I only need help for question BE 11.3 in Accounting. BE I13 (LOID Use the info for Lock ya rdCompany given in BEI12. (9) ComPyte 2020de prec. expense using the Sum-of -the years-digitsmethod. (6) Compute 2020 deprec. expense using theSum-Of-the-years -digits methody assuming themachinery was Purchased on APril 1,2020ing the Jeffrey wang9/36/2021Brief Exercises(Unless otherwise instructed round all answers to thenearest dollard12BE 112 (L01) Lockyard Company PurchasedmachinerY on January Ij 2020, for $80j0ou The machineryis estimated to have a salvage Value of $9000 afteraUSefyl life of 8 years.

BE 113 (LOI) Use the info, for Lock ya rd Company given in BEI12. (9) ComRite 2020 de prec. expense using the Sum-of -the Years'-digits. method. (6) Compute 2020 deprec. expense using the Sum- Of-the-years-digits method, assuming the machinery was Purchased on APril 1,220.

BE 113 (LOI) Use the info, for Lock ya rd Company given in BEI12. (9) ComRite 2020 de prec. expense using the Sum-of -the Years'-digits. method. (6) Compute 2020 deprec. expense using the Sum- Of-the-years-digits method, assuming the machinery was Purchased on APril 1,220.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Enumerate and explain each of the 7 reasons why the Code of Ethics exists in accounting. 1. 2. 3.…

A: The first thing that comes to mind when we hear the word "ethics" is having to choose between good…

Q: On January 1, 2020, Metro Inc. issued a five-year bond with a face value of $700,000. The bond bears…

A: Discount or Premium on Bond Issue: A premium bond has a coupon rate that is greater than the market…

Q: Explain what it means to say that an accounting class is not the same as a math class.

Q: Explain the usefulness of the concept of "profit" to users of accounting information.

A: Profit means the amount the business entity earns by selling its products or services or both. It is…

Q: Why there is branches of accounting

A: Accounting is the procedure of analyzing, recording, classifying, and summarizing the accounting…

Q: Explain double entry in accounting and relate it to appropriate accounting concept.

A: Double Entry Accounting system In simple term double entry accounting to record the transaction in…

Q: Explain voluntary changes in accounting principle.

A: An accounting principle is a general guideline to follow when recording and reporting financial…

Q: atements,” of Accounting. What is a standard-setting environment? How can I Identify 1 example and…

A: Accounting - Accounting is the process of documenting a business's financial transactions. These…

Q: Which of the following is NOT related to accounting? O a. Management accounting O b. Financial…

A: Accounting:- Accounting includes recording of business transactions. Professional accountants…

Q: There are various users of accounting information. Identify any three and explain how they benefit…

A: The accounting information is crucial for businesses because it helps in the determination of the…

Q: What does the term dual aspect mean in terms of accounting?

A: Accounting is the process of recording, classifying, analyzing, interpreting, and communicating…

Q: .Write down the definition, Importance, and users of accounting information in detail

A: Accounting Information:- This is the information that is used by internal and external users for…

Q: what is real account ?

A: There are three types of accounts that are used in accounting: 1. Personal 2. Real 3. Nominal Real…

Q: H hystematie procedure has been adopted for th Accounting itat Cmut Standand in Andia" Justify issue…

A: Since 1977 once the govt. passed a statute, the accounting principle Board (ASB) a committee of the…

Q: Which one of the following characteristics of accounting information is related to Objectivity? a.…

A: Accounting information means that relevant accounting and financial information that is useful for…

Q: Hi What is recordable transaction vs exchange transaction. Also, please provide an explanation on…

A: A transaction record is a written or electronic record of activity or information related to an…

Q: QUESTION5 The four accounting principles are: going concern, revenue recognition, materiality, and…

A: The accounting principles are the basic concepts on which accounting is based.

Q: Accounting 1010 Chapter2. provide the names of two (a) assets account. B liability accounts, C…

A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Q#03: Draw and explain the hierarchy of accounting qualities?

A: Accounting Qualities are very important for the decision maker. The quantitative data is not…

Q: Explain the FOUR (4) qualities that the accounting information should have?

A: FASB & IASB developed a framework that states that accounting information should be relevant and…

Q: Explain the concept of an accounting analysis in minimum 1125 signs

A: Introduction:- Accounting analysis refers to the process of evaluating a company's financial…

Q: Describe a situation in which you may use accounting as a non-accountant

A: This question tells about a situation in which you may use accounting as a non-accountant.

Q: Accounting is sometimes described as the language of busi-ness. What is meant by this description?

A: Accounting: It refers to a process of recording and summarizing the financial transactions and…

Q: Accounting is sometimes called the “language of _____.”A. Wall StreetB. businessC. Main StreetD.…

A: Accounting entails summarizing, analyzing, and disclosing these transactions to auditing…

Q: what are accounting principles?

A: Accounting principles are a set of rules and regulations that should be followed when reporting the…

Q: Chart of accounts is a set of categories by which accounting transactions are recorded. Question…

A: A chart of accounts (COA) is a list of all the accounts used by an organization to record its…

Q: In accounting, what are the many forms of accounting information?

A: Introduction: Accounting is the art of documenting, categorizing, summarizing, and evaluating the…

Q: 15. "The matching rule is one of the significant concepts in accounting." Do you agree with this…

A: The accounting is based on various concepts such as cash basis accounting and accrual basis…

Q: Examine the purpose of the accounting function within an organization.

A: Accounting is the art and science of identifying, recording, classifying, summarising, and…

Q: State two users of accounting information and what type of information they need.

A: There are various users of accounting information.

Q: Accounting uses a double-entry system. Explain what this sentence means?

A: Business Accounting: Accounting refers to the process of recording analyzing and interpreting…

Q: Q5. Why do accountants record accounts in the name of organisation?

A: Accounting records include all documentation and books used in financial statement preparation, as…

Q: Explain in brief the term ‘Accounting’ and give any two differences between bookkeeping and…

A: The term Book keeping and Accounting are often used interchangeably but this two are not synonymous.…

Q: Write a literature review on the impact of covid-19 on accounting professions.

A: The outbreak of COVID-19 has created a crisis in health, education, & Profession, and other…

Q: Question: 1) What is an Accounting System (AIS) - Discuss.

A: Business means an organization, or a company engaged in commercial, industrial, and professional…

Q: Bookkeeping is not the recording function in the accounting process Question 8 options: True…

A: Recording is the first step of accounting process, under which journal entries are being passed in…

Question

100%

I only need help for question BE 11.3 in Accounting.

BE I13 (LOID Use the info for Lock ya rd
Company given in BEI12. (9) ComPyte 2020
de prec. expense using the Sum-of -the years-digits
method. (6) Compute 2020 deprec. expense using the
Sum-Of-the-years -digits methody assuming the
machinery was Purchased on APril 1,2020
ing the

Jeffrey wang
9/36/2021
Brief Exercises
(Unless otherwise instructed round all answers to the
nearest dollard
12
BE 112 (L01) Lockyard Company Purchased
machinerY on January Ij 2020, for $80j0ou The machinery
is estimated to have a salvage Value of $9000 aftera
USefyl life of 8 years.

Expert Solution

Step 1 Introduction

The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage and the passage of time.

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

_________________is not a specific account in acompany’s accounting records?
Accounting Which one below is not an area on which financial statement auditors provide an opinion? a. Classes of transactions b. Customer satisfaction c. Account balances d. Financial statements Please answer in yyour own way dont take help of google thnku
What does FICA stand for? (for accounting)
EB2. LO 7.1The following information pertains to Crossroads Consulting, Inc. Match each of the following parts of Crossroad’s accounting information system in the left-hand column with the appropriate item(s) from the right-hand column. You may use items in the right-hand column more than once or not at all. There may be several answers for each item in the left-hand column. You may choose items in the right-hand column more than once. A. Source document i. Sales invoice from cleaning company B. Output device ii. Printed check to be mailed to phone company C. Input device iii. Dropbox (online storage) D. Data and information storage iv. Voice-to-text software E. Information processing v. QuickBooks Accounting Software vi. Keyboard vii. Printer viii. Bar code scanner ix. Computer screen x. Flash drive xi. Text scanner xii. Computing interest on a loan
Explain how and why some changes in accounting principle are reportedprospectively.
What's the answer??
11. State the structure of Accounting Equation with different modifications.
Drawing on your knowledge of your text, how would you as an accounting student classify and record research and development expenditure in your books? As: A capital expenditure Deferred Revenue Deferred Liability An expense None of the above.
Hh2.
What is the answer to d? I never used excel before nor have I done accounting math till this seimester
49) ____________ is a mistake or error committed by an accountant during the process of recording and posting the transactions. a. Adjusting entry b. Closing entry c. Accounting error d. None
describe a scenario in which you as a nonaccountant might us accounting.