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Brad Petty owns and operates Brad's Bargains, a small business that prepares reports on a quarterly basis ending 31 March, 30 June, 30 September and 31 December each year. Brad has provided the following Balance Sheet extract as at 30 June 2019. Brad's Petty Balance Sheet (extract) as at 30 June 2019 a. Explain the difference between the terms Depreciation' and Accumulated Depreciation'. Non-Current Assets Equipment $15 200 Less: Accumulated Depreciation $5 320 $9 880 b. Calculate the depreciation expense amount for the Equipment for the quarter ended 30 September 2019. (new and old equipment should be calculated separately). Additional information New Equipment was purchased on 1 August 2019 for $10 120 including GST. Equipment is depreciated at a rate of 15% per annum using the straight-line method. Brad's Bargains Balance Sheet (extract) as at 31 December 2019 Non- Current Assets Equipemnt Less: Accumulated Depreciation

Brad Petty owns and operates Brad's Bargains, a small business that prepares reports on a quarterly basis ending 31 March, 30 June, 30 September and 31 December each year. Brad has provided the following Balance Sheet extract as at 30 June 2019. Brad's Petty Balance Sheet (extract) as at 30 June 2019 a. Explain the difference between the terms Depreciation' and Accumulated Depreciation'. Non-Current Assets Equipment $15 200 Less: Accumulated Depreciation $5 320 $9 880 b. Calculate the depreciation expense amount for the Equipment for the quarter ended 30 September 2019. (new and old equipment should be calculated separately). Additional information New Equipment was purchased on 1 August 2019 for $10 120 including GST. Equipment is depreciated at a rate of 15% per annum using the straight-line method. Brad's Bargains Balance Sheet (extract) as at 31 December 2019 Non- Current Assets Equipemnt Less: Accumulated Depreciation

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question 2 Brad Petty owns and operates Brad's Bargains, a small business that prepares reports on a quarterly basis ending 31 March, 30 June, 30 September and 31 December each year. Brad has provided the following Balance Sheet extract as at 30 June 2019. Brad's Petty Balance Sheet (extract) as at 30 June 2019 a. Explain the difference between the terms Depreciation' and Accumulated Depreciation' Non-Current Assets Equipment $15 200 Less: Accumulated Depreciation $5 320 $9 880 b. Calculate the depreciation expense amount for the Equipment for the quarter ended 30 September 2019. (new and old equipment should be calculated separately). Additional information New Equipment was purchased on 1 August 2019 for $10 120 including GST. Equipment is depreciated at a rate of 15% per annum using the straight-line method. c. ㅇ Brad's Bargains Balance Sheet (extract) as at 31 December 2019 Non- Current Assets Equipemnt Less: Accumulated Depreciation
Transcribed Image Text:Question 2 Brad Petty owns and operates Brad's Bargains, a small business that prepares reports on a quarterly basis ending 31 March, 30 June, 30 September and 31 December each year. Brad has provided the following Balance Sheet extract as at 30 June 2019. Brad's Petty Balance Sheet (extract) as at 30 June 2019 a. Explain the difference between the terms Depreciation' and Accumulated Depreciation' Non-Current Assets Equipment $15 200 Less: Accumulated Depreciation $5 320 $9 880 b. Calculate the depreciation expense amount for the Equipment for the quarter ended 30 September 2019. (new and old equipment should be calculated separately). Additional information New Equipment was purchased on 1 August 2019 for $10 120 including GST. Equipment is depreciated at a rate of 15% per annum using the straight-line method. c. ㅇ Brad's Bargains Balance Sheet (extract) as at 31 December 2019 Non- Current Assets Equipemnt Less: Accumulated Depreciation
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