ercise 15. Adjusting ntries depreciation; effect of er n December 31, a business estimates depreciation on equipment used during the first perations to be P8,500. If the adjusting entry were omitted, which items would be error (1) the SCI for the year and (2) the SFP as of December 31?
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- Instructions First Question Prior to adjustment at the end of the year, the balance in Trucks is $305,554 and the balance in Accumulated Depreciation-Trucks is $100,220. Details of the subsidiary ledger are as follows: A. Determine the depreciation rates per mile and the amount to be credited to the accumulated Estimated Accumulated Depreciation at Miles Operated depreciation section of each of the subsidiary accounts for the miles operated during the current year. Truck No. Cost Residual Value Useful Life Beginning of Year During Year Round the rate per mile to two decimal places and credit to accumulated depreciation to the nearest 1 $82,971 $14,850 252,300 miles 20,200 miles dollar. 2 59,412 6,150 295,900 miles $13,950 32,900 miles 76,486 13,990 201,600 miles 61,060 7,700 miles Truck No. Rate per Mile Miles Operated Credit to Accumulated Depreciation 4 86,685 22,830 236,500 miles 25,210 22,100 miles 1 $ 20,200 A. Determine the depreciation rates per mile and the amount to be…Exercise 10. Adjustment for depreciation The estimated amount of depreciation on equipment for the current year is P3,000. Journalize the adjusting entry to record the depreciation.The Annual Depreciation Expense be using straight-line depreciation will be $6250, the accounts would be used in the adjusting entry for a full year of depreciation will be Debit - Depreciation Expense, Truck</> Credit - Accumulated Depreciation, Truck. 13) Under the Fixed assets section of the balance sheet, what number would we put in the "Accumulated Depreciation, Truck" section for Year # 4 if depreciation is calculated ANNUALLY (assume Jan 1st, 2019 to Dec 31st, 2019 is Year #1).
- ent-player/index.html?launchId=5e8570d9-7885-4557-a756-8a59bb69135c#/question Question 6 of 9 View Policies Current Attempt in Progress (a1) At the end of its first year, the trial balance of Blossom Company shows Equipment $23,100 and zero balances in Accumulated Depreciation Equipment and Depreciation Expense. Depreciation for the year is estimated to be $2,700. Date Prepare the annual adjusting entry for depreciation at December 31. (List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Dec. 31 WP NWP Assessment Player Ul Ap X + Account Titles and Explanation eTextbook and Medial List of Accounts Save for Later -/15 : Debit Credit Attempts: 0 of 3 used (a2) The parts of this question must be completed in order. This part will be available when you complete the part above. (a3) The parts of this question…Required information Exercise 11-23 (Algo) Change in estimate; useful life and residual value of equipment [LO11-2, 11-5] [The following information applies to the questions displayed below.] Wardell Company purchased a mainframe on January 1, 2019, at a cost of $57,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $6,000. On January 1, 2021, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $1,200. Exercise 11-23 (Algo) Part 1 Required: 1. Prepare the year-end journal entry for depreciation in 2021. No depreciation was recorded during the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answer to nearest whole dollar.) X Answer is complete but not entirely correct. No Event General Journal Debit Credit 1 1 Depreciation expense 4,500 X Accumulated…Hannam Co. decided to change from the declining-balance method of depreciation to the straight-line method effective 1 January 20X7. The following information was provided: Year 20X3* 20X4 20X5 20X6 Net Income as Reported $(31,800) 35,600 22,800 53,200 Excess of Declining-Balance Depreciation over straight- Line Depreciation $ 5,100 15,300 12,800 7,100 *First year of operations. The company has a 31 December year-end. The tax rate is 20%. No dividends were declared until 20X7; $10,300 of dividends were declared and paid in December 20X7. Income for 20X7, calculated using the new accounting policy, was $54,100. Required: Assuming that the change in policy was implemented retrospectively, present the retained earnings reconciliation that would appear in Hannam's 20X7 statement of changes in equity. (Negative amounts should be indicated by a minus sign.) Hannam Company Statement of Changes in Shareholder's Equity Retained Earnings Section Year Ended 31 December 20X7 Retained earnings, 1…
- 1. Determine the annual depreciation expense for each of the estimated 5 years of use, the accumulated depreciation at the end of each year, and the book value of the equipment at the end of each year by (a) the straight-line method and (b) the double-declining-balance method. a. Straight-line method Additional Instruction Accumulated Depreciation, Year Depreciation Expense End of Year Book Value, End of Year 1 2 3 4 5 b. Double-declining-balance method Accumulated Depreciation, Year Depreciation Expense End of Year Book Value, End of Year 1 2 3 4 5 New lithographic equipment, acquired at a cost of $859,200 on March 1 at the beginning of a fiscal year, has an estimated useful life of 5 years and an estimated residual value of $96,660. The manager requested…Which method of deprecation results in a lower amount for depreciation each year? ⒸA. Units of production B. Fixed instalment OC. Diminishing balance OD. Straight-line Previous pageDogMart Company records depreciation for equipment. Depreciation for the period ending December 31 is $3,330 for office equipment and $5,290 for production equipment. Prepare the two entries to record the depreciation. If an amount box does not require an entry, leave it blank. Dec. 31 - Select - - Select - - Select - - Select - Dec. 31 - Select - - Select - - Select - - Select -
- Adjustment for Depreciation Cowley Company just completed its first year of operations. The December 31 equipment account has a balance of $20,000. There is no balance in the Accumulated Depreciation-Equipment account or in the Depreciation Expense account. The accountant estimates the yearly equipment depreciation to be $4,000. Prepare the required adjustment to record the yearly depreciation for equipment. Note: Use negative signs with answers, when appropriate. Balance Sheet Income Statement Stockholders Assets Liabilities Equity Revenues Expenses = Net Income 20,000 4,000 Check O Previous A Save AnswersComplete the Sum of depreation Useful 8 учет Sum of Sum of years digits method of Depreciation Rate Year 1 Year 3 A 个 Fraction Year 5 ↑