Entity D purchased equipment at a cost of $520,000 in January 2022. As of January 1, 2024, depreciation of $104,000 had been recorded on this equipment Depreciation expense for 2024 is $52,000. After the adjustments are recorded and posted on December 31, 2024, what are the balances for the Equipment and Accumulated Depreciation accounts? Equipment Accumulated Depreciation $520,000 $156,000 $520,000 $52,000 $520,000 $ 88,000 $364,000 $0

Q: Define carried interest

A: Carried interest: It could be a portion of any profit that private equity and hedge reserves common…

Q: How is ARR calculated?

A: ARR: Accounting Rate of Return (ARR) is the rate of return earned on the investment made in a…

Q: What are the scopes of the IPSASs?

A: Financial Accounting- It is the branch of accounting that records events of financial nature that…

Q: The components of the conceptual framework ?

A:

Q: Required:

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Discuss the General overview of IFMIS

A: The IFMIS usually sets up a centralized system to support various management processes.

Q: practical issues of wacc

A: Every entity uses a mix of equity and debt to fund its operations. This mix is recognized as the…

Q: Use of CAATs?

A: Computer Assisted Audit Techniques or CAATs can be characterized as an auditing strategy that…

Q: How is RI calculated?

A:

Q: Describe the basic assumptions of underlie GAAP.

A: Generally Accepted Accounting Principles (GAAP): It refers to accounting principles, standards and…

Q: Consistency Principal Definition

A: Generally Accepted Accounting Principles (GAAP):These are the guidelines necessary to create…

Q: Define Pooling of interests method

A: The pooling of interest is a technique used for the M&A between two companies. In this method,…

Q: Define Hedging.

A: Hedging is the transfer of risk from a risky financial instrument to another instrument by buying or…

Q: How is materiality concept applied?

A: Accounting principles:

Q: Describe Caveats?

A: A notice that is given to the court that it must give caveator a fair hearing before making any…

Q: Define charter

A: Introduction: Charters are legalized documents that lawfully set up corporate companies. Only…

Q: Discus the elements of GAAS, how does it relate to GAAP?

A: GAAS(Generally Accepted Auditing Standards) :- provides standards by which the prepared financial…

Q: What is the relevant range?

A: The concept of relevant range is used in the cost accounting. It tells under what level of…

Q: Define direct quote

A: A direct quote can be computed using the following formula: Direct quote=1Indirect quote

Q: Diamond rule structure and its part

A: The diamond rules of accounting has five parts, they are Asset Expense Income Liability Capital

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.