In 2020, Geiger Co. sold equipment that had cost P294,000 for P176,400. This resulted in a gain of P12,900. The balance in Accumulated Depreciation—Equipment was P975,000 on January 1, 2020, and P930,000 on December 31, 2020. No other equipment was disposed of during 2020. Depreciation expense for 2020 was

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A: Cost2752Less; Accumulated Depreciation using doube declining1936Carry Amount, beg 0f 2024816Less…

Q: January 1, 2017, BMB Corporation acquired machinery at a cost of ₱500,000. BMB adopted the…

A: As per IAS 8, Accounting policies, changes in Accounting estimates and errors  A change in method of…

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A: Depreciation per unit (Units of production method) =(cost of Asset - salvage value )  / Estimated…

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A: The Revaluation is the process of assessing the fair market value of an asset. In the context of the…

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A: A journal entry is a record of a financial transaction that a company or individual makes, which is…

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A: Answer) Calculation of gain or loss on disposal of Equipment Gain or loss on disposal of Equipment =…

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A: Depreciation: Decreasing value of fixed assets over its useful life period.

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A: Revaluation surplus is the amount which is reported at the year-end after computing the surplus by…

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A: Accounting for depreciation

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Q: For financial reporting, Kumas Poultry Farms has used the declining-balance method of depreciation…

A: Journal entries are entered in the book in a sequential manner which helps to keep track of all the…

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A: Depreciation expense refers to the cost of an asset that is expensed over the useful life of the…

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A: Property, plant, and equipment refers to those assets which are long-term in nature and are used by…

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A: Depreciation expense is the cost of an asset that has been depreciated for a single period, and…

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A: Carrying value refers to the concept which determines the value of an asset after subtracting…

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A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to its…

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A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…

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A:

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A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

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A: DEPRECIATION EXPENSEDepreciation means gradual decrease in value of assets due to normal wear and…

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A: Introduction:Depreciation Expense:Depreciation expense is the amount of cost that is recognized as…

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A: The Depreciation is a non-cash expense that allows companies to make provisions for the replacement…

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A: Depreciation is a reduction in the value of assets due to the usage of that asset. firm can use…

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A: Depreciation is the allocation of an asset’s cost over its use life. There are many depreciation…

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.