MANAGERIAL ACCOUNTING (You may use excel. RATE will be given. No long explanation needed) Show in tabular form (depreciation schedule) the computation for the depreciation expenses, accumulated depreciation, and book value per year for a machine worth Php 1,000,000 with a salvage value of 10% of the original cost and a depreciable life of 5 years using: a. declining balance method b. double declining balance method.

MANAGERIAL ACCOUNTING (You may use excel. RATE will be given. No long explanation needed) Show in tabular form (depreciation schedule) the computation for the depreciation expenses, accumulated depreciation, and book value per year for a machine worth Php 1,000,000 with a salvage value of 10% of the original cost and a depreciable life of 5 years using: a. declining balance method b. double declining balance method.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section19.5: Declining-balance Method Of Depreciation

Problem 1WT

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MANAGERIAL ACCOUNTING (You may use excel. RATE will be given. No long explanation needed) Show in tabular form (depreciation schedule) the computation for the depreciation expenses, accumulated depreciation, and book value per year for a machine worth Php 1,000,000 with a salvage value of 10% of the original cost and a depreciable life of 5 years using: a. straight-line method b. sum of year's digits method
Consider the following accounting information for a computer system: Cost basis of the asset, I = $10,000, Useful life, N = 5 years, Estimated salvage value, S = $0. Use the double-declining-depreciation method to compute the annual depreciation allowances and the resulting book values.
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Consider the following accounting information for a computer system:Cost basis of the asset (I) = $10,000;Useful life (N) = 5 years;Estimated salvage value (S) = $2,000. Compute the annual depreciation allowances and the resulting book values using the double-declining-balance depreciation method.
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Requirement 1. For each depreciation method, prepare a depreciation schedule showing asset cost, depreciation expense, accumulated depreciation, and asset book value for each year of the asset's life. For the units of production method, round depreciation per unit to three decimal places. Before completing the straight-line depreciation schedule, calculate the straight-line depreciation rate. One year Useful life (SL) Depreciation rate - X 1 More Info - X Requirements Complete the Straight-Line Depreciation Schedule. Begin by filling out the schedule through 2019, and then complete the schedule by entering the amounts through 2022. On January 4, 2018, Bailey Enterprises, Inc., paid $205,600 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $1,000 for transportation charges, $100 for insurance for the equipment while in transit, $10,500 sales tax, and $2,800 for a special which to place the equipment in the plant.…
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Calculate the amount of depreciation expense that Novak should record for Machine B each year of its useful life under the following assumptions. (Round depreciation cost per unit to 2 decimal places, e.g. 12.25. Round final answers to 0 decimal places, e.g. 2,125.) (1) Novak uses the straight-line method of depreciation. (2) Novak uses the declining-balance method. The rate used is twice the straight-line rate. (3) Novak uses the units-of-activity method and estimates that the useful life of the machine is 155,000 units. Actual usage is as follows: 2022, 52,500 units; 2023, 42,500 units; 2024, 32,500 units; and 2025, 27,500 units. Depreciation Expense 2022 2023 2024 20 Straight- line method Declining- balance method Units-of- activity method Tauthool, and Moin %24 %24 %24 %24
To test your formulas, assume the machine purchased had an estimated useful life of three years (20,000, 30,000, and 50,000 hours, respectively). Enter the new information in the Data Section of the worksheet. Does your depreciation total 320,000 under all three methods? There are three common errors made by students completing this worksheet. Lets clear up two of them. One, an asset that has a three-year life should have no depreciation claimed in Year 4. This can be corrected using an =IF statement in Year 4. For example, the correct formula in cell C32 is =IF(B32D9,0,(D7D8)/D9) or =IF(B32D9, 0, SLN(D7, D8, D9)). You may wish to edit what you have already entered rather than retype it. Two, as mentioned in requirement 2, the double-declining-balance calculation needs to be modified in the last year of the assets life. Assuming you have already modified the formula for Year 4 (per instructions in step 2), alter the formula for Year 3 also. If you corrected any formulas, test their correctness by trying different estimated useful lives (between 3 and 8) in cell E9. Then reset the Data Section to the original values, save the revised file as DEPREC2, and reprint the worksheet to show the correct formulas. The third common error doesnt need to be corrected in this problem. The general form of the double-declining-balance formula needs to be modified to check the net book value of the asset each year to make sure it does not go below salvage value. =DDB does this automatically, but if you are writing your own formulas, this gets very complicated and is beyond the scope of the problem.