Assume that on January 2, 20X6, Maxwell of Nebraska purchased fixtures for $8,100 cash, expecting the fixtures to remain in service for five years. Maxwell has depreciated the fixtures on a double-declining-balance basis, with $1,800 estimated residual value. August 31, 20X7, Maxwell sold the fixtures for $2,600 cash. Requirement 1. Record both the depreciation expense on the fixtures for 20X7 and the sale of the fixtures. Apart from your journal entry, also show how to compute the gain or loss on Maxwell's disposal of these fixtures. Start by recording depreciation expense on the fixtures for 20X7. (Record debits first, then credits. Explanations are not required. Leave unused cells blank.) Journal Entry Date Aug 31 Accounts Debit Credit

Q: Which of the following orders allows for partial execution?

A: FOK (Fill or Kill Order): This type of order allows being executed immediately at the specified…

Q: AS36

A: The core principle in IAS 36 is that an asset must not be carried in the financial statements at…

Q: Definition of Marco

A: Macroeconomics is the study of how the economy behaves in broad outline. It is largely concerned…

Q: What is the meaning of V MFG Ohs, V S&A Ohs, F MFG Ohs snd F S&A Ohs on the chat answer

A: V MFG Ohs, V S&A Ohs, F MFG Ohs and F S&A Ohs, these are the short form some of the titles…

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: What would the entry be for the letter H.?

A:

Q: Is DDM and CAPM suppose to be the same numbe

A: There are many ways to do valuation of stock one is DDM and other is CAPM these are two important…

Q: WHAT'S THE ANSWER TO D, E AND F?

A: Given, Net nonoperating obligations (NNO) Return on equity (ROE) Nonoperating return component of…

Q: For what values of x is f(x) NOI differentidue:

A: At x=1 the given function is NOT DIFFERENTIABLE.  Because, at x=1 the value of the function is…

Q: What is MM Proposition I?

A: Modigliani and Miller’s approach is an element of economic theory and it forms the basis for modern…

Q: Vhhhbbbbbbbnn

A:

Q: What the agi

A: AGI means Adjusted Gross Income. It is the total income on which income tax payable would be…

Q: What is PNL?

A: The term PNL is used in accounting, finance, and business to refer profit and loss.

Q: dgdfdgdhfgff

A: It looks like your message might have been incomplete or accidentally sent. How can I assist you…

Q: Define unicorn

A: The term Unicorn in finance was popularized by Aileen Lee, a popular venture capitalist &…

Q: Zhhshsdhhsdhhsjsjshsnsns

A: Key references: Dwivedi, Y. K., Kshetri, N., Hughes, L., Slade, E. L., Jeyaraj, A., Kar, A. K., ...…

Q: Describe about the NOL.

A: NOL means Net Operating Loss. This is a situation when company's deductions are more than it's…

Q: Whatisthedifferencebetweensimpleinterestandcompoundinterest?

A: Interest: Interest is the amount of interest paid on the issue price of the notes by the issuer at…

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.