset, such as a computer, were purchased on January 1 for $1,603 with an estimated life of 5 years and a salvage or residual value of $127, the journal entry for monthly expense under straight-line depreciation is Oa. Depreciation Expense 24.60 Accumulated Depreciation 24.60 295.20 Ob. Accumulated Depreciation Depreciation Expense 24.60 Oc. Accumulated Depreciation Depreciation Expense Od. Depreciation Expense 295.20 Accumulated Depreciation 295.20 24.60 295.20Assume that equipment is purchased at a cost of $10,000 with no residual value and isdepreciated at a straight line rate of 10%.The equipment was sold for cash on Oct 12 ofthe eighth year of its use. The balance of accumulated depreciation account as of thepreceding Dec 31 (end of 7th yr) is $7,000.Required:a. Entry to update the depreciation for the 9 months of the current year .b. Assuming that the equipment was sold for $ 2,800 on Oct 12, determine the gain orloss on the sale of equipment.c. Journalize the entry to record the sale.Hint: calculate book value of the equipment as on oct 12 and compare with the amount of cash gettingin return.
- If a fixed asset, such as a computer, were purchased on January 1 for $2,230 with an estimated life of 4 years and a salvage or residual value of $151, the journal entry for monthly expense under straight-line depreciation is a. Depreciation Expense 43.31 Accumulated Depreciation 43.31 b. Accumulated Depreciation 43.31 Depreciation Expense 43.31 c. Accumulated Depreciation 519.75 Depreciation Expense 519.75 d. Depreciation Expense 519.75 Accumulated Depreciation 519.75an assets book value is 19,400 on Dec 31, year 5. The asset has been depreciated at an annual rate of 4,400 on the straight-line method. assuming the asset is sold on Dec 31 year 5 for 16,400 the company should record?If a fixed asset, such as a computer, were purchased on January 1st for $2,329 with an estimated life of 4 years and a salvage or residual value of $193, the journal entry for monthly expense under straight-line depreciation is a. Accumulated Depreciation 534.00 Depreciation Expense 534.00 b. Depreciation Expense 534.00 Accumulated Depreciation 534.00 c. Depreciation Expense 44.50 Accumulated Depreciation 44.50 d. Accumulated Depreciation 44.50 Depreciation Expense 44.50 * c is not the answer