On January 1, 20x1 Buckle Co. purchased a machine that had a list price of ₱46,320. Buckle Co. paid cash of ₱18,000 and executed a one-year non-interest-bearing note for the balance. The going rate of interest was 18%. The machine has a 6-year life and no residual value. Depreciation expense on the SYD basis at the end of 20x1 is

Q: Justice Inc. sold its old equipment with original cost of 2,000,000 and accumulated depreciation of…

A: When the asset is sold at a price higher than its book value, it is said to be sold at a profit.

Q: Firm B purchased a machine at a price of 10,000 RMB. The life was estimated to be 5 years and the…

A: Double declining depreciation rate = (1/useful life) x 2            = (1/5) x 2            = 40%

Q: mber 31, Year 1, Brown Brothers purchased machine A for $770,000 and machine B for $300,000. The…

A: General Accepted Accounting Principles (GAAP) -Standardization that covers the intricacies,…

Q: Ay 4.   Mosbius Design Company purchased a computers for $75,000 in 2013. It is estimated those…

A: Depreciation rate as per straight line    20%         Depreciation rate as per double decline…

Q: Waterway Ltd. acquired an excavator on January 1, 2020, for ¥11,600 (all amounts in thousands). This…

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

Q: A surveillance equipment bought by FabLab Mindanao 2 years ago has been book-depreciated by the…

A: Depreciation: Depreciation is the decrease in the market value of fixed assets due to the reasons…

Q: ABC Corp uses the 150% declining balance method to depreciate a machine purchased on Jan 1, 20X1 for…

A: Depreciation is the gradual conversion of the cost of a  fixed asset into expense. It does not mean…

Q: A company purchased an equipment for P 536733 and paid 15556 for freight and delivery charges to the…

A: Depreciation refers to an amount decreased in the value of an asset due to obsolescence, wear or…

Q: d) Oak Ltd purchased a machine for £40,000. At the end of Its Use the amount received on sale was…

A: 1. Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of…

Q: On July 1, 2017, Snow Corp purchases a sleigh (property, plant, and equipment) and agrees to make 10…

A: An asset is recorded at the original cost at the time of purchase. The initial cost paid by the…

Q: Cathymae Company acquired two items of machinery as follows: • On January 1, 2020, Cathymae Company…

A: Cost accounting is a type of management economics that attempts to capture a company's cost of…

Q: A machine was on purchased on March 2nd for $500,000 with a residual value of $50,000. The company…

A: Depreciation is a crucial accounting concept used to allocate the cost of tangible assets over their…

Q: Montello Inc. purchases a delivery truck for $21,215. The truck has a salvage value of $4,521 and is…

A: Purchase price of truck = $21,215 Salvage value = $ 4,521 Life = 10 Years

Q: Burrell Company purchased a machine for $10,000 on January 2, 2019. The machine has an estimated…

A: DEPRECIATION UNDER DOUBLE DECLINING METHOD Rate =100%5 =20% Double declining rate = 20×2=40%

Q: Provide Answer with calculation and explanation

A: Step 1: Determine Deferred Gross Profit:The concept of deferred gross profit is used when a business…

Q: CEE Corporation purchased a machine on January 1, 2016 by instalment, initially paying $1,000,000,…

A: Depreciation - It refers to the fall in the value of fixed assets due to wear and tear. It is a…

Q: Roxanne Co. purchased equipment for P500,000. The equipment had an estimated 10-year service life.…

A: Depreciation rate = Straight line depreciation rate x 150% = (100/10 years) x 150% = 15%

Q: At the beginning of the year, Big Time Tires acquired a patent for $840,000, and a trademark for…

A: Amortization Expenses of intangible Asset: The practice of deducting the cost of an intangible asset…

Q: Co. bought a patent from Backo Corp. on January 1, 20x4, for ₱180,000. An independent consultant…

A: The patents have useful economic life and they are amortized over the period of economic life and…

Q: CEE Corporation purchased a machine on January 1, 2016 by instalment, initially paying ₱1,000,000,…

A: In case of purchase of fixed asset under instalment method, then amount paid by way of number of…

Q: A printing machine initially costs ₱179,000. It can be sold for ₱15,000 at the end of its 10-year…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: On January 1, 2020, Techno Company sold a machine for RO15,000 cash. The Machine originally cost RO…

A: Solution:- Preparation of Journal entry as follows under:-

Q: Packages Limited bought a machinery for Rs. 975,000 from Pakistan Ltd. Its residual value is…

A: Bought machinery for RS 975000 Depreciation rate = 21.8 %. Annual depreciation = Book value of…

Q: Reason Inc. sold its old equipment with original cost of P2,000,000 and accumulated depreciation of…

A: Solution Working note  Carrying amount of equipment = original cost - accumulated depreciation. =…

Q: On January 1, 2020, Bake Company sold a piece of equipment costing P1,200,000 with accumulated…

A: Here selling price  is determined as follows  = down payment  received  + Present value of non…

Q: depreciation

A: Depreciation is a non-cash expense charged to profit and loss account. It records the decrease/loss…

Q: On January 1, 2008, Rex Co. sold a used machine to Lake, Inc. for P525,000. On this date, the…

A: This question deals with the installment sales method. In installment sales method, gross profit is…

Q: Hi-Way Berhad leased a specialized equipment from TL Bhd for 5 yearly instalments of RM 30 million…

A: Capital lease: It is an arrangement wherein the fixed asset is funded by the lessor but all the…

Q: In January 1, 2015, Fun company purchased Company A for $40,000 in cash and paid immediately. Fun…

A: It is assumed that there is a typo in the question and the question is asking about the annual…

Q: At the beginning of the current year, MJ Company sold a building with remaining useful life of 30…

A: Hey, since there are multiple sub-parts questions posted, we will answer the first three sub-parts…

Q: Depreciation charge

A: Seventh year depreciation is = 78290

Q: Gene’s business bought a machine for £72,000 on 1 January 2000 and another one for £96,000 on 1st…

A: We have the following information: Machine 1Date of Purchase: January 1, 2000Cost: $72,000 Machine…

Q: A printing machine initially costs ₱115,000. It can be sold for ₱15,000 at the end of its 8-year…

A: Introduction:- Straight line depreciation is a common and simplest method of calculation…

Q: On December 31, 2012, BTS Company sold a machine to GOT Co and simultaneously leased it back for one…

A: Deferred revenue is the liability on the balance sheet of the company, which states the prepayment…

Q: On January 1, 2012, Pacific Airlines sold an airplane with an estimated useful life of 10 years. At…

A: The sum of the years' digits method is one technique for figuring quickened depreciation. (A more…

Q: Tracker Inc. purchased equipment at a cost of $567,158. The equipment's estimated useful life is 9…

A: Depreciation expense :— It is the allocation of depreciable cost of asset over the estimated useful…