Briefly explain the method(s) used to depreciate each major class of PPE by the company? State the estimated useful life in each instance.
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Briefly explain the method(s) used to
State the estimated useful life in each instance.
Step by step
Solved in 2 steps
- Describe the different methods available for recording depreciation on plant assets. Recommend the approach that you feel would be most advantageous for your selected company and explain why. Discuss the process for reporting contingent liabilities in the financial statements. Provide two examples of contingent liabilities that you might expect to see on your selected company’s balance sheetWhich of the following statements relating to the Accumulated Depreciation account is correct? Select one: O a. The normal balance of the Accumulated Depreciation account is a debit balance. O b. The Accumulated Depreciation account allows the accountant to determine the precise market value of the related asset. O c. The Accumulated Depreciation account is classified as a Liability account. O d. The balance in Accumulated Depreciation account reflects the portion of the historical cost of the asset that has become expense since the item was purchased.The following is an example of a contra account: Select one: Equipment Equipment expense Accounts payable Accumulated depreciation
- The relevant factor(s) in computing depreciation include: A. Cost.B. Residual value.C. Useful life.D. Depreciation method.E. All of these.Which of the following is not a factor in computing depreciation for a period? present value residual value method of cost allocation service lifeDepreciation can be defined as the measure of cost or revalued amount of economic benefits of a tangible fixed asset that has been consumed during a period. State the principle or conventions that support depreciation and indicates the different measures of this cost (depreciation) as an expense, and assess each measures’ input on Income Statement and the Balance Sheet.
- Costs associated with various intangibles of a company may either be expensed when incurred or capitalized and amortized. Such costs might be recorded in any of the following ways: a. charged to the Patent account and amortizedb. charged to the Franchise account and amortizedc. charged to other appropriate asset accounts and amortized or depreciatedd. charged to expense when incurred Required:Indicate how each of the following costs should be recorded by placing the appropriate letter (a through d) in the space provided. ____ 1. Initial fee to acquire a franchise. ____ 2. Design, construction, and testing of preproduction prototypes and models. ____ 3. Legal costs incurred in connection with a successful patent application. ____ 4. Laboratory research aimed at discovery of new knowledge. ____ 5. Cost of purchased equipment that will be used in a series of R&D projects over a ten-year period. ____ 6. Legal costs of the initial incorporation of a business. ____ 7. Cost of a long-term…Estimate the average total estimated useful life of depreciable property, plant, and equipment. Does the estimate reconcile with stated accounting policy on useful lives for property, plant, and equipment?When is accumulated depreciation reduced to zero? Explain and provide examples for each element (Asset & Liability)
- How do you figure units-of-production method depreciation?A manufacturing plant use for manufacturing a discontinued product is classified on the balance sheet as... Group of answer choices Inventory Other Assets Long-Term Investment Property, Plant, and EquipmentIn accounting, depreciation is a method of allocating the cost of a(n): (a) Long-term asset (b) Revenue (c) Current liability (d) Short-term investment ?
