Cash $ 450,000 Accounts Receivable 1,250,000 Allowance for Doubtful Accounts $ 5,000 Inventory, 12/31/18 2,480,000 Equipment 3,800,000 Accumulated Deperciation - Equipment 1,150,000 Building Accumulated Deperciation - Building 1,400,000 420,000 Land 500,000 Patent 4,000,000 Accounts Payable 875,000 Salaries and Wages Payable 45,000 Notes Payable - Due 7/31/19 Mortgage Payable - Due 12/31/2025 $ 01 250,000 1,000,000 Common Stock Par 10,000 APIC (Additional Paid in Capital in Excess of Par) 1,990,000 Retained Earnings 3,425,000 Dividends Declared - Common $ 400,000 Sales 14,400,000 $ 180,000 2$ Sales Discounts Sales Returns and Allowances 210,000 Cost of Goods Sold (COGS) Selling Expenses 5,350,000 $ 1,300,000 $ Administrative Expenses 650,000 Investment Revenue 150,000 $ 1,750,000 $ 23,720,000 Income Tax Expense $ 23,720,000

Equipment R20 000, Accumulated Depreciation R16 000. Depreciation is calculated at 20% p. a. on a diminishing method. An old equipment was disposed for R1 500 cash on 1 December 2020. The equipment originally costed R3 000. The Accumulated depreciation is R 700.The depreciation for the disposed equipment is _________.A. R460B. R345C. R225D. R92

cop

Note: Double Declining Balance = 200% Declining Balance A. How much is the depreciation for year 3? Select one: o a. P158,203.13 o b. P150,000 o c. P210,937.50 o d. P187,500 В. How much is the total depreciation as of year three using DDB method? C. What is the equipment's book value at the end of year three?

Provide for depreciation as follows : On motor vehicles :15% per annum on reducing balance method. On equipment :10% on cost. Note new piece of equipment was purchased on 1 September 2019 costing 54 000.

A fixed asset with a cost of $26,000 and accumulated depreciation of $23,400 is sold for $4,420. What is the amount of the gain or loss on the sale of the fixed asset? Oa. $2,600 loss Ob. $2,600 gain Oc. $1.820 loss Od. $1,820 gain Previous Next 7:04 PM 12/11/2020 18 a

Subject: accounting

M1

Q1 On January 1/7/2019 Dhofar Corporation Purchase Building at a cost of OR 99000. Dhofar adopted the straight-line method of depreciation for this machine and had been recording depreciation over an estimated life of ten years, without residual value. At the beginning of 2021, the company decided to change the depreciation method to Sum of Years Digits Method. The retained earning balance as follow: Retained earnings on 1/1/2019 RO 20000, on 1/1/2020 OR 28000 and 60000 on 1/1/2021.Follow the income statement for 2020 and 2021. Income statement   2019 2020 Sales 340000 440000 COGS 180000 200000 Gross Profit 160000 240000 Administrative expenses 48000 80000 Depreciation (?)   Net profit before tax ?   Tax 20% (?)   Net profit after tax ?   Required: Statement the effect of change in accounting policy on the financial statements on 12/31/2011, along with preparing the necessary accounting entry to prove the…

TB MC Qu. 08-117 An asset's book value... An asset's book value is $18,000 on December 31, Year 5. The asset has been depreciated at an annual rate of $3,000 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $15,000, the company should record: